European stocks pushed higher on Monday as gains for the tech sector drew investors’ attention away from China’s flagging property market and slowing post-pandemic recovery. Europe’s region-wide Stoxx 600 rose 0.1 per cent, recouping early losses. France’s Cac 40 added 0.2 per cent and Germany’s Dax climbed 0.5 per cent. Shares in Amsterdam-based Philips led
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The rouble has fallen to a 16-month low against the dollar as a surge in Russian military spending and a collapse in export revenues add pressure to a currency suffering under western sanctions and an escalation of capital outflows. Russia’s currency has lost about 25 per cent of its value this year and traded below
Shares in Country Garden slumped to a record low on Monday after the Chinese developer suspended trading in at least 10 of its mainland bonds, spurring a wider sell-off in property-linked stocks. The company, formerly the largest developer in China by sales, missed international bond payments last week in a sign that a two-year liquidity
Good morning. After a few months of risk-on, the market’s feeling nervy again. The S&P 500 is off 3 per cent from its recent peak, as investors sweat the timid price reaction to earnings beats. Tech is looking the shakiest. With long yields rising, Microsoft is down 11 per cent from mid-July and Nvidia is
A 25 per cent chance of survival is not a risk that any banker worth their salt would accept on a client loan application. But those are the career odds confronting the next chief executive of part-state-owned bank NatWest, following the departure of Alison Rose, the group’s third boss in four to be ousted by
Finland is unconcerned by Russia’s threat to bolster troop numbers along the border, the Nordic country’s foreign minister has said, adding that Moscow had left the frontier almost undefended following its full-scale invasion of Ukraine. Elina Valtonen told the Financial Times that the pledge made by Russian defence minister Sergei Shoigu to increase soldiers was
Lithium-ion batteries have already changed the world, putting smartphones, laptops and wireless headphones in the hands of billions of people. Now they are triggering another revolution. The technology of choice both in electric cars and the nascent electricity storage industry, the cells will be a vital pillar in the global transition to a carbon-free economy.
Tech decoupling between the US and China is about many things, but chief among them is the notion that western technology should not feed Chinese military modernisation and expansion. From an American standpoint, this seems pretty obvious. Why should US money, products and expertise aid the military strength of its chief strategic adversary? That’s the
UK employers are increasingly resorting to bidding wars to retain staff, according to a survey that appears to contradict recent data suggesting the labour market is beginning to cool and wage inflation is easing. In the past year, 40 per cent of employers have made a counter-offer to try to keep an employee who has
Tesla lowered the price of some vehicles in China on Monday, the first cut since the scrapping of a pledge from the US electric vehicle company and 15 Chinese carmakers to avoid “abnormal pricing”. The company cut the price of the higher-end Model Y Long-Range and Performance models to Rmb299,900 ($41,640) and Rmb349,900, respectively. It
US Steel, a corporate vestige from the era of American industrialists Andrew Carnegie and JP Morgan, has put itself up for sale, saying on Sunday it has hired financial advisers to evaluate bids for the company. The company said it has already received multiple unsolicited bids that ranged from the possible acquisition of the whole
Inflated shipping costs are enabling Russian companies to earn far more from crude oil sales to India than previously recognised, according to a Financial Times analysis which suggests that the charges may have raised more than $1bn in a single quarter. Russia has, until recently, appeared to comply on this route with western measures designed
The Madagascan president’s chief of staff has been charged in the UK with a bribery offence over an approach that the National Crime Agency said had been made to a gemstone mining company. The NCA said Romy Andrianarisoa, chief of staff to president Andry Rajoelina, and Philippe Tabuteau, an associate of Andrianarisoa, were arrested on Thursday
The writer is chair of Rockefeller International India’s economy has as much entrenched rust as it has entrepreneurial dynamism. And no two industries illustrate these contradictions more clearly than its most iconic entertainments, Bollywood and cricket. Facing the same challenge — growing competition for fans in the internet age — cricket is killing it, Bollywood
Russia’s invading forces shelled two villages in Ukraine’s Kherson region on Sunday, killing at least seven people including a newborn baby, Ukrainian officials have said. The attack comes on the same day Russia’s navy fired a warning shot on a commercial vessel approaching a Ukrainian Black Sea port. “The enemy continues to bombard the Kherson
Republican-controlled areas of the US are dominating a rush of clean technology project investment as President Joe Biden goads opponents for “claiming credit” for the jobs boom despite their efforts to block his landmark climate legislation last year. More than 80 per cent of investment in large-scale clean energy and semiconductor manufacturing pledged since last
The writer is a senior fellow at the Institute for Government Being mayor of London should be one of the most attractive political jobs on the planet. Big personal mandate. Global city. National profile. Relatively few responsibilities and strong re-election prospects. And yet, next May Londoners will be offered a choice between a third term
Unite, Britain’s second-biggest trade union and the Labour party’s largest long-term donor, has failed to file its past two sets of annual accounts in the latest sign of its long-running financial and legal problems. All UK unions are legally obliged to submit annual accounts for the previous calendar year by June 1 to the Certification
Are Jaffa Cakes really a biscuit or a cake? It is a question McVitie’s spent considerable time and money on in 1991 in order to convince a British tribunal that the sweet treat was indeed a cake. In doing so, it was able to gain a subtle retail edge: avoiding a sales levy on chocolate-covered
Demand for pawnbroking has hit “record levels” in Britain because of high inflation and a shortage of alternatives, according to the boss of the UK’s biggest operator. H&T Group said pre-tax profit rose 31 per cent to £8.8mn in the first half of the year compared with 2022, while its “pledge book” — loans against
Private equity firms have bought up dozens of UK healthcare companies including ambulance fleets, eye-care clinics and diagnostics businesses over the past two years as they seek to cash in on spiralling NHS waiting lists. Private equity firms have struck 150 deals for UK healthcare companies since 2021, according to consultancy LaingBuisson, with the past