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UK chancellor Kwasi Kwarteng has told leading bankers, insurers and asset managers he is “confident” that his economic strategy will work, as he tried to reassure the City of London after days of turmoil in financial markets. The meeting between Kwarteng and the heads of companies, including Aviva, Legal & General, Royal London, BlackRock, Fidelity
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UK chancellor Kwasi Kwarteng declared a “new era” of growth with the announcement of his fiscal package on Friday. The set of tax cuts, worth £45bn, were the biggest since 1972. However, the plan will also push up public borrowing at a time when interest rates are rising and the economic outlook is deteriorating. After
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Vladimir Putin said Russia’s armed forces would call up its reserves immediately to support its invasion of Ukraine and indicated Moscow would probably annex large swaths of the country’s territory. In an address to his nation that significantly raised the stakes in the war, the Russian president announced “partial mobilisation” ahead of heavily stage-managed votes
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The German government has taken control of three refineries owned by Russian oil company Rosneft, in a major escalation of the energy war between Moscow and the west triggered by Russia’s invasion of Ukraine. The move is part of efforts by the government of Chancellor Olaf Scholz to protect the German economy from the effects
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Ukraine needs to secure the vast territory it has recaptured from possible Russian counter-attack, the country’s defence minister has warned, as he said Kyiv’s lightning offensive had gone far “better than expected”. The attack has routed the Kremlin’s forces, led to the recapture of 3,000 sq km of Ukrainian territory and prompted an unusual admission
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Ukraine forces consolidated their hold of territory in the north-east of the country on Sunday after Russia abandoned several military strongholds following a lightning Ukrainian advance that has routed Moscow’s forces and left them in disarray. Russian sympathisers were fleeing Russian-occupied territories in the Luhansk region, south of Kharkiv, said Serhiy Hayday, the Ukrainian head of
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