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Sir Keir Starmer has promised to seek a major rewrite of Britain’s Brexit deal in 2025 if Labour win the next general election, saying he owes it to his children to rebuild relations with the EU. Starmer told the Financial Times that he would put a closer trading relationship with Brussels and a new partnership

Receive free Arm Ltd updates We’ll send you a myFT Daily Digest email rounding up the latest Arm Ltd news every morning. Arm’s $5bn initial public offering this week was the most expensive in fees for five years, earning a $84mn windfall for the professional services firms that advised it, including Deloitte. The SoftBank-backed chip

Russia has authorised unreinforced oil tankers to sail through its icy Northern Sea Route for the first time, triggering warnings Moscow is risking a catastrophic Arctic spill as it reroutes sanctions-hit energy exports to Asia. Two tankers were granted permission in August to carry out the 3,500-mile long journey along Russia’s northern coast, despite not

Receive free Arm Ltd updates We’ll send you a myFT Daily Digest email rounding up the latest Arm Ltd news every morning. Shares in SoftBank-backed chipmaker Arm jumped by 10 per cent as it began trading on the Nasdaq exchange on Thursday. Arm opened at $56.10 per share on Thursday afternoon, significantly above the $51

Receive free Arm Ltd updates We’ll send you a myFT Daily Digest email rounding up the latest Arm Ltd news every morning. Shares in UK chip designer Arm are expected to be priced above the initial range at as much as $52 per share, which would give the company a valuation of nearly $54bn, according

BP chief executive Bernard Looney is to resign less than four years into the job, according to two people with knowledge of the decision. Looney, 53, joined BP in 1991 aged 21 and has spent his entire career at the company. The Irish citizen was appointed chief executive in 2020 to transform the oil producer

The banks underwriting Arm’s $50bn listing will close orders for shares a day earlier than planned due to strong demand for the biggest initial public offering in nearly two years. People familiar with the matter said the IPO for the UK-based chip designer, which is more than five times oversubscribed, will close on Tuesday, instead

Janet Yellen has rejected accusations that the G20 watered down its position on Ukraine over the weekend, as the US treasury secretary touted the summit of world leaders’ accomplishments in boosting funding for developing economies. In an interview with the Financial Times, Yellen defended the joint statement agreed at the end of the summit in

G20 leaders have failed to condemn Russia’s invasion of Ukraine in a joint statement after China and Russia rejected language that blamed Moscow for the conflict, highlighting the lack of global consensus in support of Kyiv. The New Delhi summit declaration refers only to the “war in Ukraine”, a formulation that supporters of Kyiv such

SoftBank’s $50bn flotation of Arm is more than five times oversubscribed, according to bankers pitching investors on the biggest initial public offering in nearly two years, as the UK-based chip designer forecast accelerating revenue growth boosted by the artificial intelligence boom. Despite investor concerns about a drop in profits in Arm’s most recent quarter amid

The Treasury is preparing to increase the UK state pension by more than 8 per cent next year because of the controversial “triple lock”, which has raised retirees’ incomes faster than workers’ wages. The sharp increase in pension payments follows a 10.1 per cent rise this year, with pensioners protected from last year’s energy-driven inflation

The UK has struck a deal to rejoin the EU’s Horizon research programme, according to officials in London and Brussels, in a move welcomed by scientists and business. Rishi Sunak, UK prime minister, is expected to confirm on Thursday that Britain will take up its much-delayed associate membership of the €95.5bn Horizon programme, drawing a

Birmingham city council, the biggest local authority in the UK and Europe, has declared itself in effect bankrupt, becoming the latest local government body to announce it cannot balance the books this year. The Labour-run council for the UK’s second city said on Tuesday that it had issued a section 114 notice owing to “unprecedented

Rishi Sunak was forced on to the back foot at the start of the new political year as the crisis over England’s crumbling schools engulfed his government and he braced for two perilous parliamentary by-elections. The prime minister was on Monday accused by a former senior civil servant of cutting the school buildings budget, while

Chinese lenders stepped in to extend billions of dollars to Russian banks as western institutions pulled back their operations in the country during the first year of Moscow’s invasion of Ukraine. The moves by four of China’s biggest banks are part of Beijing’s efforts to promote the renminbi as an alternative global currency to the

Dealing with the market turmoil sparked by then UK prime minister Liz Truss’ ill-fated “mini” Budget last year felt like swimming with crocodiles, according to the Bank of England’s chief economist. Huw Pill told a panel at South Africa’s central bank on Friday that the September fiscal event, which set out £45bn in unfunded tax

Britain’s economic performance since the start of the Covid-19 pandemic was much better than previously thought, the Office for National Statistics said on Friday as revised figures added nearly 2 per cent to the size of the economy. The changes mean that by the end of 2021, the UK economy was 0.6 per cent larger

Shares in Indian industrial conglomerate Adani slid and opposition politicians demanded action after the Financial Times and two other media outlets reported new revelations about family-linked shareholders in the company’s stock.  The reports shone a spotlight on Indian institutions and the relationship between the conglomerate’s founder Gautam Adani and Prime Minister Narendra Modi, in a

Switzerland has proposed sweeping measures to clamp down on money laundering in an effort to shed the country’s reputation as a haven for ill-gotten gains. Finance minister Karin Keller-Sutter unveiled reforms on Wednesday to increase transparency and close legal loopholes by requiring the ultimate “beneficial owners” of trusts and companies to be declared. At present

UK foreign secretary James Cleverly has hit back at Conservative party critics ahead of a visit to Beijing this week, warning that failure to engage with China would be a sign of British “weakness”. Cleverly told the Financial Times he would tell his hosts on Wednesday that Britain welcomed Chinese investment provided it did not