News

Credit Suisse suffered SFr61.2bn ($68.6bn) of asset outflows in the first quarter as clients fled the stricken bank, exposing the scale of the task UBS now faces after taking over its Swiss rival. The speed with which clients deserted Credit Suisse was the chief reason Swiss authorities stepped in last month to orchestrate a rescue

A lobbying firm is launching a one-year business engagement operation ahead of the next general election in what is likely to be one of multiple attempts to exploit the vacuum left by the crisis at the CBI. WPI Strategy, a public affairs group behind the imminent launch of “BizUK”, insisted that it was not trying

Many of the biggest names in British business quit the CBI on Friday after a second allegation of rape threatened the survival of the employers’ organisation. Groups ranging from insurer Aviva and car manufacturers Jaguar Land Rover and BMW to payments company Mastercard and retailer John Lewis said they were cancelling their memberships after the

Google plans to introduce generative artificial intelligence into its advertising business over the coming months, as big tech groups rush to incorporate the groundbreaking technology into their products. According to an internal presentation to advertisers seen by the Financial Times, the Alphabet-owned company intends to begin using the AI to create novel advertisements based on

UK inflation remained in double digits in March with annual price rises of 10.1 per cent, raising the chances of further interest rate rises from the Bank of England. Consumer price inflation had been 10.4 per cent in February and was expected to drop to 9.8 per cent last month. Although petrol and diesel prices

China is starting to target western interests in the country after five years of snowballing trade and technology restrictions spearheaded by the US under presidents Donald Trump and Joe Biden. Over the past two months, Chinese officials have slapped new sanctions on US weapons companies Lockheed Martin and Raytheon, launched an investigation into US chipmaker

The head of the IMF’s Africa department has called for a significant increase in international support to help countries overcome a funding squeeze that is jeopardising the continent’s economic development. Abebe Selassie told the Financial Times that reform of the current mechanisms for dealing with unsustainable debts of African countries was “desperately needed”. “Do we

The writer is executive director of the International Institute for Strategic Studies Asia, and author of ‘The Billionaire Raj’ Two recent Beijing trips by global leaders have shed light on the many paradoxes of a future age of economic decoupling. A visit by Emmanuel Macron, president of France, and Ursula von der Leyen, European Commission

It was nearly a decade ago when Intel, then the undisputed leader in global semiconductor manufacturing, made a fateful decision. A new technology, extreme lithography, was offering a way to pack more computing power on to the silicon wafers from which tiny chips, essential for widely used products like smartphones and PCs, are cut. Using

European stocks inched higher and Wall Street futures were steady on Wednesday ahead of closely watched US inflation data that will heavily influence the Federal Reserve’s next interest rate decision. The region-wide Stoxx Europe 600 opened 0.1 per cent higher. Germany’s Dax and London’s FTSE 100 both gained 0.2 per cent. Contracts tracking Wall Street’s

Will Japan abandon its ultra-loose monetary policies now that Kazuo Ueda has replaced Haruhiko Kuroda as governor of the Bank of Japan? The answer, it seems, is “no”. The new governor, a well-known and respected academic economist, stressed that the two pillars of Japan’s current monetary policy — negative interest rates and yield curve control

US president Joe Biden is set to arrive in Belfast on Tuesday night to commemorate the 25th anniversary of the Good Friday Agreement as London urged the region’s biggest unionist party to end its boycott of Northern Ireland’s political institutions. Biden’s visit, which will be followed by a longer trip to the Republic of Ireland,

In the west, the job of government is to prop up wobbly banks. In China, the role of government is seemingly to destabilise lenders. US and European bank bosses, at worst, face losing their jobs. In China, they may lose their liberty too. The Chinese authorities escalated their attack on Wednesday with a probe into

The majority of developing economies had less foreign exchange reserves at the end of 2022 than they did at the beginning of the Covid-19 pandemic, according to fDi Markets analysis of central bank data from 75 countries collected via Haver Analytics. Import cover ratios — a standard comparable measure of foreign exchange reserves — fell

Signs the US labour market is cooling have raised hopes that the worst inflation problem in decades is improving, but economists warn further action is still needed from the Federal Reserve to fully contain price pressures. Data released on Friday bolstered the view that the world’s largest economy, while still resilient, is gradually losing some

Israeli fighter jets bombed the Gaza Strip in the early hours of Friday, amid a sharp escalation of violence after militants in Lebanon and Gaza fired a volley of rockets at Israel. The Israeli military said that it had hit four targets — including two weapons manufacturing sites and two tunnels — belonging to the

Kyiv is willing to discuss the future of Crimea with Moscow if its forces reach the border of the Russian-occupied peninsula, a top adviser to President Volodymyr Zelenskyy has told the Financial Times. The comments by Andriy Sybiha, deputy head of Zelenskyy’s office, are the most explicit statement of Ukraine’s interest in negotiations since it

Alvin Bragg, the Manhattan district attorney bringing the case against Donald Trump, accused the former president of masterminding an expansive scheme to suppress damaging stories that could have threatened his candidacy in the 2016 presidential election campaign. This included arranging a $130,000 payment to adult film star Stormy Daniels, made 12 days before Trump took

Russia’s security services are confiscating the passports of senior officials and state company executives to prevent overseas travel, as paranoia over leaks and defections spreads through Vladimir Putin’s regime. With Russia’s invasion of Ukraine still raging, security officers have tightened up travel requirements within the state sector, demanding the surrender of travel documents from some

Credit Suisse is bracing for a tumultuous annual shareholder meeting on Tuesday, when protesters are expected to vent their anger at the implosion of one of Switzerland’s historic financial institutions. The meeting will take place at a 15,000-capacity ice hockey stadium in the Zurich suburb of Oerlikon. It will be the bank’s first in-person AGM