Turkish president Recep Tayyip Erdoğan has tied Ankara’s approval of Sweden’s Nato bid to his country’s efforts to enter the EU, in a fresh blow to Stockholm’s attempt to join the military alliance. “I call out to those who have kept Turkey waiting at the EU door for more than 50 years, pave the way
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US controls on investment into China would only target sensitive national security sectors, Janet Yellen has told her counterparts in Beijing during a four-day visit aimed at putting a “floor” under their turbulent relationship. Speaking at a news conference on the final day of her visit, which included meetings with Premier Li Qiang and her
Chancellor Jeremy Hunt has ruled out big pre-election tax cuts this autumn, warning he must “double down” on inflation and would not “pump billions of pounds of additional demand” into the UK economy. “We will not countenance tax cuts if they make the battle against inflation harder,” Hunt told the Financial Times, admitting that meeting
Six more women have alleged that financier Crispin Odey sexually assaulted or harassed them, expanding the timeline of his abuse across five decades and raising further questions as to the extent his behaviour was tolerated by senior colleagues. The women came forward after the Financial Times last month published the accounts of 13 women who
Russian warlord Yevgeny Prigozhin has been spending time in Russia, Belarusian president Alexander Lukashenko said, despite a peace deal with Moscow under which he had agreed to relocate to Belarus. Prigozhin’s Wagner Group fighters had also not been transferred as the deal specified, Lukashenko claimed, while suggesting the mercenary leader was unlikely to face repercussions
The Financial Conduct Authority has publicly confirmed its investigation into Crispin Odey and Odey Asset Management for the first time and defended its “intensive” oversight of the hedge fund group. In a letter to the Treasury select committee published on Wednesday, FCA chief executive Nikhil Rathi said that while there was a limit to how
The average cost of five-year fixed-rate UK mortgages has hit 6 per cent for the first time since November, as banks are called to respond to concern that savings rates are lagging behind rises in borrowing costs. The residential mortgage rate reached 6.01 per cent on Tuesday, according to data provider Moneyfacts, as the Bank
Currency speculators have boosted bullish wagers on the pound to the highest level for nine years despite recent signs that sterling’s strong rally this year is flagging. The growing consensus among speculative investors, such as hedge funds, comes after sterling has already rallied strongly this year, driven by the Bank of England’s effort to lift
The world’s largest active bond fund manager says markets are too optimistic about central banks’ ability to dodge a recession as they battle inflation in the US and Europe. Daniel Ivascyn, chief investment officer at Pimco, which manages $1.8tn of assets, said he was preparing for a “harder landing” than other investors while top central
One of the largest investors in Thames Water has given its support for the utility as other industry figures sought to stave off any possible nationalisation of the sector. The £90bn Universities Superannuation Scheme (USS), which has a near 20 per cent stake in Thames Water, said on Friday: “We have given our backing to
Investment bankers’ advisory fees have plunged to the lowest level in almost a decade as the industry suffers from a wave of job cuts because of a prolonged slowdown in deal activity. Fees for completed mergers and acquisitions globally plummeted 35 per cent in the first half of the year to $12.8bn compared with 2022,
Top Russian army general Sergei Surovikin has been detained as the Kremlin cracks down on Wagner sympathisers following the militia’s failed mutiny last week. Surovikin, a senior Russian general known to have a good relationship with Wagner’s leader Yevgeny Prigozhin, has not been heard from for several days and has been detained, according to three
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
Russia dropped charges against participants in the Wagner paramilitary force’s armed insurrection and said the group had agreed to hand over its weaponry. The announcements on Tuesday came in the wake of the deal between the Kremlin and Wagner founder Yevgeny Prigozhin and appeared to mark progress towards resolving the stand-off. The FSB, Russia’s main
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,
Vladimir Putin has admitted the situation in Rostov-on-Don is “complicated” after Yevgeny Prigozhin’s forces seized command points in the southern city and called on the Wagner mercenary group’s rank-and-file to lay down their arms. “Those who organised and prepared the military uprising, who took arms against their comrades, have betrayed Russia. And will pay for it.
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
UK inflation remained stuck at 8.7 per cent in May, higher than expectations of a drop to 8.4 per cent, marking the fourth month in a row that price rises have exceeded forecasts. With the cost of a broad range of goods and services rising sharply, the figures will reinforce expectations of multiple interest rate
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