Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
Italian lender UniCredit has bought a 9 per cent stake in its German rival Commerzbank and is taking regulatory steps to increase its stake further, in a move that may open the door to long-awaited banking consolidation in Europe’s largest economy.
UniCredit acquired half of the stake from the German government and bought another 4.5 per cent on the open market.
UniCredit already owns Munich-based lender HypoVereinsbank and has long been considered as a prime candidate for an acquisition of Commerzbank, as a combination of both operations has the potential to generate a German finance powerhouse.
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UniCredit said on Wednesday morning that it would “engage with Commerzbank AG to explore value-creating opportunities for all stakeholders in both banks”.
It added that it was supporting the Frankfurt bank’s management and supervisory boards and acknowledged “the progress that they have made in improving the bank’s performance”.
UniCredit said it would submit regulatory filings for authorisation to potentially increase its stake in Commerzbank to more than 9.9 per cent “if and when necessary” but added that future decisions would “depend on the investment meeting UniCredit’s strict financial parameters which have been clearly and consistently communicated to the market”.
Commerzbank declined to comment.
Germany’s Finance Agency, which is in charge of the government’s debt management, borrowing and cash management, said on Wednesday morning that UniCredit would pay €700mn for the 53mn shares that the German government put on the block on Tuesday. It said that UniCredit “significantly” outbid all other bidders.
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Berlin last week announced it was planning to sell down its 16.5 per cent stake in Commerzbank, which it has been holding since rescuing the lender during the financial crisis in 2009. The government, whose stake has now fallen to 12 per cent, has committed to a lock-up period of 90 days before selling any more Commerzbank shares.
‘Preliminary findings’ suggest suspect was ‘likely’ targeting Trump administration officials, says acting US attorney general
The acting US attorney general, Todd Blanche, has said that “preliminary findings” suggest that the alleged White House correspondents’ dinner shooter was targeting Donald Trump and officials in his administration.
Blanche told NBC News’ Meet the Press:
We’re still investigating a motive, and that’s something that will necessarily take a couple of days at least. We believe he was targeting administration officials in this attack, attempted attack, but that’s again, quite preliminary.
Those officials “likely” include the US president, Blanche added, “but I want to wait and not get ahead of us on that.”
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Blanche went on to say that he does not believe that the suspect is cooperating with the investigation.
He will be charged in federal court tomorrow with assault of a federal officer, discharging a firearm and attempting to kill a federal officer, Blanche said, adding he did not know if there was an Iran connection to the attack.
Investigators believe the suspect travelled by train from Los Angeles to Chicago and then Chicago to Washington DC by train, before checking into the hotel where the dinner was held, Blanche added.
He said investigators were looking into reports that the suspect had assembled the weapon somewhere in the hotel, but that he “didn’t get very far”.
He barely broke the perimeter. And by barely, I mean by a few feet.
Todd Blanche last night speaking next to FBI director Kash Patel and Donald Trump – still in their tuxedos – at a press briefing at the White House, following the shooting incident during the annual White House Correspondents’ Association dinner. Photograph: Jonathan Ernst/Reuters
Key events
Further to my previous post, acting US attorney general Todd Blanche has also told CNN’s Dana Bash this morning that the suspect appeared to be targeting members of the Trump administration.
It does appear the suspect was targeting members of the administration … We don’t have specifics yet about particular members of the administration, except that we do understand that that was his goal and his target.
US Secret Service spokesperson Anthony Guglielmi has confirmed that the officer who sustained injuries in last night’s attack had been released from hospital.
The BBC carries this statement:
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I can confirm the officer has been discharged, and the ballistic vest helped us avoid a potential tragedy last night.
The defendant is now before a federal court, and comments at this stage will come from the US Attorney’s Office for the District of Columbia.
The Secret Service is now conducting a “comprehensive review of the defendant’s background and networks to better understand his motivations, leaving no detail unexamined”, he added.
‘Preliminary findings’ suggest suspect was ‘likely’ targeting Trump administration officials, says acting US attorney general
The acting US attorney general, Todd Blanche, has said that “preliminary findings” suggest that the alleged White House correspondents’ dinner shooter was targeting Donald Trump and officials in his administration.
Blanche told NBC News’ Meet the Press:
We’re still investigating a motive, and that’s something that will necessarily take a couple of days at least. We believe he was targeting administration officials in this attack, attempted attack, but that’s again, quite preliminary.
Those officials “likely” include the US president, Blanche added, “but I want to wait and not get ahead of us on that.”
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Blanche went on to say that he does not believe that the suspect is cooperating with the investigation.
He will be charged in federal court tomorrow with assault of a federal officer, discharging a firearm and attempting to kill a federal officer, Blanche said, adding he did not know if there was an Iran connection to the attack.
Investigators believe the suspect travelled by train from Los Angeles to Chicago and then Chicago to Washington DC by train, before checking into the hotel where the dinner was held, Blanche added.
He said investigators were looking into reports that the suspect had assembled the weapon somewhere in the hotel, but that he “didn’t get very far”.
He barely broke the perimeter. And by barely, I mean by a few feet.
Todd Blanche last night speaking next to FBI director Kash Patel and Donald Trump – still in their tuxedos – at a press briefing at the White House, following the shooting incident during the annual White House Correspondents’ Association dinner. Photograph: Jonathan Ernst/Reuters
Discussions taking place on security planning for King Charles’s US state visit, Buckingham Palace says
King Charles is being kept fully informed of developments and is greatly relieved to hear that Donald Trump and the first lady have been unharmed, a Buckingham Palace spokesperson said today.
Charles and Queen Camilla are due to travel to Washington for a four-day state visit beginning tomorrow, and are set to meet Trump at the White House.
Following the shooting at the White House correspondents’ dinner, a Buckingham Palace spokesperson told Reuters that a number of discussions were taking place today on how the shooting may or may not affect any operational planning for the visit.
King Charles III with Donald Trump at Windsor Castle on 18 September 2025. Photograph: Aaron Chown/Reuters
Darren Jones, the chief secretary to the British prime minister, said the US and UK were “working closely to ensure that security arrangements are put appropriately in place” for the visit.
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Asked on Sunday Morning with Trevor Phillips on Sky News if there were any extra concerns for the king’s safety, Jones said:
As you would imagine, the [UK] government and the palace take the security of his majesty very seriously, and there were already extensive discussions taking place, which will continue over the coming days.
Jones told the BBC’s Sunday with Laura Kuenssberg that discussions about the king’s security during his visit to the US would take place on Sunday.
Asked if that meant the existing plans would be stepped up, he said: “There’ll be appropriate security in place in relation to the risk.”
Here’s my colleague Robyn Vinter’s report:
Here is a quick clip that Donald Trump posted on Truth Social of what appears to be surveillance footage of the purported shooting incident at the White House correspondents’ dinner.
Trump releases video of suspected shooter
Here are some images coming in over the wires showing investigators and members of the media converging on the home of the suspected gunman in California:
Law enforcement officials respond to an address connected to Cole Tomas Allen, the shooting suspect at the White House correspondents’ dinner, as people stand and watch on 25 April 2026 in Torrance, California. Photograph: Ethan Swope/APFBI officers leave the scene after responding to an address connected to Cole Tomas Allen, the shooting suspect at the White House correspondents dinner, on 26 April 2026 in Torrance, California. Photograph: William Lang/APFBI agents walk outside residence associated with Cole Tomas Allen, the suspect in the shooting incident at the annual White House Ccorrespondents’ association dinner, in Torrance, California on 25 April 2026. Photograph: Daniel Cole/ReutersFBI officials arrive at an address connected to Cole Tomas Allen, the shooting suspect at the White House correspondents dinner on 25 April 2026 in Torrance, California. Photograph: Ethan Swope/AP
At the White House correspondents’ dinner, darkness came viscerally close
David Smith
Shocking. Unnerving. Unpredictable. Violent. For a decade I have been following the twists and turns of Donald Trump’s America with the privilege of journalistic distance. On Saturday night I felt the darkness come viscerally close.
Bang! Bang! What was that? Where was it? At 8.36pm panic and pandemonium reigned in the cavernous ballroom at the Washington Hilton hotel. There were men running and cries of “Get down!” and “Stay down!”
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I saw guests at the White House Correspondents’ Association’s (WHCA) annual dinner – men in tuxedos, women in dresses – diving under the circular tables and, almost as if acting on a cue, did likewise. It was a scene from a dozen Hollywood movies but now it was happening to me, right here, right now.
Here’s what we know so far about the suspect:
The Associated Press, citing two law enforcement officials, have identified the suspect as Cole Tomas Allen, 31, of Torrance, California.
He appeared to have been a “lone” gunman, said Jeff Carroll, the interim chief of police of the Metropolitan police department, and was armed with a shotgun, a handgun and multiple knives when he allegedly “charged a US Secret Service checkpoint” at the Washington Hilton.
We have no reason to believe at this time that anyone else was involved,” said Washington DC mayor Muriel Bowser. The suspect was taken to a local hospital where he was being “evaluated”, she said.
The suspect has been charged with felony firearms and assault charges, said Jeanine Pirro, the US attorney for the District of Columbia.
Aftermath of shooting incident at White House correspondents’ dinner
Hello and welcome to our continuing live updates on US politics.
A suspect is in custody following a shooting incident at last night’s White House correspondents’ dinner.
Donald Trump and and wife Melania Trump were rushed out of the event at the Washington Hilton, the hotel where former president Ronald Reagan was shot in an attempted assassination in 1981.
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Hundreds of guests, dressed in their black-tie best, hid under tables as US Secret Service agents with guns drawn rushed reporters out of the room and mentioned “shots fired”.
The suspect was identified as Cole Tomas Allen, 31, of Torrance, California, the Associated Press reported, citing two law enforcement officials. Trump posted on Truth Social two photos of the purported suspect, shirtless and facedown on the ground.
At a briefing in the press room not long after the event, Trump described the Washington Hilton as “not a particularly secure building” and argued for the merits of the construction of a ballroom at the White House. “This is why we have to have all of the attributes of what we’re planning at the White House. It’s actually a larger room, and it’s much more secure.”
Trump posted on Truth Social that he hoped to reschedule the dinner in the next 30 days.
new video loaded: Watch Live: Trump Speaks To Press After Reports of Shots Fired at Correspondents’ Dinner
President Trump gives a news conference after he was rushed from the stage after gunfire broke out in the hotel where the White House correspondents’ dinner was being held on Saturday night
Steve O’Donnell, executive vice president of NASCAR, talks about the Next Gen Cup Cars that will be used in the 2022 season during the NASCAR media event in Charlotte, N.C., Wednesday, May 5, 2021.
Mike McCarn/AP
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Mike McCarn/AP
TALLADEGA, Ala. — Steve O’Donnell wants to bring some fun back to NASCAR, which he calls a “badass American sport.”
O’Donnell was introduced as the sanctioning body’s chief executive officer at Talladega Superspeedway on Saturday and vowed to “make some moves” that will return the storied racing series to its roots.
“We lost that in recent years,” O’Donnell said.
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Majority owner Jim France stepped down as CEO but will remain NASCAR’s chairman, and his majority ownership stake will not change.
O’Donnell will become the first person outside the France family to hold the CEO title.
Bill France Sr. founded the racing series in 1948 and always had a family member in the top role. Ben Kennedy, France’s great-nephew and the son of NASCAR executive Lesa Kennedy France, was promoted to chief operating officer.
“They’re going to take this thing even further,” Jim France said.
Jim France had been chairman and CEO of NASCAR since the 2019 resignation of his nephew, Brian.
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It marks the second promotion in nearly a year for O’Donnell, who has spent 30-plus years guiding NASCAR’s marketing and later competition departments. He was named president in March 2025.
France took a hardline stance in negotiations for the 2025 revenue-sharing agreement, triggering an antitrust lawsuit by Michael Jordan’s 23XI Racing and Front Row Motorsports. The sides reached a settlement in December that granted NASCAR teams the permanent charters they had sought.
France struggled to remember several topics during a shaky first day of testimony and needed several questions repeated.
NASCAR Commissioner Steve Phelps resigned earlier this year after inflammatory texts he sent during contentious revenue-sharing negotiations were revealed during the trial.
O’Donnell escaped unscathed and now gets tasked with NASCAR’s next phase, which he suggested was to make sure everyone knows it’s a “badass American sport.” He vowed to unite the industry, listen to every stakeholder — including fans — and address matters with urgency.
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“It’s what we have to do each and every day,” O’Donnell said. “We’ve got to showcase that.”
