The EU has signalled that it will not immediately follow the US in issuing outright bans on investment in China’s cutting-edge technology sector, saying instead that it will make its own proposal by the end of the year. The White House issued an executive order on Wednesday that will limit some US investment in sectors
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Maria Berlinska, one of Ukraine’s drone warriors, articulates in three sentences what regiments of social scientists struggle to explain in reams of research papers. “We have to be innovative, man. You know why? Because we would like to survive,” says Berlinska, who heads her country’s Victory Drones project, in a recent FT Film on Ukraine’s
UK discount retailer Wilko has collapsed into administration, putting 12,000 jobs at risk after rescue talks with prospective suitors failed. Chief executive Mark Jackson said on Thursday that management and advisers had left “no stone unturned when it came to preserving this incredible business but must concede that with regret, we’ve no choice but to
The UK Financial Conduct Authority has ordered asset managers to justify the fees charged on their funds, as firms come under mounting pressure from cheaper passive funds and new consumer protection regulation. The regulator on Thursday said a review of authorised fund managers showed that tensions between profitability concerns and assessments of funds’ value for
European equities and Wall Street futures rose on Thursday ahead of a closely watched US inflation report that investors expect will influence the Federal Reserve’s next policy move. European and Asian equities were also boosted after China said it would end a ban on tour groups travelling to dozens of countries, boosting the shares of
This summer, Dylan, a 22-year-old trainee lawyer from the Jersey Shore, decided to come clean to his family and friends about a shameful secret: he had borrowed and gambled $50,000 in just over a year. His first bet was a promo deal on the betting app DraftKings on last year’s Super Bowl: bet $5 on
Rishi Sunak is weighing whether to follow US president Joe Biden in restricting outbound investment into the Chinese tech sector, including artificial intelligence, chips and quantum computing. Biden announced the new security regime on Wednesday but the UK prime minister has been more circumspect. His government is consulting business and the financial sector before deciding
Behavioural scientists treat us all as bundles of bias. We are swayed by the first piece of information we see (anchoring bias), we do not doubt ourselves enough (overconfidence bias) and we dislike change (status quo bias). We’ll fight harder to avoid losses than to make equivalent gains (loss aversion) and we’ll overstate the chances
The sidewalk outside Manhattan’s Roosevelt Hotel was teeming with traffic, much of it streaming to and from nearby Grand Central Station. But Giselle Rondon was oddly stationary. That seems fitting since Rondon, 36, is trapped in a kind of purgatory. For the past six weeks, Rondon, her husband and two children have been living at
US inflation in July is expected to have risen at roughly the same pace as in June, suggesting that price pressures in the world’s biggest economy are continuing to ease and strengthening the case for the Federal Reserve to hold interest rates steady at its next meeting in September. The consumer price index (CPI) is
Months before global law firm Dentons decided to decouple from its Chinese affiliate Dacheng, its staff in western nations were advised against travel to the country. Some professionals who had visited China were “delayed by many weeks” when they attempted to leave, a person close to the firm said, prompting a policy change. Chinese authorities
UK house sales are set to fall as high mortgage rates deter buyers, while rental prices surge as tenants enter bidding wars for the few properties available to let, according to a leading property survey published on Thursday. The monthly report by the Royal Institution of Chartered Surveyors paints a contrasting picture of a slower
Fernando Villavicencio, a presidential candidate in Ecuador, was shot dead on Wednesday evening as political violence continues to threaten the country’s upcoming election. Villavicencio, a former lawmaker and journalist was killed by gunmen during a campaign event at 6pm on Wednesday, local media first reported. Ecuador’s president Guillermo Lasso confirmed Villavicencio’s death on social media,
The Biden administration will ban US investment into quantum computing, advanced chips and artificial intelligence sectors in China, as it ratchets up efforts to ensure the Chinese military does not benefit from American technology and capital. President Joe Biden on Wednesday issued an executive order establishing the prohibitions, which will largely affect private equity and
China’s internet giants are rushing to acquire high-performance Nvidia chips vital for building generative artificial intelligence systems, making orders worth $5bn in a buying frenzy fuelled by fears the US will impose new export controls. Baidu, ByteDance, Tencent and Alibaba have made orders worth $1bn to acquire about 100,000 A800 processors from the US chipmaker
Hello and welcome to Working It. The WiFi in our neighbourhood went off for two days this week 👿 (and before you ask, there’s only one “fast” broadband provider serving our area). It forced us to regress, or progress, to a pre-internet world. I finished a great novel* and started Right Kind of Wrong, Amy
Why did Hillary Clinton lose the 2016 presidential election to Donald Trump? That is a question a few Democrats are still asking themselves seven years later, as the legacy of Trump’s victory casts its long shadow over the 2024 elections. All manner of explanations have been put forward, including Russian misinformation campaigns, rising racism, growing
Four large UK lenders are cutting mortgage rates for the second time in three weeks, as competition in the home loan market intensifies on the back of better than expected inflation data. Nationwide, the second-largest mortgage lender, on Wednesday reduced prices on some fixed products by up to 0.55 percentage points. HSBC, the sixth-biggest provider,
SoftBank is in talks to bring in Amazon as an anchor investor in Arm’s upcoming initial public offering as part of a widening search to find customers willing to take a long-term stake in the UK-based chip designer. The Japanese conglomerate, which acquired Arm in 2016, has over the past month intensified its efforts to
The writer is a founding partner of Veritum Partners “Are banks investable?’ was a common question asked at the height of the global financial crisis 15 years ago. Back then the main concern was a complete breakdown in trust in how they valued their assets. Today, a similar question is again being asked, but this
European stocks rose on Wednesday, with banks among the biggest winners as Italy watered down a planned windfall tax that sent shares in the country’s biggest lenders tumbling in the previous session. Europe’s region-wide Stoxx 600 rose 0.8 per cent, France’s Cac 40 added 1.2 per cent and Germany’s Dax rose 1.1 per cent. London’s