G7 leaders are set to unveil measures to respond to Chinese economic coercion, as the US, Japan and other members of the group intensify efforts to adopt a unified approach to Beijing. US national security adviser Jake Sullivan said the leaders of the G7 nations — US, UK, Japan, Canada, Germany, France and Italy —
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The Labour party has called for “clear answers” over Rishi Sunak’s involvement in devising childcare policy after the Treasury revealed officials met a company partly owned by the prime minister’s wife in the run-up to the March Budget. Helen Hayes, the opposition party’s shadow children and early years minister, said it would “raise eyebrows” that
Bank bosses in the UK have warned that growing numbers of consumers are relying on “shadow credit” during the cost of living crisis by taking out risky loans from the murkier corners of the financial system. “I do think there’s a worry out there that people are moving more and more into unregulated credit,” David
For female employees past and present, Goldman Sachs’ $215mn settlement of a long-running gender discrimination lawsuit was not just a reminder of the bank’s problematic history with women. Just weeks away from trial, it scuppered a chance for a useful airing of the practices that continue to plague the Wall Street firm. “Behaviour could have
When OpenAI CEO Sam Altman turned up to testify on Capitol Hill for the first time this week, he could hardly have expected an easy ride. The breakout success of ChatGPT, his company’s AI-powered chatbot, has triggered a frantic arms race in the tech industry — even though Altman himself has been among those warning
The writer is an FT contributing editor This week the US is again negotiating with itself to make sure the federal government can continue borrowing. The stakes are familiar. And yet this time there seems to be more concern that the dollar itself is at risk — that everyone else, long frustrated with the US
Late on Thursday afternoon, around the time that Joe Biden was saluting officers at Iwakuni Marine base and Rishi Sunak was leaving for Hiroshima from an exclusive business club in Tokyo, investors around the world received a research note entitled Japan’s Rising Sun. The timing of the analysis, written by the chief economist at the
The US will give the green light to allies that wish to supply F-16 fighter jets to Ukraine and will help train Ukrainian pilots to fly the aircraft, paving the way for one of the most significant upgrades in Kyiv’s military capabilities since Russia’s full-scale invasion last year. President Joe Biden told G7 leaders on
Revolut is locked in a fight with top shareholder SoftBank after regulators told the UK’s biggest private tech company it must simplify its ownership to win a long-delayed banking licence. The Japanese investor has demanded compensation for giving up its priority class of shares, which the Bank of England has made a condition for granting
The author is English managing editor at OVD-Info, a group monitoring human rights in Russia More than a year into the full-scale invasion of Ukraine, my western friends often ask me: why don’t Russians protest? The answer is that some do — but protest is largely futile in the face of a decade-long Kremlin crackdown.
The UK’s household energy price cap is expected to drop by more than £1,200 in July following a sharp fall in wholesale gas and electricity prices, a move that will bring relief to the government as it tackles the cost of living crisis. The final estimate from investment bank Investec for the price cap in
Germany’s Dax index rose to a record intraday high on Friday as growing investor confidence in corporate earnings made it Europe’s second-best-performing main equity market this year. The index, a measure of Germany’s 40 biggest listed companies, added 0.9 per cent to more than 16,320, surpassing its previous high of 16,290 set in November 2021.
Tesco’s chair, John Allan, is to step down next month after eight years in the role, following allegations about his behaviour towards women that risked “becoming a distraction” to the UK’s largest supermarket chain. Allan, also a former president of the CBI business lobby group, denies three separate allegations of inappropriate conduct. He has “unreservedly”
James Gorman plans to step down as chief executive of Morgan Stanley within the next year after more than a decade at the top of the Wall Street bank he turned into a wealth management juggernaut. Gorman, 64, told the bank’s annual shareholder meeting on Friday that the “specific timing of the CEO transition has
When the histories of the war in Ukraine are written, it seems a fair bet that the African mediating mission announced by South Africa’s president Cyril Ramaphosa this week will struggle to make a footnote. Would-be mediators are two-a-penny these days, and anyway South Africa has marked its card as being rather too cosy with
The writer is director of British Future, a think-tank. His new book is ‘How to Be a Patriot’ There is a simplistic populist narrative about high immigration — a story of betrayal. The claim is that political and economic elites ignore the persistent public demand for lower immigration. But changing attitudes towards immigration make that story ever
Lunch doesn’t usually happen at 11am, but MIT economics professor Daron Acemoglu is an efficient man. We are meeting early and close to his office in Cambridge, Massachusetts, so that he can jet off immediately afterwards to record a podcast to discuss his new book. Our venue, a Hunan restaurant called Sumiao, is something rare
G7 leaders have called for the formulation of “guardrails” around the development of artificial intelligence, at a summit of the grouping that is tackling the emerging technology for the first time. Rapid advancements in AI in recent months have sparked calls for greater oversight of its myriad applications, but there is little concrete agreement between
European stocks rose on Friday, pushing Germany’s Dax close to a record high, as investors awaited speeches by central bankers later in the day for clues on the future direction of interest rates. The benchmark index in Frankfurt gained 0.3 per cent in early trade, putting it less than 100 points off the 16,290 high
Nationwide, the UK’s largest building society, is to distribute £340mn to members as rising rates boosted profits by nearly 40 per cent. The UK lender on Friday posted pre-tax profits of £2.2bn for the year to April 4, an increase of 39 per cent year on year. Revenues for the year were £4.7bn, a 20
UK consumer confidence rose for the fourth consecutive month in May to the highest level since Russia’s full-scale invasion of Ukraine, according to a closely watched barometer. Research group GfK said on Friday that its consumer confidence index rose by three points to minus 27 this month, continuing the improvement since it hit a low