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The G7 has privately rebuked Switzerland for not doing enough to combat Russian oligarchs evading sanctions. A letter sent to the Swiss government, signed by G7 ambassadors in Bern on behalf of the group, as well as the EU’s ambassador, said Swiss privacy laws and other “loopholes” were being exploited by Russians to hide billions

A 21-year-old Air Guardsman suspected of leaking highly classified US intelligence documents made his first appearance in court on Friday, where he was charged with illegally sharing top-secret national defence information. Jack Teixeira entered the courtroom in handcuffs wearing a tan prison uniform, according to local media. A hearing on his detention will take place

The writer is head of the foreign and defence policy team at the American Enterprise Institute It’s really bad. So bad the Pentagon is not only conducting its own investigation, it also immediately called in the Justice Department to investigate. Over 100 pages of highly classified CIA Operations Center and Joint Chiefs of Staff assessments — some

In 1964, Lyndon Johnson’s campaign for the White House released a TV ad, “Daisy”, which became legendary among political campaigners. A little girl is sweetly plucking petals, before a countdown begins and a mushroom cloud fills the screen. When LBJ won a landslide victory over Barry Goldwater, the advertising industry claimed that Daisy had proved

Citigroup said strong consumer spending and corporate activity drove profits in the first three months of this year, even as a lack of deals and increased credit costs weighed on its bottom line. The US bank said on Friday that net income in the first quarter rose to $4.6bn, or $2.19 per share. That was

Discussion boards for video-gaming enthusiasts and music fans seem an unlikely place for the sharing of official government secrets. But this week, a Pentagon probe into a trove of highly classified leaked materials was traced back to Discord, an emerging chat platform popular among gamers and cryptocurrency investors and known for its light-touch approach to

JPMorgan Chase expects to increase the profits it makes from lending and said that deposits had jumped by $37bn in the first quarter, following the collapse of Silicon Valley Bank. Net income rose 52 per cent from a year ago to $12.6bn, or $4.10 per share in the first quarter, boosted by a rise in

The European parliament is preparing tough new measures over the use of artificial intelligence, including forcing chatbot makers to reveal if they use copyrighted material, as the EU edges towards enacting the world’s most restrictive regime on the development of AI. MEPs in Brussels are close to agreeing a set of proposals to form part

BlackRock’s assets under management increased to $9.1tn in the first quarter but net income fell 19 per cent year on year, as the world’s largest money manager struggled with squeezed margins, subdued markets and lower performance fees. Revenue was down 10 per cent year on year to $4.2bn, with performance fees on its hedge funds and

I have arrived in Barrington, Illinois, an hour early for my lunch with Hank Paulson. The cloudless prairie sky is as big as the town is small. Although just 40 miles north-west of Chicago, Barrington betrays no shadow of its soaring urban neighbour. The main street even has a kiosk where you can deposit your

Inflation affects us all, but the rate at which we experience it will depend on our unique spending habits. Use the calculator below to estimate your personal inflation rate. Why estimate your personal inflation rate? For the past 30 years, inflation has been relatively stable across advanced economies, including the UK and US. In others

It was nearly a decade ago when Intel, then the undisputed leader in global semiconductor manufacturing, made a fateful decision. A new technology, extreme lithography, was offering a way to pack more computing power on to the silicon wafers from which tiny chips, essential for widely used products like smartphones and PCs, are cut. Using

Five weeks after the collapse of Silicon Valley Bank, there is no consensus on whether the ensuing financial stress in North America and Europe has run its course or is a foretaste of worse to come. Equally pressing is the question of whether, against the backdrop of still high inflation, central banks in advanced economies

For about as long as countries have been having recessions, one pattern has consistently appeared in the jobs data: when the economy contracts, employment falls faster and further among men than women and the male employment rate takes longer to recover. In fact, in some instances female employment doesn’t even fall, merely experiencing a slowdown

There is no shortage of white men in economics. That is clear enough from a glance down the very male, very white list of winners of the discipline’s Nobel memorial prize. There are a few exceptions: the black Caribbean-born scholar Sir Arthur Lewis won in 1979; the first woman to win, Elinor Ostrom, did not

The billionaire Issa brothers and their private equity partners TDR Capital stumped up just £200mn for their 2020 deal to buy Asda, the UK supermarket chain valued at £6.8bn, corporate filings reveal. Mohsin and Zuber Issa and TDR used a complex chain of asset sales and debt deals that left them on the hook for just

Boeing said on Thursday that a production issue will affect its ability to deliver a “significant” number of 737 Max jets, potentially exacerbating aircraft shortages for airlines around the world. The aerospace manufacturer said a supplier had used a “non-standard” process when installing two fittings in the fuselage of certain models of the narrow-body jet,

The cost of buying insurance against a US government default has shot to its highest level in more than a decade, in an early sign of market concerns about the political impasse in Washington over the debt ceiling. Amid a stalemate between the White House and congressional Republicans on raising the federal borrowing limit, the

The FBI arrested a 21-year-old member of the Massachusetts Air National Guard as part of an investigation into the leak of highly classified US intelligence documents. Attorney-general Merrick Garland identified the suspect as Jack Teixeira in a brief statement to reporters on Thursday. “FBI agents took Teixeira into custody earlier this afternoon without incident,” Garland

Britain’s chancellor said on Thursday that his government needed to look at raising the level of protection for bank customers given the speed at which deposits fled Silicon Valley Bank last month. Speaking on the sidelines of the IMF spring meetings in Washington, Jeremy Hunt echoed comments by Andrew Bailey, governor of the Bank of

Almost exactly a year ago, just before the IMF’s spring meeting, Janet Yellen, US Treasury secretary, launched a new buzzword: “friend-shoring”. The idea was that in a world of rising US-China tensions (and western hostility to Russia), American companies should move their “supply chains to a large number of trusted countries” — or friends. It