Eight in 10 UK businesses claim they cannot hire skilled employees, according to the results of a survey released on Monday. Sectors with the highest skills shortages are energy and utilities, healthcare and life sciences, transport and logistics, financial and property, and information technology, employers told the ManpowerGroup survey. Michael Stull, director at the US-based
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Israel’s prime minister Benjamin Netanyahu has sacked his defence minister Yoav Gallant after he called for a judicial overhaul to be halted, warning that it posed an “immediate danger” to national security. The fight over the bitterly contested proposals, which would significantly weaken the powers of the judiciary, has sparked the biggest wave of protests
One of Europe’s largest manufacturers of ammunition is facing a roadblock to the planned expansion of its largest factory because a new data centre for TikTok is using up all the spare electricity in the area. Nammo, which is co-owned by the Norwegian government and a Finnish state-controlled defence company, has been told there is
UK Home Office ministers are expected on Monday to commit to further restricting migrants’ rights in a bid to head off a rebellion by Tory backbenchers over the new Illegal Migration bill. Amendments are expected to include measures that will bar domestic courts from blocking the removal of migrants from the UK to a third
Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into US money market funds over the past two weeks, as the collapse of two regional US banks and the rescue deal for Credit Suisse raised concerns about the safety of bank deposits. More than $286bn has flooded into money market
As venture capitalists and tech founders traded frenzied WhatsApp messages that fuelled a historic run on Silicon Valley Bank on March 9, other important clients of the lender were toiling in the dirt, oblivious to what was coming. Jasmine Hirsch, general manager of Hirsch Vineyards in Sonoma, said she only found out about the $42bn
Italy has impounded a migrant rescue ship funded by UK artist Banksy as Giorgia Meloni’s government clamps down on humanitarian operations in an attempt to halt a surge in Mediterranean crossings. Activists operating the MV Louise Michel — a former French naval boat purchased with help from Banksy using money raised from the sale of his
Poland’s prime minister has downplayed fears that the Republican party will water down US support for Ukraine, saying sceptical voices were part of a political “poker game” in the lead-up to the 2024 elections. Mateusz Morawiecki, a strong European ally of the Republican party and frequent guest at US rightwing events, spoke to the Financial
The writer is chair of Rockefeller International As bank runs spread, it has become clear that anyone who questions a government rescue for those caught underfoot will be tarred as a latter-day liquidationist, like those who advised Herbert Hoover to let businesses fail after the crash of 1929. Liquidationist is now challenging fascist as the
IMF managing director Kristalina Georgieva has warned of increased risks to financial stability and the need for vigilance following the recent banking sector turmoil in advanced economies. Speaking at a conference in Beijing, the IMF head said uncertainties in the world economy remained “exceptionally high”, with global economic growth expected to slow below 3 per
Bank runs in the digital age are extraordinarily swift. The demise of Silicon Valley Bank and Credit Suisse have demonstrated that. But at heart, bank runs are old-fashioned affairs. With the exception of a few decades of calm after the second world war, such crises have occurred regularly. Most follow a pattern that is centuries old.
Russia’s invasion of Ukraine has prompted a surge of interest from private investors in European companies in defence and related technologies as they bet that the coming boost in military spending in response to the conflict will offer growth opportunities. Private equity executives in France, including Sanofi chair Serge Weinberg and former Airbus manager Marwan
Germany’s defence minister has become an unexpectedly popular figure less than three months into a notoriously difficult job, as he promises to overhaul the nation’s armed forces and champions a strong response to the war in Ukraine. Boris Pistorius’s zeal for his new role has catapulted him to the top of the public popularity rankings
Russia has adopted the renminbi as one of the main currencies for its international reserves, overseas trade and even some personal banking services as it pivots towards China in the face of western sanctions. The shift has made Russia a rare example of a country adopting the renminbi rather than the US dollar or euro
In late 2020, Silicon Valley Bank vice-president Armando Argueta offered a word of caution to any start-up founder considering loans from less-established lenders. “Many players come and go in the venture debt market, so make sure that whomever you are talking to is a long-term player. When a bank decides one day that it is
This is a story about a man named James, a woman named Julie and anyone else still grappling with the new world of office work that Covid unleashed almost exactly three years ago. James Long is a veteran financier in London who founded a boutique clean energy financial advisory firm called Longreach Capital in 2019,
Ukraine will no longer resort to “dangerous” monetary financing to fund its war against Russia, its central bank governor said, adding that an “open conflict” with the government over the issue had been resolved. Andriy Pyshnyy, the 48-year-old head of the National Bank of Ukraine, said in an interview with the Financial Times that it
Swedish start-up Northvolt is in talks to secure more than $5bn of financing to pursue its goal of becoming Europe’s biggest battery manufacturer. The company is negotiating with a number of banks to raise the debt financing and an agreement could be reached later this year, according to people with knowledge of the details. Northvolt
The failure of Silicon Valley Bank and the ensuing turmoil at Credit Suisse have put Japan’s ailing regional banking sector and its financial institutions under the tightest market scrutiny since the 2008 global financial crisis. In a reflection of contagion concerns, Japan’s central bank and financial authorities held a crisis meeting in mid-March, while shares
Vladimir Putin has said Russia plans to deploy tactical nuclear weapons in Belarus, marking Moscow’s latest attempt to use the threat of a nuclear war to ramp up tensions with the US and Nato over the invasion of Ukraine. Russia’s president said work would be completed on building storage units for tactical nuclear weapons in
The global regulatory regime for “too big to fail” banks set up after the 2008 crisis does not work, according to Switzerland’s finance minister. In an interview with Swiss newspaper NZZ on Saturday, Karin Keller-Sutter — who was at the centre of Swiss authorities’ rush to rescue Credit Suisse last weekend — said following the