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High levels of inflation will persist longer in Britain than in almost all other advanced economies, the IMF warned as it took aim at Kwasi Kwarteng’s unfunded tax cuts. UK inflation will also be the highest in the G7 at the end of 2023, while in the 19-member eurozone, only Slovakia would have a higher

Fumio Kishida has signalled his support for the Bank of Japan’s ultra-loose monetary policy despite the yen’s plunge to its lowest level in real terms since the 1970s. In an interview with the Financial Times, the Japanese prime minister said the central bank needed to maintain its policy until wages rose and urged companies that

Shares in Amazon-backed electric truckmaker Rivian tumbled more than 7 per cent to a three-month low on Monday after it announced a recall of almost all of its vehicles due to a defect. The California-based company is recalling about 12,200 vehicles because of a loose nut, according to a filing Rivian made with the National

Sweden’s Riksbank is sometimes accused, only half in jest, of awarding the Nobel memorial prize for economic research decades after the research in question actually made a difference. One could be forgiven for wishing the accusation were true today. The work that the 2022 prize honours — runs on financial institutions, the damage they do,

One thing to start: Asset managers are under scrutiny on two continents for their power and importance as well as concerns about the products they sell. Just like bankers following the financial crisis, and the complex financial products (think CDOs, CLOs and MBSs) they cooked up, once again the focus is on an alphabet soup

The income tax officials arrived at the Bangalore office of the Independent and Public-Spirited Media Foundation on Wednesday, September 7, and stayed until 4:30am on Friday. They combed through records, took statements from senior staffers and removed the organisation’s laptops and mobile phones to clone the data. As they worked through the first night, the

Professor Roger Sandilands (Letters, October 7) proposes that the UK reduces its taxes on high “earned” incomes and instead increases taxes on urban and rural land. His argument that land is inanimate and cannot be “demotivated” by taxation is obviously true, however the owners of the land are clearly animate economic beings who will have

France has said it should be able to provide Britain with power at critical moments if electricity supplies come under strain this winter, despite problems with nuclear reactors that have forced it to rely on imports. Grid operators in France and Great Britain have been in discussions about energy supplies in recent months, with authorities

Brussels is pushing for Washington to rethink “discriminatory” provisions in its new flagship green legislation, as alarm mounts among EU officials that the rules could prompt European companies to move production to the US.  Margrethe Vestager, Europe’s competition enforcer, said Brussels wants to use a meeting of the transatlantic Trade and Technology Council (TTC) in

In the nearly two weeks since Vladimir Putin annexed Ukraine’s Kherson and Zaporizhzhia regions in a lavish ceremony in the Kremlin, Russia’s forces have been retreating there, outmanned and outgunned. They now face a far greater struggle to supply their front lines after an explosion ripped through the crucial bridge connecting the annexed peninsula of

One of the world’s most dramatic post-Covid spending squeezes is expected to deliver a bigger-than-expected budget surplus for Chile’s leftwing government this year, pleasing investors who had worried about radical President Gabriel Boric’s expensive campaign promises. “We are expecting a surplus of 1.6 per cent of gross domestic product this year,” said finance minister Mario

China has been placed on high alert as Covid-19 cases creep up just days before President Xi Jinping is set to start his third term as Communist party leader. On Sunday, China reported more than 1,700 cases over the previous 24 hours, more than triple the figure from the previous week. The growth in infections

The umbrella group of global financial institutions co-founded by former Bank of England governor Mark Carney is in urgent talks to review the terms of oversight by a UN climate change body, according to people familiar with the group. The wrangling indicates the scale of the challenge faced by global leaders next week at annual

Reading Lunch with the FT with the English author Katherine Rundell (“‘Attention is the thing we owe most to the world’”, Life & Arts, October 1), I decided to put her call to be more curious into immediate action. I put down my copy of the FT and looked around me from the café terrace

One thing to start: BlackRock continues to find itself over a barrel with regards to its environmental, social and governance (ESG) investment policies. Louisiana’s treasurer this week said he will pull $794mn from BlackRock by the end of the year. John Schroder, who has been rumoured to be running for Louisiana governor next year, cited

In conversations with investors about the stunning scenes in UK debt and currency markets since the government’s “mini” Budget, two names keep cropping up. One is Warren Buffett. As far as we know, the 92-year-old “sage of Omaha”, chief executive of Berkshire Hathaway, did not have a direct hand in chancellor Kwasi Kwarteng’s big reveal

When it comes to jewellery, Thailand may be best known as a go-to, business-friendly destination for manufacturing. But, recently, another type of export is shining a light on the country: the Thai designer Patcharavipa Bodiratnangkura. Since setting up her brand in 2016, Patcharavipa has seen her textured gold jewellery on A-listers such as Gigi Hadid,

The Bank of England has defended last week’s intervention in the UK government debt market, saying it stepped in to prevent a £50bn fire sale of gilts that would have taken Britain to the brink of a financial crisis. The central bank said on Thursday that had it not launched its emergency bond-buying scheme in

Mick Payne remembers the moment the madness of the way we dispose of our data was brought home to him. The chief operating officer of Techbuyer, an IT asset disposal company in Harrogate, was standing in a large windowless room of a data centre in London surrounded by thousands of used hard drives owned by

Western social media companies have long dreamt of creating an everything app that can operate on the same scale as WeChat. In China, online activities are grouped in one place — shopping, payments, subscriptions, messaging and entertainment. Parent company Tencent takes a cut of financial transactions. WeChat is less reliant on advertising revenue than US