Today In The Markets

Revolut’s auditor warned that the design of the fintech’s IT systems meant there was a risk that the bulk of its 2021 revenues were materially misstated even as it turned a profit for the first time that year. The crypto boom helped Revolut report on Wednesday a net profit of £26mn in 2021 compared with

UK house prices dropped more than expected last month and posted the first annual contraction since the start of the pandemic as inflation and higher mortgage rates hit prospective buyers. Property prices fell 1.1 per cent in February, the largest decline in a decade, compared with the same month last year, down from a 1.1

China’s manufacturing sector expanded at its fastest pace in more than a decade in February, in one of the clearest signs that the world’s second-largest economy is shaking off the effects of a nationwide Covid-19 outbreak and years of growth-constraining pandemic curbs. The official manufacturing sector purchasing managers’ index hit 52.6 last month, according to

The Russian rouble has fallen to its weakest level in 10 months, losing about 20 per cent of its value since the start of December, as western sanctions, Moscow’s waning energy revenues and high military spending exert pressure on the currency. With capital controls in place and foreign trading in the currency largely moribund, analysts

John Textor was hailed as a saviour when he bought Brazilian football team Botafogo last year. “I go down to Rio and I’m treated like a king everywhere I go,” he said of his early days in charge. But after selling a player in January to Olympique Lyonnais, also owned by Textor’s Eagle Football, fans

More than 340,000 Americans will see an increase in their monthly pay cheque tomorrow after Walmart, the biggest private-sector employer in the US, raised its minimum hourly wage to $14. The retailer’s move will in effect set a new floor for pay in many US states. On the other side of the Atlantic, as many

It has been a bad decade for those who believe corporate voting power and economic ownership should go hand in hand. After Google in 2004 and Facebook in 2012 decided that Silicon Valley couldn’t be restrained by public shareholders, the explosion of a tech sector fuelled by private capital meant that companies with dual-class share

The writer is a science commentator Large language models like ChatGPT are purveyors of plausibility. The chatbots, many based on so-called generative AI, are trained to respond to user questions by scraping the internet for relevant information and assembling coherent answers, churning out convincing student essays, authoritative legal documents and believable news stories. But, because

JPMorgan Chase is resisting attempts by lawyers to question Jamie Dimon under oath in litigation over the US bank’s decision to retain Jeffrey Epstein as a client for 15 years, although it has agreed for one of its longtime chief executive’s key lieutenants to be deposed. In documents filed to a New York court on

The government risks failing to meet its goal of decarbonising the UK’s power sector by 2035 because it lacks a clear and comprehensive delivery plan, the public spending watchdog warned on Wednesday. The National Audit Office said a focus on the energy crisis sparked by the Ukraine war meant ministers had made “little progress” on