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Oxford university ended its relationship with the Sacklers on Monday after a Financial Times investigation into its continued ties with the wealthy family led academics and students to call for sweeping reforms. The decision to cut social ties and remove the Sackler name from buildings, spaces and staff positions comes at the end of a

Turkey’s veteran leader Recep Tayyip Erdoğan on Monday led a hotly contested election to extend his rule into a third decade, defying polls to enter an expected run-off for the presidency with momentum on his side. After a hard-fought campaign that had raised hopes of an opposition breakthrough, Erdoğan won 49.3 per cent of votes

Howard Marks, the co-founder of $172bn investment group Oaktree Capital Management, has warned that the boom in private credit will soon be tested as higher interest rates and slower economic growth heap pressure on corporate America. The 77-year-old billionaire told the Financial Times that big asset managers had competed aggressively to lend to the largest

The shape of a possible US debt ceiling agreement between the White House and Republicans in Congress is emerging as they intensify talks in a bid to avoid an unprecedented national default. People familiar with the matter said that the issues on the table in the talks had narrowed, as senior Biden administration officials and

Audits carried out by the Chinese arms of KPMG and PwC contained an “unacceptable” number of flaws, US inspectors said on Wednesday, as they vowed to expand examinations of large accounting firms in the country. The Public Company Accounting Oversight Board found multiple deficiencies in all four of the audits it examined by KPMG Huazhen,

Gary Neville is a changed man. As I enter the vaulted Edwardian dining room of the restaurant at his Manchester city centre hotel, Stock Exchange, a member of staff politely explains that my interviewee is running 10 minutes late, before bringing me a glass of Bordeaux. When he arrives, black-clad and relaxed after a charity

PwC is racing to contain the global fallout of an Australian leak scandal on its business after it emerged that the firm used confidential government tax plans to advise tech clients. Emails released by an Australian senate committee last week showed that PwC had used information received during its work with the government to win

The head of PwC in Australia has resigned as chief executive three days after admitting that he had received emails regarding confidential government information on changes to tax avoidance laws to win new business. Tom Seymour, chief executive of PwC Australia since March 2020, has stood down with immediate effect following a discussion with the

Investment banks are turning more bullish on sterling as it trades close to a one-year high against the dollar and a five-month high against the euro, on expectations that the UK economy is performing better than many had feared. The pound was trading at $1.2618 on Tuesday, close to the $1.2688 it hit on Monday,

The G7-led price cap on Russian oil exports has forced the Kremlin to raise the tax burden on producers, dealing a fresh blow to an energy sector already struggling with western sanctions, according to officials from the western coalition. An analysis of the tax change by a member of the G7-led coalition, which was shared

US and European companies have blamed disappointing earnings on a slower than expected economic rebound in China, after the country’s sudden reopening from pandemic restrictions prompted over-optimistic growth forecasts. Cosmetics group Estée Lauder was the most high-profile example this week, suffering its sharpest one-day share price fall on record after it cut sales forecasts because

Crowds were gathering on London’s Mall on Saturday morning ahead of the coronation of King Charles III, heralding a day of ancient ceremony and military spectacle that will draw on a millennium of British history. Global leaders and foreign royalty will attend the event at Westminster Abbey — scene of royal coronations since William the

The UK’s opposition Labour and Liberal Democrat parties expressed optimism early on Friday that they were making significant gains as votes began to be counted after local elections in many parts of England. Both parties argued that their performances positioned them well for the forthcoming nationwide general election. Labour’s shadow health secretary, Wes Streeting, told

The European Central Bank has raised interest rates by a quarter of a percentage point — less than previous increases — in a sign that eurozone borrowing costs may soon reach their peak. The ECB’s decision on Thursday, which mirrors the US Federal Reserve’s quarter-point rate rise the previous day, takes the benchmark deposit rate

Russia accused Ukraine on Wednesday of attempting to assassinate President Vladimir Putin in a late-night drone attack on the Kremlin, vowing to take retaliatory action. According to a statement from Putin’s press service, two Ukrainian drones attacked and crashed into the Kremlin overnight but were shot down by Russia’s military and secret services, which it

Top investors attending the annual Milken conference have warned against complacency following the rescue of First Republic, arguing the third seizure of a bank by US regulators since March threatens to constrain credit and worsen an economic slowdown. The seizure of First Republic and the rapid sale of the remains of the bank to JPMorgan

JPMorgan Chase will acquire most of First Republic, the embattled California lender that US government officials had been racing to save for much of the past week. The Federal Deposit Insurance Corporation and California regulators, which announced the deal early on Monday morning, said they were simultaneously closing the bank and selling off all $93.5bn

The US government has asked JPMorgan, PNC and several other financial groups to bid for all or part of First Republic, as US regulators try to determine how much it would cost taxpayers to take over the embattled California lender. Over the past 24 hours, it has become clear to both First Republic and the

Silicon Valley Bank’s failure last month stemmed from weakened regulations during the Trump administration and mis-steps by internal supervisors who were too slow to correct management blunders, the US Federal Reserve said in a scathing review of the lender’s implosion. The long-awaited report, released on Friday, had harsh words for the California bank’s management but

Richard Sharp has been forced to resign as BBC chair after an investigation found that he breached the rules after failing to declare a role in the loan guarantee made to Boris Johnson before his appointment. Sharp has been under increasing pressure after an investigation was launched by Adam Heppinstall KC into whether he had