The message of Thursday’s three UK by-elections was muddied somewhat by the Conservatives’ success in clinging on to the seat Boris Johnson vacated in outer London. But it was clear enough: this was a disastrous night for the Tories. Striking swings to Labour and the Liberal Democrats in northern and south-west England respectively confirm that
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Rishi Sunak’s Conservatives have narrowly held on to the Uxbridge and South Ruislip seat in an unexpected UK parliamentary by-election result but were poised to lose two other seats in a night of political drama. Sunak’s ruling party retained the London seat vacated by former premier Boris Johnson by fewer than 500 votes, but the
Foreign buying in Asian emerging equity markets outside China has surpassed inflows to the region’s largest economy for the first time in six years, as investor optimism about Chinese growth wanes. Over the past 12 months net foreign inflows to emerging markets in Asia “ex-China” were more than $41bn, outstripping net inflows of about $33bn
UK inflation eased more than expected to 7.9 per cent in June, providing some relief for the Bank of England ahead of its decision on interest rates next month. Annual inflation was down from 8.7 per cent in May, the Office for National Statistics said on Wednesday. It was lower than the 8.2 per cent
Thames Water’s biggest investor slashed the value of its stake last year, raising questions about how easy it will be for the indebted UK utility to persuade shareholders to inject much needed equity. The Ontario Municipal Employees Retirement System, one of Canada’s biggest public sector pension funds, owns a 31 per cent stake in Thames
China’s economy lost momentum in the second quarter, with gross domestic product expanding 0.8 per cent against the previous three months as falling exports, weak retail sales and a moribund property sector weighed on growth. The difficulties facing the world’s second-largest economy will put further pressure on global growth and add to calls for Beijing
Global companies are accelerating their push to decouple China data in response to the country’s increasingly stringent data and anti-espionage laws, as relations between Washington and Beijing deteriorate. The drive for full localisation of data in China and separation of information technology systems from the rest of the world is happening as Beijing strengthens its
Three of the largest US banks reported a surge in profits from charging more for loans, as the Federal Reserve’s series of interest rate rises fattened their bottom lines. JPMorgan Chase, Citigroup and Wells Fargo collectively earned $49bn in net interest income in the second quarter, the difference between what the banks pay for deposits
Rivals have poached at least 120 senior Credit Suisse investment bankers in recent months, reducing the need for big redundancy packages for UBS, which completed the takeover of its ailing Swiss neighbour in June. Deutsche Bank has hired about 40 former Credit Suisse bankers globally, while Jefferies has brought on at least 25 and Santander more
The $1.35tn US junk bond market has shrunk by almost $200bn since its all-time peak in late 2021, helping to anchor prices at levels that investors say could give false signals about the health of the world’s largest economy. A steep rise in interest rates since early last year has helped deter companies from selling
Chip designer Arm is in talks to bring in Nvidia as an anchor investor, while the SoftBank-owned company presses ahead with plans for a New York listing as soon as September, several people briefed on the talks said. Nvidia, the world’s most valuable semiconductor company, was forced last year to abandon its planned $66bn acquisition
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
The US and Germany are under intense pressure from other allies to show greater support for Ukraine’s eventual membership of Nato, just days before the military alliance’s leaders meet in Lithuania. Washington and Berlin have backed a form of words for the summit’s concluding statement that does not fully endorse a “pathway” to Nato membership,
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
Wealthy individuals who benefit from the UK’s non-dom rules paid record sums to the exchequer in the past tax year, in spite of tighter rules governing the regime. HM Revenue & Customs raised £8.5bn from non-domiciled taxpayers in 2021-22, it said on Thursday. Receipts were at their highest level since rule changes were introduced in
Investors sold stocks and bonds across the world on Thursday as US borrowing costs touched a 16-year high, following strong jobs figures that intensified expectations of further rate rises by the Federal Reserve. Europe’s Stoxx 600 index closed down 2.3 per cent, its biggest one-day drop since March, as the yield on the two-year US
Federal Reserve officials signalled they intend to resume interest rate increases amid a growing consensus that more tightening is needed to stamp out high inflation in the world’s largest economy. According to minutes from June’s meeting of the Federal Open Market Committee, “almost all” officials who participated said that “additional increases” in the Fed’s benchmark interest
The Bank of England is looking at contentious plans to force more international banks to set up subsidiaries in the UK, people familiar with the situation have told the Financial Times. The move could reduce the thresholds requiring foreign banks with corporate business in the country to set up subsidiaries, with their own capital and
The UK’s financial watchdog has summoned bank chief executives to address concerns that savings rates are lagging behind the surging cost of mortgages. Top bankers at HSBC, NatWest, Lloyds and Barclays are expected to attend a meeting at the Financial Conduct Authority on Thursday amid accusations they are profiteering from rising interest rates, according to
The crisis at Thames Water could deter overseas investment into the UK, ministers and industry figures have warned, as the utility seeks to raise at least £1bn to shore up its finances. Conservative ministers maintain that concerns about the financial resilience of water companies — and “intemperate” talk of possible temporary nationalisation — could create
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