Spanish PM suspends public duties after wife’s corruption investigation: Pedro Sánchez says he will announce decision on his political future next week
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Quick Glance: Spanish PM Contemplates Resignation Amid Wife's Corruption Probe
- Spanish Prime Minister Pedro Sánchez is considering stepping down after allegations of corruption involving his wife.
- Sánchez will announce a decision on his political future next week and has temporarily canceled public duties.
- The investigation against Sánchez's wife was initiated due to allegations of receiving favors from companies that secured government contracts.
US secretly shipped long-range missiles to Ukraine: Biden had previously held back Atacms system out of fears of escalating war with Russia
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Quick Glance: Ukraine attacks Russian-occupied areas with long-range missiles from US, officials disclose
- Recently, Ukraine has started utilizing long-range ballistic missiles provided secretly by the United States. These missiles were employed to attack a Russian military airfield in Crimea last week and to bombard Russian forces in another occupied area overnight, as reported by American officials on Wednesday.
- A senior US military official stated on Wednesday that the White House and military planners thoroughly assessed the risks associated with providing long-range firepower to Ukraine and concluded that the current timing is suitable for their provision.
McKinsey faces US criminal investigation over opioid industry work: Grand jury set up to hear evidence on consulting for drugmakers tied to addiction epidemic
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Quick Glance: Investigation against McKinsey in the US over involvement in the opioid industry
- A grand jury was established to examine evidence related to consulting for pharmaceutical companies involved in the addiction epidemic.
- McKinsey is under a criminal investigation in the US for its involvement with opioid manufacturers.
- Furthermore, federal prosecutors are looking into whether the company impeded justice through its actions as concerns about its work grew.
- According to a source, the US Department of Justice has been scrutinizing McKinsey's activities for several years, with a grand jury now set up in Virginia to review evidence.
Congress approves bill banning TikTok unless Chinese owner ByteDance sells platform
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Quick Glance: Implications of a TikTok Ban on China's Technology Plans and Global Digital Divide
- TikTok is at a critical juncture in America as its Chinese owner must complete the sale of the app within a year to avoid a ban in its largest market.
- The potential TikTok ban would not only greatly weaken China's technology ambitions but also deepen the divide between the digital worlds of rival economic superpowers.
- The potential enforcement of a TikTok ban could expedite a transformation that divides the world's technological landscape into two factions, one around the US and the other around technologies from China.
- Chinese companies and apps operating in the US are encountering increasing challenges as the US government implements measures to restrict the access of Chinese companies to the market.
The young South Africans rethinking Nelson Mandela’s legacy: Some of those born after the end of apartheid are taking inspiration from the radical politics of ...
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Quick Glance: Young South Africans Reconsidering Nelson Mandela's Heritage
- Kenneth Khoza is canvassing near Vilakazi Street for the uMkhonto we Sizwe party, named after the former armed wing of the African National Congress.
- Some young South Africans are questioning Mandela's legacy due to the deep disillusionment in the country marked by unemployment, crime, and racial inequality.
- There is a growing critique of the ruling ANC party, as some believe Mandela and the leadership of the liberation era should have taken more radical measures to correct the injustices of the apartheid era.
- While the ANC is expected to emerge as the largest party in the elections, polls suggest increasing dissatisfaction with its performance, potentially ushering in a new era of coalition politics.
Russian court orders seizure of $440mn from JPMorgan: Move follows lawsuit from state-owned bank VTB to ‘recover losses’ from America’s largest lender
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Europeans ‘less hard-working’ than Americans, says Norway oil fund boss: Tangen finds US investments more attractive due to weaker regulations and more ...
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Conflicts drive global military spending to record high: War in Ukraine and tensions in Middle East and Asia lead to 7% increase in worldwide defence expenditure ...
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Quick Glance: Global Military Spending Hits Historic High in 2023
- Global military spending hit a record high of $2.443 billion in 2023 after a 7% increase, as per a report.
- Military expenditure rose consistently over nine years in all regions due to worsening peace and security globally.
- Countries like Ukraine, Russia, Poland, Germany, and the UK saw significant spikes in their military spending.
- Israel notably increased its military spending significantly due to the conflict in the Middle East, particularly a major offensive in Gaza in 2023.
KPMG cancels foreign graduate job offers after UK tightens visa rules www.ft.com/content/b0fc44c8-2936-431a-8f80-9bd6aa628351
Russia to cash in as Sberbank pays $8bn in dividends: Record profits at lender will bolster state coffers to help fund war on Ukraine
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UN officials call for probe into reports of mass graves at Gaza hospitals: Human rights chief says he is horrified by destruction at Nasser and al-Shifa medical ...
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EU conducts ‘dawn raid’ on Chinese security equipment supplier: Separate Brussels probe targets Chinese medical market amid growing trade tensions with Beijing
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Elon Musk vows to fight Australian injunction to hide church attack videos on X: Billionaire accuses Canberra of censorship over calls to remove footage of ...
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The FT’s markets and finance blog did the work so you don’t have to. www.ft.com/content/5d309b5d-936b-421a-b562-76a5e55499d2
German staffer in EU parliament arrested on China spying charges: Employee of far-right AfD’s lead candidate is latest figure to be accused of passing ...
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Boeing burns through $4bn in first quarter after door plug blowout: Results reflect slowdown of 737 Max production and compensation to customers
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Quick Glance: Boeing faces revenue decline after 7 quarters with decreasing deliveries
- Boeing experienced a revenue decline in the last quarter, marking the first time in seven quarters as aircraft deliveries decrease.
- The quarterly revenue amounted to $16.57 billion, surpassing the expectations of $16.23 billion.
- Boeing aims to deliver a significant portion of its inventory of 737s and 787s by the end of the year to generate much-needed capital.
- Operating margins at Boeing's defense business improved to 2.2% in the quarter, compared to a negative value of 3.2% a year ago.
Pentagon rushes $1bn in weapons to Kyiv after Biden signs aid bill: US president says ‘we need to move fast’ as Ukrainian troops falter on front lines
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Quick Glance: Biden signs Comprehensive Military Aid Package for Ukraine, Israel, and Taiwan
- President Biden announces the signing of a substantial $95 billion military assistance package for Ukraine, Israel, and Taiwan, with a significant portion of the funds directed towards Ukraine.
- Despite initial resistance from Republicans in Congress, Biden has signed the aid package, highlighting the reinforcement of allies and ensuring prompt deliveries to Ukraine.
- The assistance for Ukraine includes weapons and military equipment valued at around $1 billion, encompassing artillery shells and air defense missiles.
- Military analysts do not foresee significant changes on the frontlines in eastern Ukraine, while the US support aims to aid Ukraine in operations in southern Ukraine, particularly focusing on Crimea and the Black Sea.
Meta proves AI hype has its limits : Artificial intelligence is a multibillion-dollar project with no clear timeline for revenues
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Jefferies boss sells $65mn in stock to buy a customer’s yacht: Purchase shines light on wealth accumulated by longtime chief executive Rich Handler
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While Donald Trump sleeps : The Ukraine aid vote in the House of Representatives exposed Republican divisions that will endure
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Employee non-compete ban challenged in court by US business groups: Lawsuit from US Chamber of Commerce and other groups argues rule approved by FTC will hurt ...
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Quick Glance: US implements ban on worker 'competition agreements' with business groups filing lawsuits
- The U.S. Federal Trade Commission has approved a framework to eliminate agreements often signed by employees to refrain from joining their employers' competitors or establishing rival businesses.
- The ban on noncompete agreements is projected to boost worker earnings by up to $488 billion over the next decade and facilitate the establishment of over 8,500 new businesses annually.
- Prominent business associations have criticized the framework and declared legal actions, contending that noncompete agreements assist companies in safeguarding trade secrets and advancing competitiveness.
- Unions have endorsed the FTC's vote in favor of the ban, hailing it as a significant triumph for workers that will enhance the national economy by fostering entrepreneurship.
Sir Jeffrey Donaldson appears in court to face historic sex offence charges : Former head of Northern Ireland’s Democratic Unionist Party denies wrongdoing
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Financial Times: News, analysis and opinion from the Financial Times on the latest in markets, economics and politics
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Israel prepares for Rafah evacuation ahead of long-expected assault : Southern city crammed with more than 1mn displaced Gazans is also the stronghold for ...
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Quick Glance: Israeli Forces Ready to Conquer Rafah in Gaza, Awaiting Government Approval
- The Israel Defense Forces have completed all necessary preparations to capture the southernmost city of Rafah in the Gaza Strip and can initiate an operation once they receive government authorization, as stated by a senior Israeli defense official.
- This official informed Reuters that Israel is planning to take control of Rafah, considered the final Hamas stronghold in Gaza, evacuate Palestinian civilians from the area, and launch an assault against Hamas fighters.
- According to a spokesperson for Prime Minister Benjamin Netanyahu's government, Israel is progressing with a ground operation without specifying a timeline for the action.
- Various Israeli reports indicated that top Israeli security officials traveled to Egypt on Wednesday to coordinate the planned offensive in Rafah.
Meta shares fall as it predicts higher expenditure on AI : Facebook and Instagram parent steps up investment as Big Tech jockeys for position in the sector
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Paid articlePaid Employers are using zero-hours contracts to cut wage bills, study finds: Research by Resolution Foundation will increase calls for reform of UK workers’ rights
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BHP proposes takeover of Anglo-American in mining mega-deal: Combination would bring together two of the leading players in the industry
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Paid articlePaid FT readers respond: UK ‘pothole crisis’: Commenters discuss the state of Britain’s roads and share their experiences ahead of local elections — join the debate
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Sunak promise to boost UK defence spending raises prospect of cuts : Economists and opposition question how government will lift MoD share of GDP to 2 ...
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Diamond market shows serious cracks from man-made stones: Miners are battling to whittle down the oversupply of gems
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Live news: Yen weakens to ¥155 per dollar as US stocks edge higher
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Donald Trump prepares his final pitch on presidential immunity: US Supreme Court will hear arguments in case that has huge implications for former president — ...
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Quick Glance: Supreme Court to Decide on Donald Trump's Prosecution Immunity
- Donald Trump argues before the Supreme Court that as a former President, he is largely immune from prosecution. The decision will impact the speed at which Trump faces trial in Washington, D.C.
- At the heart of the matter is whether a former President enjoys immunity from criminal prosecution. Trump's team contends his actions were official acts shielded from prosecution, while prosecutors argue against immunity.
- Legal experts anticipate Trump's likely defeat at the Supreme Court. The outcome could also affect his other ongoing trials.
- With a 6-3 conservative majority, the Court has various options, including affirming Trump's immunity claim, setting a precedent, or remanding the case for further review by the D.C. judge.
Former Labour minister and peer Frank Field dies aged 81 : Anti-poverty campaigner was regarded as a free thinker and reformer who did not easily fit the mould ...
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Quick Glance: Farewell to Frank Field: A Life Dedicated to Social Justice
- The former Labour minister and advocate for poverty alleviation, Frank Field, has passed away at the age of 81.
- Throughout his career in Westminster, Lord Field championed social causes such as child poverty and modern slavery for over four decades.
- Field succumbed to a long battle with cancer in a care home in London. He advocated for a 2021 bill on assisted dying in England and Wales.
- His family emphasized that Field will be mourned by admirers in the political realm, but most of all missed by those fortunate enough to have experienced his laughter and friendship.
China’s search for an answer to ChatGPT is just beginning: At depressed valuations, SenseTime offers a low-risk bet on a potential winner
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Quick Glance: SenseTime Stock Surges 36% Post Latest AI Model Launch
- SenseTime's stock surged 36% after unveiling the latest SenseNova generative AI model.
- The company introduced SenseNova 5.0 at a Tech Day event in Shanghai, showcasing significant enhancements in linguistic and creative capabilities.
- SenseTime is part of the Chinese companies developing alternative AI platforms to compete with US counterparts.
- The launch of SenseNova 5.0 and SenseTime's efforts to boost growth amid intense competition and geopolitical tensions were emphasized.
Concord tops Blackstone in bidding war for Hipgnosis: Offer for music rights group rises to $1.5bn as Apollo-backed investor beats rival’s bid
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Brain organoids target rare neurological disorder: Technique devised for Timothy syndrome could open way to therapies for other untreatable conditions
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Pressure grows to reform cohabiting couples’ rights: Many mistakenly believe they are in ‘common law’ marriages. Labour is among those advocating for change
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Tesla shares rise on plans to accelerate launch of ‘more affordable’ models: Elon Musk-led electric vehicle maker’s stock jumps after-hours despite reporting a ...
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Paid articlePaid Lloyds profits fall as interest rate benefits wane: Competition in savings and mortgage markets and rate cut expectations weigh on margins
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Anti-doping body faces calls for review over Chinese swimmers: UK agency combating drugs in sport adds to pressure ahead of Paris Olympics over 2020 positive ...
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Chinese woman charged in UK with criminal possession of crypto: Yadi Zhang made initial appearance at Westminster Magistrates Court on Wednesday
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Paid articlePaid The dire situation on America’s southern border: If Congress will not act, President Joe Biden may have to do so
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UK regulator examines Microsoft and Amazon’s AI dealmaking: Request for comments into Big Tech’s alliances with artificial intelligence start-ups follows CMA ...
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The silent army that makes Beijing’s daily life possible: Robot deliveries are becoming a common sight but in a world of apps and automation it's hard-pressed ...
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Prada and Burberry among Matchesfashion creditors owed £36mn: Hundreds of suppliers to luxury ecommerce group likely to receive ‘less than a penny in the pound’
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The ‘gender health gap’ shortens lives and costs billions: Neglecting women’s pain affects the entire medical pipeline, from research to diagnosis and treatment
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Robotaxis are not the solution to Tesla’s problems: Elon Musk sends confusing message on earnings call
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Quick Glance: Tesla: Prices Reduced in Germany - Musk's Strategies
- Tesla lowers prices in Germany to increase inventory and sales.
- Elon Musk addresses price complaints and emphasizes the need for flexible pricing.
- Buyers of Tesla vehicles during expensive phases may face depreciation.
- Tesla implements additional measures to boost sales, such as price cuts in the USA and adjustments in the Supercharger network.
The Lex Newsletter: Pity the forecasters: Plus, electric vehicles, Embracer, UK asset managers, Prysmian
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Paid articlePaid Russian advance blamed on Ukrainian troops rotation blunder: Report says Russia’s forces took advantage of defence gap and gained 5km of terrain
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US Senate passes $95bn bill including aid for Ukraine: China criticises appropriation for more military assistance to Taiwan
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Paid articlePaid Britain’s egregious Rwanda asylum bill: Plan to remove some small boat migrants to Africa is costly, flawed and sets a bad precedent
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Quick Glance: British Parliament Approves Deportations to Rwanda
- The controversial plan to deport refugees to Rwanda has been approved by the British Parliament.
- Despite resistance in the upper house and multiple votes, the law was passed.
- Prime Minister Sunak is pushing for deportations to deter refugees from dangerous crossings.
- Experts question the effectiveness of the measure, while concerns about costs and legal implications persist.
Rich People’s Problems: Which kitchen gadgets are worth shelling out for?: My coffee machine looks amazing. For £3,000, it should do
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Tories need to learn to love London again: The capital votes for its mayor next week, but the Conservatives’ dissociation from the city means they seem set for ...
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GSK readies for pivotal ruling in Zantac cases: Judge to decide on admission of evidence as part of litigation that has knocked billions off pharma group’s value ...
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Schroders launches search for successor to chief Peter Harrison: UK’s largest asset manager has hired headhunters to sound out potential candidates
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Prosecutors ask judge to punish Trump for violating trial gag order: Manhattan district attorney’s office accuse former president of targeting witnesses in ‘hush ...
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Quick Glance: Trial Judge Evaluates Trump's Compliance with Gag Order
- Former President Trump is on trial in New York for hush money issues. David Pecker from 'National Enquirer' testified about an agreement to manipulate stories about Trump and his rivals.
- Concerns arose about Trump's violation of the gag order by criticizing court members. Mary McCord explained how the administration of justice can be disrupted by defendants' statements, leading to legal restrictions.
- Despite reluctance to detain a former president, fines may be imposed for attacks on witnesses and judicial families. Threats to security and witness testimonies pose serious challenges to the trial's integrity.
- Judges emphasize the importance of upholding justice by addressing threats and ensuring the safety of those involved in legal proceedings. The credibility of the trial hinges on maintaining a fair and secure environment.
John Lewis seeks to ease job interview nerves by revealing questions online: Candidates at every level will know how they will be assessed before applying
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Hackers are carrying out ransomware experiments in developing countries: Businesses in Africa, Asia, and South America hit before moving on to western targets.
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US consumer finance watchdog raises alarm over credit card megadeals: CFPB boss warns over competition and financial stability as Capital One and Discover pursue ...
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UK ‘name and shame’ plans take regulatory transparency too far: The Financial Conduct Authority already has deterrence tools at its disposal
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Jamie Dimon cautions over soft landing for ‘unbelievable’ US economy: JPMorgan Chase chief says in interview that he’d ‘love to be president ...
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Quick Glance: JPMorgan CEO Dimon Praises US Economy
- Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., speaks to the Economic Club of New York.
- Dimon expressed confidence in a robust U.S. economy with strong employment and healthy consumer finances.
- However, he warned about the potential economic effects of rising national debt, inflation, and geopolitical conflicts.
- Dimon also discussed the need for a more harmonious relationship between lenders and regulators, as well as praised U.S. leadership and economic power.
Rishi Sunak pledges big boost to UK defence spending by 2030: Military budget to rise to 2.5% of GDP by the end of the decade
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Quick Glance: Increase in UK defence spending by 2030
- Prime Minister Rishi Sunak commits to raising spending to 2.5% of GDP, putting the defence industry on a 'war footing'.
- Sunak emphasized the need for deeper stockpiles of munitions and quicker replenishment due to the events in the Ukraine conflict.
- The planned increase in defence spending would require significant financial reshuffling, partly through announced measures to reduce the size of the civil service.
- Shortly after announcing the pledge to send weapons worth 500 million pounds to Ukraine, this commitment followed.
Chinese speculators super-charge gold rally: Huge bullish bets on Shanghai exchanges show growing clout of Asian traders in market for precious metal
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Ofcom warns broadcasters over election bias : UK media regulator finds need to strengthen rules for TV channels featuring politicians as presenters
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EU conducts ‘dawn raid’ on Chinese security equipment supplier: Separate Brussels probe targets Chinese medical market amid growing trade tensions with Beijing
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Investors price in growing chance of another Federal Reserve interest rate rise: While base case remains reduction in borrowing costs, options market shows a 20% ...
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Lawyers question UK fraud agency over case disclosure problems: Legacy software tool had problems recognising punctuation while current tech is under review for ...
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Beware the pragmatism of the nonchalant ‘hot earthers’ : Defending the environmental status quo in the name of ‘pragmatism’ is indefensible
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Why China’s market slump is far from a crisis: Investors should not write off the country’s growth potential
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What should I do with my father’s shares?: He was an avid investor and left me shares in public and private companies
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Ithaca Energy agrees £750mn deal for most of Eni’s UK oil and gasfields: The transaction should turn the London-listed company into one of the North Sea’s ...
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Can long-term mortgages help solve the UK’s housing crisis?: Home loans with interest rates fixed for a decade or more could get more buyers on to the ladder — ...
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Investors fear Thames Water contagion, Barclays says: A potential failure at the UK’s biggest water provider could carry sector-wide risks, survey finds
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Quick Glance: Investor Concerns: Thames Water Crisis Could Escalate
- A potential failure at the UK’s biggest water provider could carry sector-wide risks, survey finds
- Investors expressed concerns that a failure of an unlisted water company like Thames Water could have “industry-wide” contagion risks, according to Barclays
- It was highlighted that the cost of raising debt in the industry may increase as approximately £45-50 billion is required between 2025 and 2030 based on Moody’s ratings
- Dominic Nash and Peter Crampton of Barclays warned that the situation at Thames Water could have broader sector ramifications
Five people die in attempted Channel boat crossing to UK: Accident off the French coast came after Sunak’s Rwanda plans gained parliamentary approval
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Spotify hits record quarterly profit as it enters ‘new phase’: Pioneer of music streaming kicks off more mature era for its business after years of freer ...
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US business group says policy ‘inconsistency’ hurting China investment: AmCham China highlights concerns about lack of regulatory clarity as Beijing seeks to ...
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Quick Glance: Deep Disagreements Despite Improved US-China Relations
- US Secretary of State Antony Blinken arrives in Shanghai to engage with his Chinese counterparts.
- Although US-China ties are on a steadier footing, numerous unresolved issues persist.
- Topics such as trade, military communication, and tensions in Taiwan strain relations.
- The US threatens sanctions against Chinese firms supporting Russia in the Ukraine conflict.
Summer or autumn? Rishi Sunak’s election date dilemma: Prime minister and his advisers are trying to figure out when is the best time to hold a poll
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Gucci-owner Kering expects first-half profit to shrink by up to 45%: French luxury group says its performance ‘worsened considerably’ in the first quarter amid ...
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Quick Glance: Kering Faces Profit Decline Amid Gucci Sales Drop
- Kering expects a significant decline in profits in the first half of 2024, leading to an 8.5% drop in shares.
- Gucci's sales, the major brand share of Kering, declined by 18% on a comparable basis, mainly due to weak sales in the Chinese market.
- The company plans to continue investing in the long-term elevation of its brands, particularly Gucci, although this is challenging amidst aesthetic changes.
- Kering anticipates improved sales performance in the second half of the year, but does not expect significant improvement at Gucci in the second quarter.
Ireland forecasts €8.6bn budget surplus this year: Government has room to offer generous pre-election budget but warns era of bumper tax receipts may be waning
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Live news: Russia’s deputy defence minister detained on suspicion of receiving a bribe
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