News

Gilt yields surged to the highest since 2008, surpassing the level reached during the turmoil following Liz Truss’s mini Budget, after strong UK wage growth data on Tuesday. Wage growth accelerated in the three months to April against a backdrop of rising employment, raising the likelihood of further interest rate rises. Two-year gilt yields rose

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

UBS is to impose tight restrictions on Credit Suisse bankers including a ban on new clients from high-risk countries and on complex financial products as it prepares to take over its ailing rival as early as Monday. UBS executives have drawn up a list of nearly two dozen “red lines” that prohibit Credit Suisse staff

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

Joe Biden welcomed Rishi Sunak to the White House on Thursday, as the two leaders began a joint press conference following a bilateral meeting in Washington. Biden, the US president, joked the UK prime minister was “probably tired of meeting” him after several sit-downs between the two leaders in recent months. Biden said on Thursday

Morgan Stanley on Thursday moved to sever ties with Crispin Odey’s Odey Asset Management in the wake of a Financial Times investigation that chronicled how the hedge fund manager evaded sexual assault allegations for decades. The bank has begun the process of terminating its prime broking relationship with Odey, according to people familiar with the

Lloyds Banking Group will seek a sale of the Telegraph Media Group after pushing its parent group into receivership over debts owed by the Barclay family, according to people familiar with the matter. The UK bank has put B.UK, a Bermudian-based holding company that ultimately controls the Telegraph titles and the Spectator magazine, into receivership,

Golf’s US-based PGA Tour and the Saudi Arabia-backed breakaway league LIV have agreed to join forces, ending a long-running feud. The PGA Tour and Riyadh’s Public Investment Fund have agreed to create a jointly managed entity to house their commercial operations, and intend to cease their pending litigation. The European Tour has also signed up

Apple unveiled its long-awaited “mixed reality” headset on Monday, in its most anticipated hardware product launch since Steve Jobs revealed the iPad in 2010. The gadget, called Vision Pro, will be available “early next year”. It combines virtual reality with augmented reality, which overlays digital images on top of the real world. Apple said it

The Opec+ group was locked in talks over a further cut in oil supplies on Sunday as Saudi Arabia and its allies scrambled to prop up the price, but hesitation from weaker African members of the group raised the prospect that no deal may be reached. Saudi Arabia’s energy minister Prince Abdulaziz bin Salman, Opec’s

US defence secretary Lloyd Austin on Saturday criticised China for conducting risky aerial intercepts over the South China Sea and warned that Washington would not be deterred by dangerous behaviour in the Indo-Pacific region. China was conducting “an alarming number of risky intercepts of US and allied aircraft flying lawfully in international airspace”, Austin said

CIA director Bill Burns travelled to China last month, a clandestine visit by one of President Joe Biden’s most trusted officials that signals how concerned the White House had become about deteriorating relations between Beijing and Washington. Five people familiar with the situation said Burns, a former top diplomat who is frequently entrusted with delicate

Rishi Sunak’s government on Thursday refused to hand over Boris Johnson’s unredacted WhatsApp messages to the official Covid public inquiry, instead launching a legal challenge to try to keep them secret. The move puts Sunak at loggerheads with the inquiry, headed by former judge Baroness Heather Hallett, and fuelled claims by opposition parties that he

JPMorgan chair Jamie Dimon has warned of the risk for investor confidence of “uncertainty” about the Chinese government’s policies, as manufacturing data showed that the recovery in the world’s second-largest economy is faltering. His comments came as a contraction in China’s factory activity cast doubt over the country’s growth prospects, shaking regional equity markets against

Moscow came under attack by several drones on Tuesday morning, Russian officials said, exposing the capital’s vulnerability to retaliation over President Vladimir Putin’s invasion of Ukraine. The barrage shortly after sunrise came as Russia launched another wave of air strikes on Kyiv, killing at least one person, hospitalising others and forcing the evacuation of a

Labour is drawing up plans that would force landowners to sell plots for a fraction of their potential market price in an effort to cut home-building costs in England, according to party officials. Lisa Nandy, shadow levelling-up secretary, intends to reform how land is valued when acquired by councils through “compulsory purchase orders” (CPOs), if

Republican House Speaker Kevin McCarthy on Sunday was trying to contain a revolt from rightwing lawmakers opposed to his debt agreement with President Joe Biden, as both sides moved to sell their parties on a deal to prevent a looming US default. McCarthy defended the pact ahead of a high-stakes vote expected on Wednesday in

Stronger than expected US inflation and a bump in consumer spending have fuelled worldwide expectations that interest rates will go higher, as predictions about future monetary policy rapidly shift. The Federal Reserve’s preferred measure of inflation overshot expectations in April, data published on Friday showed, while US consumer spending rose last month and new orders

Jeremy Hunt has backed further interest rate rises to bring prices under control as figures showed only Argentina and South Sudan experienced bigger increases in underlying inflation last month. The UK chancellor signalled his support for Bank of England rate increases after a week when core inflation, which excludes energy and food, hit its highest

Net immigration to the UK rose to a record high of 606,000 in 2022, driven by rising numbers of people from outside the EU, including from Ukraine and Hong Kong. The figures fell short of estimates of about 700,000 but remain far above the Conservative government’s 2010 pledge to reduce net immigration to the “tens