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Instagram is relocating most of its staff, including the social media platform’s head Adam Mosseri, from London to New York as part of a widespread restructuring effort at parent company Meta. The photo app had been building a new hub in the UK in recent months, where its engineering and product teams are based, but

Ukrainian infantrymen charged across a boggy field, Kalashnikovs raised, unleashing a flurry of bullets. “Move! Move! Move!” came the order. Concealed by the cloud from a smoke bomb, one soldier raised a rocket-propelled grenade launcher and fired at a target 50 metres away — and missed. The group’s trainer ordered them to run the drill

Google plans to introduce generative artificial intelligence into its advertising business over the coming months, as big tech groups rush to incorporate the groundbreaking technology into their products. According to an internal presentation to advertisers seen by the Financial Times, the Alphabet-owned company intends to begin using the AI to create novel advertisements based on

“Time for you to leave,” Salomon Brothers’ cigar-chomping chief executive John Gutfreund told Michael Bloomberg. With the $10mn he got as compensation for being fired, Bloomberg started a company, Innovative Market Systems, the next day. It was 1981, and computers were finally starting to take over Wall Street. Bloomberg, then 39, thought the time was

Whichever side of the Atlantic or the Irish Sea you live on, you probably heard a great deal of hype about Joe Biden’s “historic”, four-day “feels like I’m coming home” trip to the island of Ireland last week. If you live on the English side of these bodies of water, you probably heard the outpouring

The writer is founder and chief executive of Algebris Investments “Shoot first, ask questions later” has been an apt description of the US and European bank space in recent weeks. With calm returning, should investors be buying UK and European banks? The perhaps surprising answer is yes. Let me explain. Nerves have been frayed after

Elon Musk indicated he was willing to sacrifice Tesla’s profits in the short term in an aggressive push for market share, with the aim of making more money later when the company’s cars are fully autonomous and can earn extra fees by operating as “robotaxis”. The Tesla chief executive’s unconventional justification for why shareholders should

UK car insurance prices have risen a fifth in the past year and are now at their highest since 2011, as insurers demand higher premiums to cope with surging inflation in the cost of claims.  The average policy now stands at £657, according to first-quarter figures from comparison website Confused.com, in partnership with insurance broker Willis

Britain’s prime minister did not disclose details of his wife’s stakes in a number of companies, according to the government’s updated register of ministerial interests. In a long-awaited update to the register, Rishi Sunak logged that his wife, Akshata Murty, was a “venture capital investor” with some direct shareholdings as well as owning a venture

Kevin McCarthy, the Republican speaker of the House, has detailed his plans for averting a looming crisis over the US debt ceiling for the first time, with a bill that would push the risk of a default into next year but would require the rolling back of several White House policies. McCarthy and House Republicans

A rebound in deposits at Western Alliance Bancorp, one of the midsized lenders that was seen as the most at risk after Silicon Valley Bank collapsed last month, buoyed US regional bank stocks on Wednesday. Western Alliance said it had regained nearly $3bn in deposits in the past few weeks, or more than 40 per

Chancellor Jeremy Hunt has been urged by the UK pensions industry not to force retirement schemes to invest in riskier and complex assets including fast-growing young British companies, and infrastructure. Hunt has said he would not be “instinctively comfortable” with ordering pension funds where to invest some of their money, but has not ruled out

Snap is rolling out an artificial intelligence-powered chatbot across its social media platform, as well as introducing new augmented reality services for businesses, as the social networking company bids to revive its fortunes after a bruising stock sell-off. The “My AI” chatbot, powered by OpenAI’s ChatGPT, was launched in February to subscribers of Snap’s premium

Morgan Stanley’s “three-legged stool” approach to business is being put to the test. As led by James Gorman, the Wall Street group has long commanded a premium over investment banking rival Goldman Sachs, thanks to the former’s wealth and asset management businesses. Both have provided stable, recurring revenues. They were bolstered in recent years with

Credit Suisse is suing SoftBank in London’s High Court as the bank steps up the pursuit of $440mn it claims that its wealthiest clients are owed following the collapse of specialist finance firm Greensill Capital. The formal launch of proceedings in London is the first legal action by Credit Suisse since the bank was taken

HSBC has hit back at accusations from its biggest investor that it exaggerated the cost of spinning off its Asian operations, saying such a break-up would result in a “material loss of value” for its shareholders. HSBC and insurer Ping An, which owns 8 per cent of the bank’s stock, have exchanged blows in the

Morgan Stanley boss James Gorman has warned that investment banking revenues may not recover until next year after the Wall Street group’s net profits fell almost a fifth in the first quarter. A prolonged slowdown in investment banking activity has hit Morgan Stanley and its rivals as financial turmoil following the collapse of US regional

Five of the UK’s largest pension schemes, which together oversee £244bn in assets, will vote against the reappointment of BP’s chair Helge Lund in a growing revolt among key shareholders over the oil company’s decision to slow planned cuts in fossil fuel production and carbon emissions. Nest, which is the UK largest workplace pension scheme,

The CBI president has described as “selective” the first public comments of ousted director-general Tony Danker, who claimed on Wednesday that he was made the “fall guy” for the wide-ranging scandal at the employers’ organisation. Danker told the BBC his reputation had been “totally destroyed” because his name had appeared alongside a set of allegations,

In a featureless function suite in Derby, less than 30 miles from the geographic centre of England, about 800 political activists gathered at the weekend for what they see as an uprising from the heart of the nation. Reform UK is the successor to Nigel Farage’s Brexit party. Shorn of its primary political goal, it

If you like time warps, read Bill Clinton’s 2000 speech urging Congress to admit China into the World Trade Organization. China’s entry would enrich Americans and help convert China to freedom, he said. “There’s no question China has been trying to crack down on the internet,” Clinton conceded to laughter. “Good luck! That’s sort of