The UK has missed out on a global stock market rally so far in 2023 as the Bank of England’s scramble to raise interest rates and falling oil prices hold back the FTSE 100. London’s main benchmark has lagged well behind other big developed market indices, gaining less than 1 per cent from the level
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Ukraine has hit back at doubters over the progress of its summer counteroffensive, insisting recent modest gains against Russian occupiers were merely a “preview” of a much bigger push to come. Oleksiy Reznikov, Ukraine’s defence minister, told the Financial Times that the liberation of a group of villages under Russian occupation in recent weeks was
The head of the Wagner private military group has denied trying to overthrow the Russian government but redoubled his criticism of the country’s defence establishment in his first public comments since Saturday’s abortive march on Moscow. In an 11-minute voice recording posted on Telegram on Monday, Yevgeny Prigozhin said his goal had been to protest
Russia has shown images of defence minister Sergei Shoigu visiting troops, the first time he has been pictured in public since warlord Yevgeny Prigozhin’s weekend insurrection against senior military leadership. The brief video, posted on Monday by the defence ministry, showed Shoigu inspecting a Russian command point and listening to a report from subordinates about
Russian warlord Yevgeny Prigozhin has said his Wagner mercenaries had abandoned their insurrection against the country’s armed forces just hours before a potential assault on Moscow, signalling a possible end to the first coup attempt in Russia for three decades. In a deal brokered by Belarus leader Alexander Lukashenko, Prigozhin said his convoy of troops,
Russian warlord Yevgeny Prigozhin claimed his forces were “blockading” Rostov and marching on Moscow on Saturday morning, as armed, masked men with tanks and armoured vehicles surrounded government buildings in the southern Russian city. In what would mark the first coup attempt in Russia for three decades, Prigozhin appeared to have taken over a military
Global central banks are entering a new phase in their battle with inflation as economists warn that recessions will be the price of achieving shared 2 per cent goals. Headline rates of inflation across most of the world’s economies have fallen back sharply since the autumn but core rates — which exclude volatile categories such
The Bank of England is expected to raise interest rates by a quarter point to 4.75 per cent on Thursday, with increasing calls for tougher action to fight persistent high inflation. Headline inflation stuck at 8.7 per cent in May, according to worse than expected data on Wednesday, with core inflation — which excludes volatile
Corporate America is feeling the pinch from the slowdown in Wall Street’s $1.4tn market for junk-rated loans, with a growing list of companies forced either to pay more or abandon borrowing plans. Borrowers have been hit by shifts in the market for collateralised loan obligations, or CLOs, the investment vehicles that own roughly two-thirds of
Abu Dhabi’s sovereign wealth fund ADQ held detailed talks to take Wall Street investment bank Lazard private, in a move that underlined the oil-rich emirate’s ambitions to acquire a western financial services company. The talks were held this year between Lazard, led by outgoing chief executive Ken Jacobs, and ADQ, led by Sheikh Tahnoon bin Zayed
AstraZeneca has drawn up plans to break out its China business and list it separately in Hong Kong as a way to shelter the company against mounting geopolitical tensions. The Anglo-Swedish drugmaker began discussing the idea with bankers several months ago and is among a growing number of multinational companies now considering that option, according
Beijing’s bid to persuade investors to value its giant state-owned enterprises according to their socialist credentials, rather than by conventional western capitalist measures, has flopped after a rally in their shares fizzled this month. The stocks rose after officials in November called for the creation of a “valuation system with Chinese characteristics” that departed from
UK households that come to the end of fixed-rate mortgage deals next year face an average £2,900 increase in annual payments, putting Rishi Sunak under pressure to defuse an election-year time bomb. The estimated increase in payments by the Resolution Foundation think-tank reflects concern that the UK has a worse inflation problem than other countries
Job cuts at the largest US banks this year are on course to surpass 11,000 as Wall Street contends with the worst recruitment market since the financial crisis following a pandemic-era hiring binge. Citigroup this week became the latest big US bank to announce significant job cuts, telling investors that it planned to complete 5,000
Boris Johnson will be found to have committed “multiple” contempts of parliament in a report by MPs into his conduct as prime minister during the partygate scandal, according to people close to the inquiry. The House of Commons privileges committee is set to publish its long-awaited report about Johnson on Thursday morning following a 14-month
Donald Trump pleaded not guilty to the first federal criminal charges brought against a former US president during an initial appearance to answer an indictment at a courthouse in Miami on Tuesday. Trump has accused prosecutors of conducting a “witch hunt” in bringing the case over his alleged failure to return sensitive national security records
MPs will grill top executives from the UK financial watchdog next month over the regulator’s handling of misconduct allegations against the hedge fund manager Crispin Odey. The move comes after the Financial Times revealed that 13 women alleged they had been sexually harassed or assaulted by Odey over the past 25 years. The revelations have
EU funds managed by Odey Asset Management are discussing restrictions on investors’ withdrawals as part of emergency measures to contain the fallout of sexual misconduct allegations against the hedge fund manager’s founder. It comes as the firm announced a series of management changes to funds run by Crispin Odey ahead of the market opening on
Partners at Odey Asset Management said that founder Crispin Odey would leave the firm after 13 women accused him of sexual misconduct. The high-profile financier and his firm have been at the centre of a growing crisis after the Financial Times reported on Thursday that 13 women alleged Odey had sexually assaulted or harassed them
Rishi Sunak has finally approved Boris Johnson’s resignation honours list, which includes appointments for Tory MPs and a senior official who worked in Downing Street during the partygate scandal. The former prime minister nominated several senior Conservative MPs who are his allies. Jacob Rees-Mogg, Conor Burns, and Simon Clarke were knighted, while Priti Patel and
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