Metal magnate Sanjeev Gupta claims Lex Greensill told him ‘not to worry’ about documents relating to financing arrangements with Greensill Capital. Actually, he should have been very worried about the documents because they conflicted with alleged verbal agreements made between the two friends and now Greensill has collapsed. But enough about that, it's Friday so put down your documents and don’t worry about them!

The lowdown

• 💸 Metals magnate Sanjeev Gupta claims verbal agreements underpinned financing arrangements with collapsed Greensill Capital ($).

• 📈 Global government bond yields continue to climb as data shows that economies remain resilient.

• 🛒 Defense giant BAE buys space tech firm Ball Aerospace for $5.6 billion.

Featured story

VinFast’s share price tumbles after promising start

Shares of newly public Vietnamese EV maker VinFast experienced a decline for the second consecutive session. The shares plummeted nearly 34%, resulting in a total decrease of 46% over two sessions.

VinFast achieved an $85 billion valuation on its trading debut day – surpassing the market caps of Ford and GM and tripling the valuation it achieved upon merging with blank-check company Black Spade Acquisition.

There is a large ‘but’ though and that is that founder Pham Nhat Vuong controls 99% of the company ($), meaning the stock has a tiny float and is therefore more prone to volatility. VinFast's current stock market value stands at approximately $46 billion.

The content we're consuming today

• The Economist: A retiring consultant’s advice on consultants ($).

• Herb Greenberg | On the Street: SPACs – The Implosion Continues. And... Where's the SEC.

• WSJ: This Tomato Sauce Is Delicious. It’s Also Worth Billions of Dollars ($).

Off-balance sheet items

• Possibly the best interviewer ever, Michael Parkinson, has passed away at 88. Here is a short look back over his career.

The bottom line