Russia has formally withdrawn from a UN-brokered deal to export Ukrainian grain across the Black Sea, potentially imperilling tens of millions of tonnes of food exports from the war-torn country. Dmitry Peskov, president Vladimir Putin’s spokesman, told reporters on Monday that the agreement had “essentially stopped” and Russia would no longer co-operate with the deal.
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European stocks followed Asia lower on Monday, as weak Chinese economic data reinforced investors’ concerns that the world’s second-largest economy was struggling to bounce back after three years of severe pandemic restrictions. Europe’s regionwide Stoxx 600 lost 0.5 per cent at the opening bell, extending losses from the previous session, as the index was dragged
Looming over the Yangtze River, the Wuhan Greenland Center was meant to be Central China’s answer to the Burj Khalifa, the world’s tallest building. When it was unveiled in 2011, the tower was intended to have 120 floors, host a five-star hotel and attract Wuhan’s rich and powerful with its helipad and cathedral-sized lobby. There
“It is taking too long for the increases in interest rates to be passed on to savers.” So said UK chancellor Jeremy Hunt this month, responding to the fact that, following the Bank of England base rate hikes of recent months, banks have not increased the interest on savings accounts as fast as they have
The UK’s war effort for Ukraine has its frontline on the site of a former Dunlop tyre factory in the north-east of England. Here, at BAE Systems’ plant in Washington, workers are manufacturing hundreds of 155mm artillery shells for the Ministry of Defence. The British government, along with other Nato allies, has been sending thousands
China’s economy lost momentum in the second quarter, with gross domestic product expanding 0.8 per cent against the previous three months as falling exports, weak retail sales and a moribund property sector weighed on growth. The difficulties facing the world’s second-largest economy will put further pressure on global growth and add to calls for Beijing
Surging interest rates have driven the biggest fall in British households’ aggregate wealth in the postwar era when measured as a share of national income, according to a new report. The aggregate wealth of British households has dropped by £2.1tn in cash terms, the report by the Resolution Foundation think-tank estimated — but it concluded
More than a quarter of board members at European financial services companies hold at least four such positions across different organisations, raising concerns about their ability to carry out their roles effectively. The data, part of broader research including interviews with fund managers released on Monday by EY, also showed that more work is needed
Hospital consultants are stepping up their plans for strikes as rail workers prepare to walk out again, in moves that highlight how the UK continues to contend with industrial action over pay. Consultants who are members of the British Medical Association will be striking in England this week for the first time in over a
From the struggling property market to lacklustre trade and industrial profits, several economic indicators for the Chinese economy are flashing red. But that will not be immediately obvious when the world’s second-largest economy publishes its second-quarter gross domestic product growth data on Monday. The headline figure should still look deceptively strong because of a low
More than two-thirds of Ron DeSantis’s donations have come from individuals who have maxed out their contributions and cannot donate again to his primary campaign, raising questions about the sustainability of the Florida governor’s challenge to Donald Trump. While DeSantis brought in a sizeable $20.1mn in the second quarter, according to the latest campaign finance
Microsoft moved a step closer to sealing its contentious $75bn purchase of Activision Blizzard with the announcement on Sunday that arch-rival Sony has signed a licence for the games company’s most popular title, Call of Duty, after the deal is completed. The agreement signalled a truce between the two gaming giants after a bruising 18-month
Europe will need to step up its response to Washington’s Inflation Reduction Act as the US programme to finance the industrial green transition is set to be larger than expected, Brussels’ economy chief has warned. Paolo Gentiloni, the EU economy commissioner, told the Financial Times that the bloc had enough money on the table for
Turkey has tripled petrol taxes as the government tries to raise money to recoup the cost of huge giveaways ahead of May’s election and fund reconstruction costing up to $100bn after February’s devastating earthquake. Taxes on regular petrol were increased about 200 per cent to TL7.53 a litre, with levies on diesel and a series
On paper, the EU should be an attractive partner for many low- and middle-income countries across the globe. It is the biggest market in the world, its social model is widely admired and it is less pushy on foreign policy alignment than either China or the US. Also on paper, Latin America should be the
Lina Khan has had a rough few days. The Federal Trade Commission chair suffered a setback in her ambitions to beef up antitrust enforcement for the Big Tech era when a California judge rejected her attempt to halt Microsoft’s $75bn purchase of Activision Blizzard, a video game maker. On Thursday, Khan endured a four-hour grilling
Temperatures are expected to hit record highs in Italy this week as much of southern Europe bakes in an intense heatwave that has driven authorities to mobilise medical facilities for the most vulnerable and warn people to stay indoors in the middle of the day. The extreme heat is raising fears for public health after
Hollywood has not seen anything like it in more than 60 years: thousands of striking actors and writers picketing together outside movie and TV studios, where production has ground to a halt. Demetri Belardinelli, who has acted in TV shows such as Silicon Valley, was among hundreds of picketers outside Walt Disney’s Burbank studios in sweltering
This is part of a series, “Economists Exchange”, featuring conversations between top FT commentators and leading economists In the past decade, the number of national industrial policies globally has more than doubled. Challenges such as the pandemic, the cost of living crisis and climate transition have reignited an appetite for governments to play a more
The writer, a former US Treasury secretary, chairs the Paulson Institute There is widespread agreement that climate change is an existential threat. But in our rush to address this challenge, our efforts must not heighten another, more immediate one: the global decline of biodiversity. We are losing species at more than 1,000 times the natural
Russian authorities have banned thousands of officials and state employees from using iPhones and other Apple products as a crackdown against the American tech company intensifies over “espionage” concerns. The trade ministry said that from Monday it will ban all use of iPhones for “work purposes”. The digital development ministry as well as Rostec, the