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
Russia’s flagship economic forum in St Petersburg has named former Google chief executive Eric Schmidt as a participant at this year’s event in a draft programme that is disputed by many of the supposed attendees. Several people listed on the document, dated Tuesday and seen by the Financial Times, said they did not plan to
If Zoom, Peloton and pet shops were some of the unexpected winners of the early phase of the global pandemic, one of the biggest losers was apartment living. From March 2020 onwards, trends in house and flat prices diverged dramatically as lockdowns and remote working put a premium on domestic space. So ubiquitous was this
David McKelvey had the relaxed dress of a former police officer whose days of sprinting after suspects are well behind him: shorts, Crocs, a polo shirt. I met him last summer at the headquarters of his company, TM Eye, which investigates shoplifters and counterfeiters for private clients. The office is located in a small suburban
Ukrainian president Volodymyr Zelenskyy will attend the G7 summit this weekend in person, four people briefed on the preparations told the Financial Times. Zelenskyy is expected to participate in meetings in Hiroshima on Sunday, they said. His unexpected attendance is aimed at bolstering western support of Ukraine as the war with Russia heads towards its
There is a definite whiff of “something must be done” in the air. UK supermarkets were last week discussing food prices with the Treasury. This week came a Downing Street summit on the food industry and the launch of a “farm to fork” parliamentary inquiry. Sir Ed Davey, leader of the Liberal Democrats, had called
Cryptocurrency trading platform Coin Cafe has been ordered to repay $4.3 million to its users after allegedly charging “exorbitant and undisclosed fees” for storing Bitcoin on the platform — leading to some accounts being drained entirely of its funds. Based in Brooklyn, Coin Cafe initially filed an application for a virtual currency license with the
Hong Kong partners with 16 companies to build CBDCs On May 18, the Hong Kong Monetary Authority (HKMA) announced the launch of the cyber Hong Kong dollar pilot project. According to officials, 16 selected companies from the financial payment and technology sectors will conduct the first round of trials this year on the feasibility of
The writer is prime minister of Japan When I visited Ukraine in March and met President Zelenskyy, I expressed to him my commitment to maintaining the unwavering unity of the G7 for strict sanctions against Russia and our robust support for his country. At my invitation, he will participate in discussions at the G7 summit
G7 summit: The gathering of world leaders will open in Hiroshima today. The summit will seek to affirm the rule of law in the international order, Japanese prime minister Fumio Kishida said. As well as leaders from Canada, France, Germany, Italy, Japan, the UK and the US, those from Australia, South Korea and India will
Jessica Jonas, chief legal officer of the nonprofit Bitcoin Legal Defense Fund, discussed the potential legal ramifications of a high profile lawsuit against Bitcoin core developers during the Bitcoin 2023 event in Miami on May 18. The case in question is a UK legal action filed by Craig Wright, the owner/operator of Tulip Trading. Wright’s
California’s rating outlook was revised to negative from stable Thursday by Moody’s Investors Service amid the state’s revenue uncertainty. The rating agency also affirmed the Aa2 rating on the state’s general obligation bonds, citing the state’s massive economic base and healthy budget reserves and liquidity. The Aa2 rating on the state’s general obligation bonds is
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Allies of Ukraine gathering in Japan this week for the G7 summit may approach the next round of sanctions talks with trepidation. An agreement on restricting the Russian diamond trade is welcome but, from here, many of the grander proposals to stem the flow of money and critical goods to Russia raise diplomatic problems. The
Mass crypto adoption is already taking place around the world, but not in the United States or Europe, nor does it have Bitcoin as a flagship asset for mainstream acceptance. According to Daniel Fogg of smart contract platform Rootstock, the increase in adoption is instead ongoing in emerging markets, where cryptocurrencies are offering solutions to
Municipals experienced further pressure Thursday, with the triple-A benchmarks inside 10 years being hit the hardest. Short-term U.S. Treasury yields extended their selloff, and equities ended mixed. Triple-Amunicipal yields were cut 10 to 15 basis points, depending on the scale, 10 years and in. UST yields rose three to 12 basis points. Municipal to UST
Chicago hotel taxes pledged to repay Soldier Field renovation bonds will fall $9 million short of what’s needed for debt service this year, leaving the city on the hook for a second year to cover the gap as tax receipts continue to lag pre-COVID-19 pandemic levels. A current refunding is expected next year using existing
Walt Disney Co., embroiled in a high-profile fight with Florida Governor Ron DeSantis, is closing a luxury hotel at Walt Disney World and dropping plans to relocate 2,000 California employees to a new corporate campus it was building in the state. The Star Wars: Galactic Starcruiser, a pet project of former Chief Executive Officer Bob
G7 countries are preparing new sanctions against Russia, covering ships, aircraft, individuals and diamonds, officials say, as they seek to increase economic pressure on the Kremlin’s war machine. The plan to curtail imports of diamonds from Russia — which comes as G7 leaders meet in Hiroshima, Japan — targets one of Moscow’s few remaining export
Guaynabo, Puerto Rico-based X-Square Capital plans to launch an exchange-traded fund of primarily Puerto Rico restructured municipal bonds Friday. The X-Square Municipal Tax Income Free ETF will be the first Puerto Rico ETF and the first triple-tax exempt ETF in U.S. history. The fund will have 80% of its holdings in Puerto Rico bonds and