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The EU’s trading partners have hit out at the bloc’s plan to introduce the world’s first carbon border tax, saying it is protectionist and puts export industries at risk, as negotiations to complete the deal stretch into the weekend. According to two people familiar with the discussions, several developing nations have already begun to negotiate

David Cameron, Britain’s former prime minister, is returning to public life with a new job teaching politics at a university in the Gulf state of Abu Dhabi. Cameron will lecture students on “practising politics and government in the age of disruption” for a three-week course in January at the New York University Abu Dhabi. It

The Bank of England raised interest rates on Thursday by half a percentage point to 3.5 per cent, the highest level in 14 years, and warned that further tightening of monetary policy was likely. In a vote showing a majority on the central bank’s Monetary Policy Committee for “forceful” action against high inflation, six of

Chancellor Jeremy Hunt is exploring plans to keep providing all British businesses with help for their energy bills once winter has passed, in what would be a break with current government policy to limit such aid to “vulnerable industries” after March. The potential change in the government’s support package for business, which several officials said

Sam Bankman-Fried has been accused of engineering “one of the biggest financial frauds in American history” as US prosecutors filed criminal charges against the founder of failed cryptocurrency exchange FTX. In an indictment unsealed on Tuesday, the US Department of Justice charged Bankman-Fried with eight counts including conspiracy to commit wire fraud on customers and

Sam Bankman-Fried, the former chief executive of bankrupt crypto exchange FTX has been arrested in the Bahamas. The Bahamian attorney-general Ryan Pinder said the country’s police force had arrested the disgraced crypto tycoon after receiving “formal notification” from the US that it had filed criminal charges. The US is “likely to request his extradition”, Pinder

The European parliament is at the centre of a spreading corruption scandal after Belgian police seized €600,000 in cash and detained two MEPs as part of an international investigation into claims that football World Cup host Qatar sought to buy influence. A Belgian judge charged four unnamed people on Sunday with “participation in a criminal

Blackstone has warned of the risk of delays to the launch of a new private equity fund designed for wealthy individuals, as it copes with heavy investor withdrawals at two other funds in real estate and credit aimed at a similar clientele. The New York-based investment manager has been preparing to open a fund called

Jeremy Hunt has warned trade unions not to jeopardise Britain’s recovery, saying that high pay demands will hit the fight against inflation and harm the workers they are trying to protect. In an interview with the Financial Times, the UK chancellor did not deny that ministers had blocked a potential 10 per cent pay offer

Jeremy Hunt will redraw the financial services rule book on Friday, including casting aside some safeguards designed to avoid a repeat of the 2008 crash, in an attempt to boost the City of London as a driver of growth. The chancellor will announce a package of more than 30 reforms in Edinburgh, arguing that many

The world’s largest sovereign wealth fund will become a more vocal shareholder and plans to vote against companies that fail to set a net zero target, overpay their top leaders, or do not have sufficiently diverse boards. Nicolai Tangen, chief executive of the $1.3tn Norwegian oil fund, told the Financial Times’ Global Boardroom event that

Donald Trump’s businesses have been found guilty of tax fraud, in a significant victory for Manhattan prosecutors who pursued the only criminal case against the former US president’s empire even as he launched a third bid for the White House. A New York jury on Tuesday convicted The Trump Organization — whose entities had been

The Treasury is finalising plans for a package of sweeping rules to regulate the cryptocurrency industry, including limits on foreign companies selling into the UK, provisions for how to deal with the collapse of companies and restrictions on the advertising of products. Ministers will shortly launch a consultation on the new regulatory regime, after the

The EU must “simplify and adapt” its rules on state aid to counteract the competitive effects of the US’s new $369bn climate package, European Commission president Ursula von der Leyen said on Sunday. Europe should “adjust our own rules to make it easier for public investments”, von der Leyen said in her first public response

Alameda Research was allowed to exceed normal borrowing limits on the FTX exchange since its early days, Sam Bankman-Fried has said, in a concession that illustrates how the former billionaire’s trading shop enjoyed preferential treatment over clients years before the 2022 crypto crisis. In an interview with the Financial Times, the 30-year-old described the outsized

EU member states have agreed to implement a $60 ceiling on global purchases of Russian oil after Poland dropped its objections to the long-debated deal aimed at denting the Kremlin’s fossil-fuel revenues. Warsaw had delayed agreement on the cap after demanding a lower ceiling to further erode Moscow’s income. Its backing means the bloc will

Blackstone has limited investor withdrawals at its $125bn real estate investment fund after a surge in redemption requests from investors pulling cash from private assets. The private equity group met only 43 per cent of redemption requests from investors in the Blackstone Real Estate Income Trust fund in the month of November, according to a

Inflation in the eurozone has fallen for the first time in 17 months, raising hopes that the biggest global price surge for a generation has peaked and easing pressure on central banks to continue increasing rates aggressively. A slowdown in energy and services prices helped inflation in the single currency bloc to fall more than

The head of British Gas-owner Centrica has warned that more UK retail energy suppliers will probably go bust this winter, with some who are “struggling for cash” already likely to be trading while technically insolvent. Chris O’Shea, head of Britain’s biggest energy supplier, said some of the larger UK energy providers were also at risk

BlockFi has filed for Chapter 11 bankruptcy, making the crypto lender backed by Peter Thiel’s venture firm the latest casualty of the fallout from the collapse of Sam Bankman-Fried’s FTX exchange. BlockFi was bailed out this summer by Bankman-Fried after it suffered losses on loans to the collapsed hedge fund Three Arrows Capital. In the

Protests in Shanghai escalated on Sunday evening as police struggled to disperse large crowds who gathered in the city, part of a nationwide movement that poses one of the most brazen challenges to the Chinese Communist party’s authority in decades. The unrest began on Saturday night and centred on a road named after the Chinese

Qatar has launched a review of its investments in London after the city’s transport authority this week banned the Gulf state’s advertisements on the UK capital’s buses, taxis and underground train system. The move by Transport for London was prompted by concerns about Qatar’s stance on LGBT+ rights and its treatment of migrant workers. It

EU ministers say that time is running out to resolve the worsening dispute with the US over Washington’s $369bn of green subsidies as they seek to head off a transatlantic trade war. Brussels and Washington have set up a taskforce to address the impact of the Inflation Reduction Act (IRA) and its “buy American” provisions,

Net migration to the UK rose to a record high of more than half a million people in the year to June 2022, according to figures published by the Office for National Statistics on Thursday. The surge in long-term arrivals to the UK was driven by a post-pandemic rebound in international study and by inflows

The UK Supreme Court has ruled that the Scottish government does not have the legal authority to hold an independence referendum without agreement from Westminster, scuppering Edinburgh’s plan to hold a vote next year. The ruling cuts off the legal route for Nicola Sturgeon, Scotland’s first minister, to unilaterally hold a rerun of the 2014

The UK economy is set to be the worst performer in the G20 bar Russia over the next two years, the OECD said on Tuesday, underlining the lasting impact of high energy prices on Europe as a whole. The OECD said in its latest economic forecasts that UK gross domestic product would fall 0.4 per

A bid by European teams to promote inclusion during the World Cup collapsed on Monday, after the Netherlands, England and Wales said threats from Fifa had forced them to abandon plans to wear rainbow-themed captains’ armbands. The captains of the three countries had said at the weekend that they would wear the One Love armbands

The UN climate summit has agreed to establish a historic fund to pay for climate-related damage in poorer countries after working beyond sunrise in Egypt on Sunday, but backed down on greater cuts to greenhouse gas emissions and an end to fossil fuel use. Almost 200 countries at the summit achieved a breakthrough for a

Collapsed crypto exchange FTX will attempt to sell or reorganise its businesses, its new chief executive said on Saturday as the company prepared to appear before a US bankruptcy court. “Based on our review over the past week, we are pleased to learn that many regulated or licensed subsidiaries of FTX, within and outside of

Jeremy Hunt pushed back on Friday against criticism that his £55bn fiscal squeeze unfairly targets middle earners, as new data indicated that UK workers will endure the longest period of wage stagnation for almost 200 years. Hunt’s Autumn Statement on Thursday included £30bn of spending cuts and £25bn of tax rises in a bid to