People have become more pessimistic about inflation in the eurozone, betting that price pressures will remain strong for years to come despite them abating for much of the past six months. The European Central Bank said on Thursday that its latest monthly survey of consumers showed their expectations for inflation next year and in three
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Next weekend’s G7 summit in Hiroshima is, in part, a dealmaking retreat for leaders of different status. Each participant’s standing derives from some combination of their country’s size, GDP and military might, plus the leader’s charisma and electoral prospects. The biggest beast at the summit is always the American president. Lowly pack members like Giorgia
Jeffrey Katzenberg has vowed to deliver “all the resources” Joe Biden needs for his 2024 re-election campaign as the Hollywood studio executive and prominent Democratic donor shrugged off concerns about the president’s political prospects. In a relentlessly upbeat interview, the co-chair of Biden’s campaign, who plays an important role in the fundraising effort, said he
European stocks rose at the open on Thursday, buoyed by an overnight rally on Wall Street, as traders awaited an expected interest rate rise from the Bank of England. Europe’s region-wide Stoxx 600 gained 0.6 per cent, recovering from two consecutive days of losses, while France’s Cac index rose 0.9 per cent. Indices were tracking
Donald Trump urged Republican lawmakers to let the US default on its debts unless Democrats capitulate to demands for “massive” spending cuts, a significant intervention by the former president as Washington contends with a looming fiscal crisis. Trump made the comments on Wednesday in a hotly anticipated primetime televised town hall from New Hampshire, the
Vodafone has announced plans to deepen its ties with United Arab Emirates telecoms group e&, which has amassed an almost 15 per cent stake in the UK operator and will now have a seat on its board. Under a plan set out on Thursday, Hatem Dowidar, chief executive of e&, will join Vodafone’s board as
A good deal of scoffing has been blowing its way across the Atlantic towards Britain in recent days. For some Americans, the pomp and pageantry of King Charles III’s coronation seemed to all be a bit grandiose and nostalgic for a 21st-century democracy. “Hard to take this seriously,” tweeted a prominent American political scientist during
In today’s newsletter US prosecutors prod Icahn Enterprises China cracks down on due diligence Big Law’s Gen-Z dilemma Can Wall Street’s most feared bruiser take a punch? When short seller Hindenburg Research released its report on Icahn Enterprises last week, we wrote in DD that most of Wall Street would be watching. It turns out
More than three months after short seller Hindenburg Research accused Indian tycoon Gautam Adani’s conglomerate of engaging in stock price manipulation and accounting fraud, the company argues that its profits are proof of the strength of its business. “It’s unfortunate we had to go through this politicised, malicious report,” said Adani Group chief financial officer
UK house prices are falling less sharply as sales pessimism eases, according to a survey of estate agents that suggests the property market is stabilising following the recent surge in mortgage costs. The Royal Institution of Chartered Surveyors said on Thursday that its house price balance, which measures the difference between the percentage of surveyors
The US has for the first time transferred seized assets from a sanctions-hit Russian oligarch to send to Ukraine for the reconstruction of the war-ravaged country. The authorisation came on Wednesday from attorney-general Merrick Garland, who said additional moves of this kind would be forthcoming. “While this represents the United States’ first transfer of forfeited
Ministers are drawing up plans to stop family members from joining overseas master’s students at British universities, as Rishi Sunak braces himself for figures showing record net migration to the UK. The Conservatives promised at the 2019 general election that “overall numbers will come down” but official data due this month is expected to instead
More than $1bn of EU exports targeted by sanctions have disappeared in transit to Russia’s economic partners, a flow of “ghost trade” that western officials believe has helped sustain Vladimir Putin’s wartime economy. Public data analysed by the Financial Times found that only about half of a $2bn sample of controlled “dual use” items shipped
Republican US congressman George Santos has been charged by federal prosecutors with fraud, money laundering, theft of public funds and making false statements to the House of Representatives. The 34-year-old appeared in a court on New York’s Long Island on Wednesday afternoon, where he pleaded not guilty to a 13-count indictment and was released on
Google has launched a revamped search engine powered by artificial intelligence, as it rushes to make up lost ground in the race to bring powerful new language models to the internet search business. The US tech group on Wednesday unveiled an overhaul of its search engine to incorporate AI advances that have been sweeping through
More than 2,500 EU-derived regulations are set to remain on the UK statute book beyond the end of this year, the government has announced, in a climbdown welcomed by business groups but criticised by Tory Brexiters. Kemi Badenoch, the UK trade secretary, confirmed that the “sunset” clause in the Retained EU Law Bill, which mandated
US media billionaire Barry Diller warned that the use of artificial intelligence would prove “destructive” to journalism unless publishers were able to use copyright law to exert control. Speaking at the Sir Harry Evans Global Summit in Investigative Journalism in London, Diller said that freely allowing AI access to media content would prove to be
Time is running out to implement the British government’s post-Brexit plans to require all meat and dairy products sold in Northern Ireland to be labelled “Not for EU” consumption, retail and trade lobby groups warned on Wednesday. The “Not for EU” labels on meat and dairy products are to be phased in from October as
Republican lawmakers and presidential hopefuls have largely shied away from criticising Donald Trump after a jury found him liable for the sexual abuse of a journalist in the 1990s, in the latest sign of the former president’s grip on the party. A nine-person jury on Tuesday unanimously found Trump liable for battery and defamation, while
Audits carried out by the Chinese arms of KPMG and PwC contained an “unacceptable” number of flaws, US inspectors said on Wednesday, as they vowed to expand examinations of large accounting firms in the country. The Public Company Accounting Oversight Board found multiple deficiencies in all four of the audits it examined by KPMG Huazhen,
Shares in Icahn Enterprises fell as much as 20 per cent after it revealed federal prosecutors in New York have contacted the company seeking information on its business, including corporate governance, valuations and due diligence. Carl Icahn’s company disclosed in a regulatory filing on Wednesday that it received the request from prosecutors on May 3,