After hitting Russia with an unprecedented array of sanctions following its full-scale invasion of Ukraine, G7 allies are considering an even more drastic step: spending Moscow’s money. Western nations, including the US, are exploring ways to justify seizing Russian central bank assets that are frozen in the financial system, and using them to fund Kyiv.
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A push by Elon Musk’s X to bring in $100mn from political advertising in 2024 is being met by scepticism from industry insiders, hitting its hopes of offsetting revenue losses caused by big brands leaving the platform. Earlier this year, X’s billionaire owner reversed a ban on political advertising instituted by former chief executive Jack
Shares of FedEx fell more than 9 per cent in extended trading on Tuesday, after the company cut its full-year revenue outlook and warned of a weaker demand environment. The US delivery company, which is a bellwether for global growth, said it expected a “low-single-digit percentage decline” in revenue for the fiscal year, having previously
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. UK pay deals are running at levels that will incline the Bank of England to keep interest rates high for longer than other central banks, as employers prepare for a big rise in the wage
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Colorado’s supreme court has barred Donald Trump from being included as a candidate in the state’s Republican presidential primary ballot due to his involvement in efforts to overturn the results of the presidential election that
Stay informed with free updates Simply sign up to the Russian business & finance myFT Digest — delivered directly to your inbox. Austria’s Raiffeisen Bank International has concluded a complex asset swap arrangement with Oleg Deripaska that skirts EU sanctions restrictions to hand the Russian oligarch roubles worth €1.5bn. In a statement on Tuesday, RBI
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Emmanuel Macron’s government was thrown into crisis on Tuesday as the French president’s centrist alliance splintered and several of his ministers threatened to resign ahead of a crucial parliamentary vote on a toughened version of
Stay informed with free updates Simply sign up to the War in Ukraine myFT Digest — delivered directly to your inbox. Ukrainian army chiefs have asked Volodymyr Zelenskyy to mobilise up to 500,000 people as the country gears up for a protracted war of attrition against Russia next year. Speaking at a year-end press conference
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Container shipowners increasingly abandoned one of the world’s busiest trading routes on Tuesday, with many of the world’s largest cargo vessels diverting to avoid the Red Sea amid mounting attacks from Iranian-backed rebels in the
Stay informed with free updates Simply sign up to the Global Economy myFT Digest — delivered directly to your inbox. It is just under four years since the world became aware of Covid-19. This triggered a huge decline in economic activity, followed by a swift overall recovery, the Russia-Ukraine and now Gaza wars, soaring prices
Signa Holding is in negotiations to sell half of New York’s Chrysler Building to urgently raise cash, the collapsed European property company’s administrator has said, as he warned of a protracted and financially painful wind-down ahead. Creditors of the Austrian company, founded by swashbuckling young developer René Benko, met in Vienna on Tuesday to hear
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Michael Gove on Tuesday insisted he had not “abandoned” housing targets following criticism over new planning policies that would give local authorities latitude to build fewer homes than official calculations suggest are needed. In a
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. When the top two teams in the Premier League go at each other this weekend, America can’t lose. Arsenal and Liverpool, like AC Milan, Roma, Marseille, Lyon, Chelsea and (for now) Manchester United, are both
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Eurozone banks must prepare for the risk of funding sources becoming “more volatile” next year, said the region’s top banking supervisor as it warned lenders against complacency amid mounting geopolitical and economic risks. The European
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Meta has been accused of being too heavy-handed in its moderation of content related to the Israel-Hamas conflict and was urged to offer greater protection to freedom of expression while fulfilling its human rights obligations.
Stay informed with free updates Simply sign up to the European banks myFT Digest — delivered directly to your inbox. Switzerland’s financial regulator has called for tougher powers to oversee banks after claiming it did everything it could to try to prevent the collapse of Credit Suisse this year. Finma on Tuesday published an 84-page
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Activist investor Cevian Capital has taken a €1.2bn stake in UBS, betting that the Swiss bank can double its valuation over the next three to five years. Cevian, Europe’s largest dedicated activist, has invested just
Everything about Lars Fruergaard Jørgensen is understated. The chief executive of Danish drugs group Novo Nordisk grew up on a pig farm in Jutland and from an early age was expected to muck out the animals. While most of his rivals take private jets to their appointments, he waits for commercial connections. Tall, thin and
Stay informed with free updates Simply sign up to the Central banks myFT Digest — delivered directly to your inbox. The writer is a former central banker and a professor of finance at the University of Chicago’s Booth School of Business Macroeconomic policy in industrial countries has become much more discretionary of late, and not
Stay informed with free updates Simply sign up to the Sovereign bonds myFT Digest — delivered directly to your inbox. The UK is at high risk of a serious economic downturn next year, one of the world’s biggest active bond fund managers has warned. Daniel Ivascyn, chief investment officer at Pimco, told the Financial Times
Just over a decade ago, Andrew Ng was part of a Google Brain project that showed the power of deep learning technology. For three days, Ng’s team fed a neural network millions of unlabelled images from YouTube videos. After training, the system could identify features such as cats in images it had not encountered before