USS — the UK’s biggest private sector pension plan — has warned that the personal data of about half a million members may have been stolen during a cyber attack on outsourcing group Capita. The USS uses Capita’s technology to support its administration processes. Last month, the UK outsourcer confirmed it had suffered a cyber
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The writer was governor of the Bank of England from 2003 to 2013 Fifteen years ago, the collapse of the western banking system led to the adoption of thousands of pages of complex regulations. Yet here we are in the middle of another crisis of confidence in banks. Silicon Valley Bank and Credit Suisse had
Gary Neville is a changed man. As I enter the vaulted Edwardian dining room of the restaurant at his Manchester city centre hotel, Stock Exchange, a member of staff politely explains that my interviewee is running 10 minutes late, before bringing me a glass of Bordeaux. When he arrives, black-clad and relaxed after a charity
China will send a special envoy to Ukraine, Russia and other countries to discuss a “political settlement to the Ukraine crisis”, the Chinese foreign ministry said on Friday. Li Hui, a former Chinese ambassador to Moscow, will visit Ukraine, Poland, France, Germany and Russia from Monday, spokesperson Wang Wenbin announced at a press conference. “Sending
South Africa president Cyril Ramaphosa has spoken to his Russian counterpart Vladimir Putin amid an escalating diplomatic storm over a US claim that Pretoria covertly sent arms to Russia, which has imperilled its ties with Washington. The Kremlin said on Friday that Ramaphosa had talked to Putin at the initiative of South Africa, after the
European stocks rose at the open on Friday as investors drew optimism from US economic data that pointed towards an end to the Federal Reserve’s campaign to curb inflation with interest rate increases. Europe’s region-wide Stoxx 600 rose 0.5 per cent in the first hour of trade, assisted by strong corporate earnings from Switzerland’s Richemont,
Mike Lynch, the billionaire founder of UK software group Autonomy, has been extradited to the US after losing his appeal in the High Court last month. Lynch faces a criminal trial in California over multiple allegations including conspiracy to commit wire fraud and securities fraud, charges the tech entrepreneur has strongly contested. A judge in
Elon Musk is in talks to hire Linda Yaccarino, NBCUniversal’s head of advertising, as Twitter’s new chief executive, according to two people familiar with the matter. The billionaire has been Twitter chief executive since his $44bn acquisition of the company in October but signalled his position would be temporary. Without naming a successor, Musk wrote
The EU’s chief diplomat has warned that China will “take geopolitical advantage” of a Russian defeat in Ukraine and that Brussels needs to respond to Beijing’s global ambitions. Josep Borrell, the bloc’s high representative for foreign policy, has urged member states to find a “coherent strategy” to deal with China that responds to both Beijing’s
PwC is racing to contain the global fallout of an Australian leak scandal on its business after it emerged that the firm used confidential government tax plans to advise tech clients. Emails released by an Australian senate committee last week showed that PwC had used information received during its work with the government to win
The Atrium is a black glass office tower glowering over the town centre of Uxbridge, 16 miles west of London. It symbolises a problem facing commercial property investors across the UK. The 1990s building, which counts multi-level marketing company Herbalife among its remaining tenants, is now roughly half empty. The Atrium is not alone: a
The writer is president of France In a few days, more than 200 international chief executives will arrive in Versailles to take part in an event entitled “Choose France”. Many of them will unveil investments in strategic areas. Since the first of these events in 2018, thousands of jobs and hundreds of factories have been set
Last Saturday a far-right extremist opened fire with an AR-15-style rifle on passers-by at a shopping mall in Allen, Texas. He killed eight, including two children, and wounded a further seven. This was the ninth “active shooter” mass killing of 2023 so far in the US, according to the definition used by the FBI. Stories
The EU is planning an undersea internet cable to improve connectivity to Georgia and reduce dependence on lines running through Russia, amid growing concerns about vulnerabilities to infrastructure transmitting global data. The €45mn cable will link EU member states to the Caucasus via international waters in the Black Sea, stretching a span of 1,100km. The
Energy executives have said the EU’s targets for renewable hydrogen will not be achieved because of the bloc’s complex regulations. The targets, set by the European Commission last year, aim for 10mn tonnes of “green” hydrogen to be produced in the EU by 2030 and for another 10mn tonnes to be imported. But executives gathered
The past three months have not been kind to monetary policymakers at the Bank of England. In February, the central bank set interest rates at 4 per cent and suggested this level might well be the peak because its forecasts had inflation falling sharply, dropping below the central bank’s 2 per cent target at the
Another week, another wave of worry about American regional banks. Thankfully, the level of panic has dropped somewhat since the Federal Deposit Insurance Corporation appears to be backstopping the system — by precedent, if not by law. But the problem now is one of attrition: weakling banks are losing deposits, watching funding costs rise while
The US has accused South Africa of supplying arms to Russia in a covert naval operation, escalating a foreign policy crisis for President Cyril Ramaphosa over the country’s ties to the Kremlin and position on the Ukraine war. Reuben Brigety, US ambassador to South Africa, told local media on Thursday that the US believed weapons
US national security adviser Jake Sullivan and China’s top diplomat Wang Yi have held talks in Vienna in an attempt to stabilise relations between the countries, which have hit their lowest level since diplomatic ties were normalised in 1979. The White House said they held two days of “candid, substantive and constructive” discussions on issues
Britain has delivered multiple Storm Shadow cruise missiles to Ukraine, UK defence secretary Ben Wallace has announced, boosting Kyiv’s defensive capability as it prepares to launch a counter-offensive against Russian forces. Wallace told MPs on Thursday that the decision to donate the “long-range, conventional-only, precision-strike capability” was a “proportionate” response to Moscow’s escalation of its
The writer is founder of Sifted, an FT-backed site about European start-ups The latest Californian gold rush is about a mad scramble over generative AI. The big US tech companies, such as Google, Microsoft, Meta and Palantir, as well as a swarm of venture capital firms, are all manically digging for new seams of digital