NatWest chief executive Alison Rose has agreed to step down after she admitted to inaccurately briefing a BBC journalist about the closure of Nigel Farage’s bank account. Rose will leave with immediate effect, the bank said in a statement. Paul Thwaite, chief executive of the bank’s commercial and institutional business, will take over for 12
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Sasi Menachem has fought for the Israeli military for more than half his life. But as Benjamin Netanyahu’s hardline government presses ahead with a controversial effort to weaken the country’s judiciary, for the first time, he is considering not volunteering for reserve duty. “I served in all the wars in the past 25 years, I
It was only 8.30 on a Saturday morning but more than 100 people were crammed into the back room of Pizza Ranch in Winterset, a small, rural town in Iowa that lays claim to being the birthplace of the film star John Wayne. Some of them were there for the breakfast special — a thin-crust
No sooner does Michael Gove issue a warning against treating environmental issues as a “religious crusade” than aircraft have to be dispatched to rescue British holidaymakers from somewhat biblical scenes in the eastern Mediterranean. Gove’s comments were part of the hand-wringing following the local election result in Uxbridge, despite the fact that it owed more
London’s Labour mayor Sadiq Khan has urged the Conservative central government to provide him with more funding to finance a more generous scrappage scheme for owners of older cars caught by his plans to expand his flagship clean air zone to cover the whole of the UK capital. Khan is under mounting political pressure to
Singapore’s GIC, whose estimated assets of more than $700bn make it one of the world’s largest institutional investors, has warned that many of the tailwinds for private equity firms “have come to an end” as a golden age is replaced by tougher market conditions. But the investor, one of the largest backers of buyout funds,
Joe Lewis, the billionaire real estate investor and owner of Tottenham Hotspur football club, has been charged over multiple alleged instances of insider trading, US prosecutors said on Tuesday. The 86-year-old, who is one of Britain’s richest men, is accused of tipping off employees, associates, friends and romantic interests with non-public information about various entities,
Singapore’s GIC, whose estimated assets of more than $700bn make it one of the world’s largest institutional investors, has warned that many of the tailwinds for private equity firms “have come to an end” as a golden age is replaced by tougher market conditions. But the investor, one of the largest backers of buyout funds,
NatWest’s board has criticised its chief executive Alison Rose and threatened to dock her pay after she admitted being the source of an inaccurate story about the closure of Nigel Farage’s bank account. But the bank’s chair Howard Davies said that “after careful reflection” the board had decided Rose retained their “full confidence”. Rose has been
Today’s India is an “illiberal democracy”. Freedom House, the US think-tank, puts it at the same level as Hungary, whose leader, Viktor Orbán, invented that phrase. But it rates the components differently: political rights, notably electoral politics, are healthier in India than in Hungary, but civil rights are weaker. Worse, the latter have deteriorated substantially
The Bank of England has estimated that it will require the UK Treasury to transfer a total of £150bn by 2033 to cover expected losses on its bond-buying quantitative easing programme, if interest rates follow the path implied by market pricing. The programme was designed so that the central bank is indemnified by the Treasury
Chinese equities jumped on Tuesday, led by gains in property and technology stocks after the country’s ruling politburo vowed to boost employment, give more support to the real estate sector and revive a “tortuous” economic recovery. Mainland China’s CSI 300 rose 2.8 per cent, while Hong Kong’s Hang Seng index was up 3.4 per cent.
The risk of a crash landing for the global economy has receded, the IMF’s chief economist said as the multilateral lender predicted 3 per cent growth this year. In an interview with the Financial Times, Pierre-Olivier Gourinchas said the economic outlook had improved since the multilateral lender last published its projections in April amid a
Chinese stocks staged their biggest one day rally since November after a call by China’s leaders for strong “countercyclical” measures to support the world’s second-largest economy, despite what economists said was a lack of detail in Beijing’s plans. President Xi Jinping’s 24-member politburo, the Communist party’s leading decision-making body, flagged the highly indebted property sector
China has announced the replacement of foreign minister Qin Gang, one month after the former high-flying favourite of President Xi Jinping disappeared from public view. Qin’s sudden disappearance came as the government was trying to restore dialogue with Washington and conduct a charm offensive with European nations after several years of increasingly tense relations. The
The fact that J. Robert Oppenheimer agonised over his part in the creation of the atomic bomb is not interesting. Was he meant to whistle to work? Harry Truman, to whom it fell to use the “gadget”, is the more dramatic figure, precisely because he made what might be the most history-altering executive decision since
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The UK is on track to incur the highest debt interest costs in the developed world this year as persistently high inflation and an unusually large proportion of government bonds linked to price rises damage the public finances. The Treasury will spend £110bn on debt interest in 2023, according to a forecast by Fitch. At
The US general counsel of EY has resigned after two years in the role, as the firm nears the conclusion of an investigation into its failure to properly handle a staff cheating scandal. Ann Cook will leave the firm on August 1, partners have been told. Her resignation comes amid scrutiny of the actions of
US national security officials are scrutinising an Abu Dhabi sovereign wealth fund’s planned $3bn takeover of New York-based Fortress Investment Group amid concerns in Washington over the UAE’s ties to China, people close to the situation told the Financial Times. The review by the Committee on Foreign Investment in the United States, an inter-governmental agency
One Sunday morning in May, after leaving a restaurant in western Mexico, Sergio Emmanuel Martínez, a new customs director at the country’s largest port, was kidnapped. The next day, he was found dead beside a motorway, making him the fourth customs official at the port of Manzanillo to be murdered in less than two years. Manzanillo is a