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Emerging market bonds are suffering their worst losses in almost three decades, hit by rising global interest rates, slowing growth and the war in Ukraine. The benchmark index of dollar-denominated EM sovereign bonds, the JPMorgan EMBI Global Diversified, has delivered total returns of around minus 15 per cent so far in 2022, its worst start

EY is exploring a public listing or partial sale of its global advisory business as part of the most radical transformation of a Big Four accountancy firm in two decades, according to people with direct knowledge of the matter. A stake sale or listing would raise the prospect of a massive windfall for EY’s existing

EY is working on a split of its audit and advisory operations worldwide in the biggest shake-up of a Big Four accounting firm in two decades, according to three people with knowledge of the plans. The proposal, which is still being thrashed out among EY’s upper echelons, is a bold attempt to escape the conflicts

China’s premier has said the world’s second-largest economy could struggle to record positive growth in the current quarter, urging officials to help companies resume production after Covid-19 lockdowns. The comments by Li Keqiang, to tens of thousands of officials on an internal videocast on Wednesday, underscore the difficulties President Xi Jinping’s administration will have in reaching its

Chinese and Russian strategic bombers flew over the Sea of Japan as Joe Biden attended a Quad summit in Tokyo, in a joint exercise the Japanese government denounced as “unacceptable”. The nuclear-capable bombers conducted a joint flight on Tuesday that began over the Sea of Japan as the US president was meeting his counterparts from

The biggest producer of oil and gas in UK waters has pushed back strongly against government threats of a windfall tax on the industry’s surging profits, warning it would make some North Sea projects uneconomic and could be “detrimental” to the country’s energy security. Linda Cook, chief executive of the FTSE 100 company Harbour Energy,

Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and a potential EU ban on Russian oil imports. Prince Abdulaziz bin Salman, the energy minister, told the Financial Times that Riyadh was hoping “to work out an agreement with

Anthony Albanese is on track to become Australia’s first Labor prime minister in nine years, after Scott Morrison’s conservative Liberal-National coalition government failed to win enough seats to form either a majority or minority government. But unexpected wins from the environmentalist Greens and a number of climate-focused independent candidates meant it was not immediately clear

Huw Pill, the Bank of England’s chief economist, said on Friday that it was “crucial” to ensure that the UK avoids stoking an “inflationary psychology” and indicated he supported further interest rate rises. With inflation having reached a 40-year high in April, Pill said that prices rising at more than four times the central bank’s

UK consumer confidence has dropped to its lowest level for nearly 50 years amid the cost of living crisis, according to a survey, fuelling concerns that the economy will slide into recession in 2022. The UK consumer confidence index fell 2 percentage points to minus 40 in May, its lowest since records began in 1974,

Wall Street stocks fell on Wednesday as a bounce for global equity markets faded and downbeat earnings from discount retailer Target intensified jitters about inflation and choked-up supply chains. The benchmark S&P 500 share index dropped 1.5 per cent in early dealings and the technology-heavy Nasdaq Composite lost 1.8 per cent. Shares in Target plunged

Twitter said it plans to enforce the $44bn takeover agreement with Elon Musk, just hours after the Tesla boss declared the purchase “cannot move forward” unless the social media company can certify the number of fake accounts. The San Francisco-based group made the comments in a detailed filing on Tuesday, outlining the whirlwind weeks in

Andrew Bailey sought to defend the Bank of England’s control of inflation on Monday, with the governor telling MPs that criticism of the central bank relied significantly on “hindsight”. In a hearing at the Treasury Committee of the House of Commons, Bailey acknowledged that with inflation likely to have hit a 40-year high of 9

Brussels is set to cut its growth forecasts further and lift its inflation outlook as the energy crisis triggered by Russia’s invasion of Ukraine exacts its toll on the EU economy. Both the EU and euro area are forecast to expand by 2.7 per cent this year, well shy of the previous expectation of 4

German foreign minister Annalena Baerbock said the G7 group of industrialised nations was urgently seeking alternative routes for the export of Ukrainian grain as Russia’s war against its western neighbour raised the risk of a global “hunger crisis”. Speaking at the conclusion of a three-day meeting of G7 foreign ministers in Germany, Baerbock said some

Elon Musk on Friday tweeted that he had put his $44bn deal to take Twitter private “temporarily on hold” pending details supporting the calculation that spam and fake accounts represented fewer than 5 per cent of users. Musk posted his remarks on the microblogging site with a report from the Reuters news agency about the

Russia’s state-owned gas supplier has said it will cut shipments to Europe through a major pipeline, sending prices surging and reinforcing President Vladimir Putin’s willingness to use energy as a weapon against the EU. Gazprom said gas flows would no longer be possible through the Yamal pipeline after the Kremlin imposed sanctions late on Wednesday

The EU has vowed to retaliate if the UK rips up a post-Brexit trade deal for Northern Ireland after London’s threat of unilateral action triggered alarm in Brussels and Washington. Joe Biden appealed to the UK to show “courage, co-operation and leadership” to settle a simmering dispute that could plunge London and Brussels into a

Elon Musk has said he would reverse Donald Trump’s ban from Twitter, accusing the social media company of leftwing bias that had aggravated political divisions in the US. “I think it was a morally bad decision, and foolish in the extreme,” Musk said of the lifetime ban of Trump, which was imposed soon after a

Stock markets dropped on Monday, extending weeks of losses, as worries about higher interest rates hurting global growth were compounded by weak economic data from China. Europe’s regional Stoxx 600 share index, which has ended each of the past four weeks in the red, lost 1.2 per cent. China’s mainland CSI 300 gauge slid 0.8 per