Western intelligence shows Russia is amassing aircraft close to the border with Ukraine, an indication that Moscow is preparing to throw its jets and helicopters into the war to support a stuttering land offensive. The fear of a looming air war in Ukraine has prompted allies to prioritise rapid shipments of air defence assets and
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We are all interventionists now. In the US, not long ago the bastion of free market thinking, fear of China, worries over the security of supply chains, aspirations for re-industrialisation and hopes of a green transformation are combining to reshape trade and industrial policies. The EU shares US worries over China, mostly in terms of
US equities softened on Tuesday after inflation slowed less than expected, raising investors’ expectations that the Federal Reserve will respond with further interest rate rises this year to combat increasing prices. Wall Street’s blue-chip S&P 500 and the tech-heavy Nasdaq Composite slipped 0.4 per cent and 0.3 per cent, respectively in morning trade in New
Nato for the first time has openly acknowledged the possibility of Finland and Sweden joining the military alliance separately, breaking a taboo over their previous insistence they join as a pair, as their bids are being held up mainly by Turkey. The prospect of the two Nordic neighbours being delinked represents an admission that diplomatic
Germany’s defence minister has voiced his frustration with European partners who spent months pressuring Berlin to supply tanks to Ukraine but have so far failed to deliver any of the heavy armour themselves. Boris Pistorius said progress made by other countries in sending German-made Leopard tanks had “not been exactly breathtaking, to put it mildly”.
The US consumer price index rose at a rate of 6.4 per cent in January compared to a year earlier, a smaller decline than expected. Economists had been expecting a deceleration in the annual CPI to 6.2 per cent from the 6.5 per cent pace recorded in December, according to the consensus forecast published by
Welcome back to Energy Source. BP has been in the spotlight since last week’s announcement it will slow its shift away from oil and gas. Executives have been sent out to defend the move: the head of its low-carbon business told my colleague Tom there was “absolutely no link” between the decision and lower renewable
Is the US learning to live with division? I don’t put this thought forward with much confidence. I will regret it when pandemonium flares again. But the midterm elections of last November passed more or less without incident. The end of the federal right to abortion, an affront to liberal America, has not sparked civil
UK wage growth accelerated by more than expected in the three months to December but remained below inflation, according to official statistics that will be closely watched by the Bank of England ahead of its next interest rate decision. Growth in average regular pay, excluding bonuses, rose to an annual rate of 6.7 per cent
Good morning. Stephen continues to rest and recuperate. I’ve decided to start a rumour that he is on a ballooning holiday in Alaska. Pass it on. New this morning: growth in average regular pay rose to 6.7 per cent in the final three months of 2022 compared with the previous year. That figure is both
Standing at the White House podium on Monday, National Security Council spokesperson John Kirby sought to reassure the American public about the three targets the US had shot down in recent days. “I don’t think the American people need to worry about aliens,” Kirby said about the unidentified flying objects that were taken out over
Over the past quarter century Nathan Berman has developed a savant-like mastery of a peculiar trade in New York City property development: converting out-of-fashion office buildings into residential towers. Berman, now 63, a child of Holocaust survivors, emigrated with his family from Ukraine when he was 14, and took a meandering path to real estate.
The writer is chief global equity strategist at Citigroup Back in the 1990s, I was a UK equity strategist at a storied London stockbroker with roots going back to the 18th century. It was my job to help domestic fund managers navigate macroeconomic themes playing out through the market. I spent much time visiting investors
Apple is hitting stumbling blocks in its effort to increase production in India, as the US tech giant faces pressure to cut its manufacturing reliance on China. The iPhone maker has been sending product designers and engineers from California and China to factories in southern India, to train locals and help establish production, according to
Don’t you just hate it when a good theory falls apart? The late anthropologist David Graeber’s book Bullshit Jobs had a great premise: that the modern economy has generated vast numbers of pointless jobs, and “the people doing these jobs are completely unhappy because they know their work is bullshit”. Corporate lawyers, lobbyists, middle managers
President Joe Biden is set to name Lael Brainard, vice-chair of the US Federal Reserve, to be his top economic adviser, bringing the central bank’s second-in-command to the White House to serve as one of Washington’s top financial policymakers. Brainard will become the next director of the National Economic Council, the main White House job
The Rothschilds have enlisted some of Europe’s wealthiest families, including the billionaire brothers behind luxury group Chanel, to help take the Franco-British investment bank private, in a deal that values one of the best known names in global finance at €3.7bn. Concordia, the Rothschild family holding company that controls the bank, said on Monday that
The White House has said there is no evidence yet that three objects shot down over North America in recent days were conducting surveillance, but added it could not rule out the possibility of espionage. John Kirby, National Security Council spokesperson, said President Joe Biden had ordered the shooting down of the unidentified objects —
Amazon chief executive Andy Jassy has vowed to double down on the company’s struggling grocery store business, despite recently announcing that its growth plans were on hold. Jassy told the Financial Times that the ecommerce giant was ready to “go big” on bricks-and-mortar stores, blaming a lack of “normalcy” during the pandemic for a series
The UK government has been urged by tax experts to reform and clarify laws around homeworking, as they warned more people were being caught up in “complicated and inconsistent” rules. Some 44 per cent of UK workers spent some or all of the time working from home between September 2022 and January 2023, according to
At the start of every shift at the once world-renowned Harland & Wolff shipyard in Belfast where the Titanic was built, a horn that could be heard across the city used to ring out. It sounded again last month — this time to mark a new beginning. Three years ago, as boss of London-based energy