HSBC has had a history of money-laundering lapses. It was fined a decade ago in the US for its role in enabling Latin American drug cartels, and in the UK in 2021 for a string of failures including serving the leader of a criminal gang. So it is understandable that the bank and its peer
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UK shop price inflation slowed in June helped by a second consecutive monthly decline in the growth of food prices, according to the latest industry data. The cost of shop items rose at an annual rate of 8.4 per cent this month, down from 9 per cent in May and below the three-month average of
Russian president Vladimir Putin on Monday suggested Ukraine had somehow been involved in warlord Yevgeny Prigozhin’s shortlived rebellion. “This fratricide is the result of Russia’s enemies and the neo-Nazis in Kyiv, their western masters, and all sorts of national traitors wanted,” Russia’s president said in a five-minute televised address to the nation, his first comments
Banks have been warned by chancellor Jeremy Hunt they could face a regulatory crackdown unless they pass on higher interest rates to savers, amid claims the sector is profiting at the expense of struggling households. Hunt said on Monday that while mortgage rates had soared, it was taking “too long” for savers with instant access
The head of the Wagner private military group has denied trying to overthrow the Russian government but redoubled his criticism of the country’s defence establishment in his first public comments since Saturday’s abortive march on Moscow. In an 11-minute voice recording posted on Telegram on Monday, Yevgeny Prigozhin said his goal had been to protest
Belarus opposition leader Sviatlana Tsikhanouskaya has accused president Alexander Lukashenko of brokering a truce in Russia that increases the security risks for its European neighbours. Lukashenko mediated a deal over the weekend allowing Wagner warlord Yevgeny Prigozhin to move to Belarus after agreeing to put an end to his day-long insurgency that posed an unprecedented
Western nations have explored contingencies in the aftermath of Yevgeny Prigozhin’s attempted insurrection in Russia, including the threat to nuclear stockpiles from an unstable regime in Moscow. Talks led by G7 members have included the how a weakening of Vladimir Putin’s control over security and military forces could affect the state’s stability, people briefed on
Armed Wagner fighters roam Voronezh in southern Russia eating shawarmas. Yevgeny Prigozhin is back to ranting against the defence ministry — while treason charges against the warlord have been revived. Two days after the Kremlin struck a deal to end Wagner’s armed uprising, the truce is teetering on the edge, with growing questions in Russia
European defence stocks fell heavily on Monday as some investors bet that political instability in Russia could hamper the Kremlin’s war effort and shorten the conflict in Ukraine. Saturday’s abortive insurrection by warlord Yevgeny Prigozhin prompted profit-taking by some from a sector that has soared since Russia’s invasion of Ukraine in February 2022, analysts and
The writer is senior fellow at the Carnegie Russia Eurasia Center, Berlin and visiting fellow at the European University Institute, Florence Vladimir Putin appears to have overcome his biggest domestic crisis since the Chechen war with which his reign began. But the Russian president’s allies at home and abroad are not rushing to congratulate him.
Early occupants of London’s Canary Wharf in the nineties grumbled they bumped into more tumbleweed than business contacts there. HSBC’s plan to relocate to the City shows the dockland redevelopment is once again out of favour compared with the Square Mile and West End. The shift is one half of a four-way split. The post-pandemic
The writer, an FT contributing editor, is chief executive of the Royal Society of Arts A global arms race to reindustrialise is under way, reversing long-established trends in many advanced economies. The forces driving this race — decarbonisation, deglobalisation, remilitarisation — are likely to have lasting implications for the global macroeconomy and may even help it
HSBC is set to move its global headquarters to a smaller office in central London after its lease expires, ending two decades in Canary Wharf in a blow to the business district that underlines the growing trend of companies cutting office space as they adapt to the rise of homeworking. In a memo to staff
Russia has shown images of defence minister Sergei Shoigu visiting troops, the first time he has been pictured in public since warlord Yevgeny Prigozhin’s weekend insurrection against senior military leadership. The brief video, posted on Monday by the defence ministry, showed Shoigu inspecting a Russian command point and listening to a report from subordinates about
There was no sound on the brief video of Sergei Shoigu published on Monday morning or any indication of where Russia’s defense minister was as he pored over a battlefield map. But the seemingly mundane footage was the first evidence Shoigu was still in his job. Neither he nor Valery Gerasimov, commander of Russia’s invasion
Oil prices rose on supply concerns and stock markets were lower after the troops of Yevgeny Prigozhin withdrew from Russia, ending the warlord’s armed uprising but raising doubts about the stability of Vladimir Putin’s regime. Brent crude, the international benchmark, rose as much as 1.3 per cent to $74.80 a barrel in early trading in
Even as the Bank of England hunkered down for a protracted period of high rates, it was always vanishingly unlikely that the government would step in to help homeowners facing a steep jump in mortgage payments as low-priced, fixed-rate periods end. Rightly so. The impact of rising interest rates on the economy has already been
The writer is principal counsellor at Earendel Associates and a former adviser to Nato on Russia When news of Yevgeny Prigozhin’s insurrection broke, the first question was, is this theatre or is it real? It has turned out to be both. Despite a degree of theatre, this was not a play scripted by Vladimir Putin.
Goldman Sachs, JPMorgan and other western banks have spent months lobbying to work on one of China’s biggest-ever stock market listings. Syngenta’s planned $9bn Shanghai offering seems like a dream ticket for the banks: a large international company that has existing relationships with global institutions. But as rising geopolitical tension unravels the commercial ties between
The performance of the NHS is “middling at best” compared with its overseas peers, marred by “strikingly low levels” of clinical staff and equipment, according to an extensive analysis of international data by a leading health think-tank. The King’s Fund revealed in a report published on Monday that the UK has fewer doctors and nurses
6/25/2023, 10:14:49 PM What to watch in Asia today FT reporters Events: New Zealand prime minister Chris Hipkins concludes his visit to China. The Energy Asia conference opens in Kuala Lumpur. Markets: China’s stock exchanges, including Hong Kong’s, resume trading after the Dragon Boat festival long weekend. Economic data: Singapore releases manufacturing data for May