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The outgoing technology supplier to the UK’s National Lottery is in a stand-off with the new operator, in a dispute highlighting the fraught process surrounding the first change of licensee in the lottery’s 29-year history. International Game Technology is demanding a multimillion-pound payment to facilitate the transfer of operations to Allwyn and its partner Scientific

Food producers are taking up record volumes of warehouse space in the UK, as the industry looks to prevent shortages such as those of fruit and vegetables that left supermarket shelves bare earlier this year.  Although their efforts failed to prevent that breakdown, demand from food manufacturers for shed space increased 58 per cent to a record

Tim Cook has praised Apple’s symbiotic relationship with China despite rising trade and geopolitical tensions between Beijing and the US, and the iPhone maker’s own moves to diversify from the country. In his first visit to China since the pandemic began in 2020, the Apple chief said the company would this year celebrate its 30th

Gordon Moore, one of the founders of US chipmaker Intel and a central figure in the history of Silicon Valley, has died at the age of 94. Moore’s early insight that the cost of electronics would plunge, turning digital technology into a part of everyday life, made his name a byword for the rapid and

“No one becomes a murderer more easily than a fatherland,” wrote Friedrich Dürrenmatt, Switzerland’s national playwright. Last weekend, the country killed one of its own. At a hastily convened press conference in the capital Bern on Sunday evening, the government and regulators announced Credit Suisse’s 167-year run as one of the pillars of Swiss society

The US Securities and Exchange Commission has raised concerns over Rokos Capital Management after the hedge fund was forced to hand over large amounts of cash to its banks as collateral when an outsized bet on US government bonds backfired earlier this month. SEC chair Gary Gensler brought up the hedge fund during calls with

Britain’s oil and gas companies are next week expected to be offered the prospect of windfall tax relief, as prime minister Rishi Sunak looks to boost investment and improve the country’s energy security. Ministers have been discussing with the sector a promise that the 35 per cent windfall levy on profits would cease to apply

George Gatch, chief executive of JPMorgan Asset Management, offered a bracing assessment last Tuesday of his approach to global markets. Investors were reeling from the previous weekend’s emergency rescue of Credit Suisse. The bank’s shotgun wedding with historic arch rival UBS had been announced on Swiss television on Sunday evening with all the joy and

EY’s global chair told its 13,000 partners around the world they have a “right” to vote on the plan to split the firm, in a memo sent just hours after the firm’s US boss declared it “premature” to say if the deal could be salvaged. The competing messages highlighted tensions between the accounting giant’s global

More than three-quarters of Swiss voters want the combined mega bank created by UBS’s emergency takeover of rival Credit Suisse to be split up by new legislation. A poll published on Friday evening by the country’s biggest pollster, GfsBern, adds momentum to calls in Switzerland for a review of the deal, its possible reversal, and

“Nobody hates bad cops more than good cops”, I heard a Seattle police chief say at a police reform event a few years ago. That line stuck with me. But what happens when the bad cops are ruling the roost, and have poisoned the whole organisation? Of all the dreadful findings of Baroness Louise Casey’s

The Chinese president’s trip to Moscow this month has made the world safer, reducing the chance that Vladimir Putin will use nuclear weapons, according to the EU’s foreign policy chief. Josep Borrell told reporters that President Xi Jinping had made it “very, very clear” to the Russian leader that he should not deploy nuclear weapons,

When he was running for Manhattan district attorney, Alvin Bragg, a son of Harlem and onetime Black student leader, spoke of his dream of “transforming” what is arguably the nation’s premier law enforcement office “to deliver safety and justice for all”. In the event, Bragg will almost certainly be remembered for Donald Trump. A little

The UK competition regulator has performed a U-turn on Microsoft’s $75bn acquisition of the Call of Duty maker Activision Blizzard, clearing a huge roadblock to the deal’s global prospects. After reviewing what it called “new evidence”, the Competition and Markets Authority said on Friday that it no longer thought there would be a “substantial lessening

For a few hours on Thursday, Benjamin Netanyahu’s controversial drive to overhaul Israel’s judiciary looked like it would start to unravel, at the end of a chaotic week that laid bare the tensions in his far-right coalition. Yoav Gallant, the defence minister and a member of Netanyahu’s Likud party, had let it be known he

It has been a frantic two weeks. The collapse of Silicon Valley Bank on March 10 sparked a domino effect that toppled another regional US lender, Signature Bank, spooked global markets, and led to the emergency takeover of Credit Suisse by UBS. Bank shares fell again on Friday, led by Deutsche Bank — prompting chancellor

Oil prices slid on Friday after US energy secretary Jennifer Granholm said it would take “years” to replenish the country’s strategic stockpiles, undermining hopes that the federal government would soon return to the market as a major buyer. Brent crude, the international benchmark, slipped as much as 4 per cent to $72.68 a barrel. West

Olaf Scholz rejected comparisons between Deutsche Bank and Credit Suisse as a slump in the German lender’s shares sparked a further day of turmoil for the banking sector. Speaking after Deutsche shares fell 14 per cent, the German chancellor sought to shore up confidence in the country’s biggest bank, with investors still nervous after the

First Republic was engulfed in a distracting internal succession crisis in the months before the US Federal Reserve imperilled its business model by embarking on an aggressive cycle of interest rate rises, according to people briefed on the matter. After decades of rapid growth, when it won plaudits for providing personalised service to wealthy customers,

The writer is an FT contributing editor and co-founder of Now Teach Last Monday a primary school headteacher took to Twitter and declared that Ofsted inspectors, who were due the next day, would not be let in. She invited teachers everywhere to join a protest in solidarity with Ruth Perry, the primary head who recently took

Outside Zurich’s central station a statue of Alfred Escher looks proudly down Bahnhofstrasse, one of the world’s most expensive shopping streets, to Paradeplatz, the heart of the city’s financial district. Trains still trundle along the Swiss rail network that the 19th-century industrialist pioneered — but the bank he founded 167 years ago to finance its