Business groups joined climate activists in expressing frustration that national governments were not moving aggressively enough to tackle climate change, after the COP26 agreement was watered down in the final minutes. Nearly 200 countries at the climate summit in Glasgow reached a deal late on Saturday night, and agreed on the rules for implementing the
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China reported dozens of new local coronavirus infections on Saturday, a day after the government reaffirmed its commitment to strict measures designed to limit the pandemic’s spread within its borders. The country’s National Health Commission on Sunday reported 74 new cases for the previous day, of which 50 were locally transmitted. A wave of cases
Sue Y Nabi, the fifth chief executive of Coty since 2015, is betting the solution to finally fix the problem-plagued, heavily indebted cosmetics maker can be found in a tube of Gucci lipstick sold online in China. After a year in the job, the beauty industry veteran has set out a growth plan built on
Warren Buffett’s Berkshire Hathaway reported a two-thirds decline in profits in the third quarter compared to the same period last year, while its cash pile hit a new record despite increased share buybacks. The sprawling conglomerate said on Saturday that its net earnings fell to $10.34bn, or $6,882 per class A share, in the third
Investors propelled US stocks to a record high last week, buoyed by declining unemployment and advancements in the treatment of Covid-19 giving hope to a resurgent economy. The S&P 500 index of blue-chip US stocks, seen as a benchmark for the health of corporate America, rose 2 per cent for the week to Friday, its
In China, there is no clearer sell-sign than when Xi Jinping, the Chinese president, starts personally attacking an industry. So when Xi complained in March that relentless home-schooling was a “stubborn disease” that was putting too much pressure on Chinese children and their parents, the heads of at least two Chinese tutoring companies started selling
Alphabet, Google’s parent company, and Microsoft both posted strong revenue growth in the third quarter, while Twitter swung to a loss, as the three tech companies released results late on Tuesday. Alphabet Alphabet smashed Wall Street’s profit expectations in the third quarter, thanks to stronger-than-expected ad sales, though the Google parent fell short of expectations
The Financial Times has created a searchable dashboard of 193 countries’ historical emissions and future climate targets, as well as information on the energy mix that indicates their progress on renewable energy, using data from Climate Watch and the International Energy Agency. Countries that signed up to the Paris agreement were asked to submit improved
When Saudi Arabia abruptly amended its rules for imports from neighbouring Gulf states, executives at an UAE conglomerate were stunned into action. They ordered company trucks packed with everything from cardboard packaging to steel pallets to return to Dubai from the Saudi border, while officials urgently phoned clients in the kingdom to ask if they
Poland’s prime minister has accused the EU of making demands of Warsaw with a “gun to our head”, urging Brussels to withdraw threats of legal and financial sanctions if it wanted to resolve the country’s rule of law crisis. In a move to ease tensions in the long-running dispute, which has raised fears of a
US intelligence officials have launched a campaign to warn American companies about the risks of interacting with China in critical industries, in a push to make it harder for Beijing to obtain technology and data. The National Counterintelligence and Security Center wants to raise awareness about the links that Chinese companies have with the government,
The European Central Bank is pushing banks to add hundreds of extra staff and billions of extra capital to their post-Brexit operations in continental Europe. One of the big surprises of Brexit was how few jobs moved from the City to the EU, with Financial Times research showing only a minimal reduction of London bank
Jens Weidmann has decided to step down after a decade as head of Germany’s central bank in a move that comes weeks after the country’s general election and shortly before a crucial decision on the future of eurozone monetary policy. Since he joined the Bundesbank, Weidmann has been one of the most vocal critics of
Countering the security threat from the rise of China will be an important part of Nato’s future rationale, the alliance’s chief has said, marking a significant rethink of the western alliance’s objectives that reflects the US’s geostrategic pivot to Asia. In an interview with the Financial Times, Nato secretary-general Jens Stoltenberg said China was already
Goldman Sachs reported a 60 per cent rise in quarterly profits, capping a week of bank earnings in which Wall Street firms reaped billions of dollars from a record burst of dealmaking. On Friday, Goldman reported third quarter group earnings per share of $14.93 on total net income of $5.4bn, up from $3.4bn a year
From the top floors of a skyscraper that crowns the biggest New York office development since Rockefeller Center, a few hundred highly paid executives oversee one of the most pervasive enterprises that American capitalists have ever built. Less than half a century after it was started as a boutique investment vehicle run by two wealthy
Austrian chancellor Sebastian Kurz has resigned, just days after he was named as a suspect in an investigation by state prosecutors into grand corruption at the heart of the Austrian government. In a brief statement on Saturday evening at the Ballhausplatz — the seat of the chancellery in Vienna — Kurz said it had been
Holding a fistful of pungent beige pellets, Ed Towers warns that those averse to garlic should stand back. The scent hits anyone within a few feet of him but rather than seasoning for the dinner table, these small garlic-infused cylinders are being fed to dairy cows at the Brades family farm in the verdant hills
The EU must still make significant changes to the contentious Northern Ireland protocol if the arrangement is to survive, the UK’s Brexit minister will warn this week, pouring cold water on efforts by Brussels to offer concessions. Lord David Frost is due to make the remarks as the EU prepares to offer to scrap many
US energy secretary Jennifer Granholm has raised the prospect of releasing crude oil from the government’s strategic petroleum reserve, declaring that “all tools are on the table” as the Biden administration confronts a politically perilous surge in the price of gasoline. With the average price of petrol at the pump hovering at $3.19 a gallon
Oil prices jumped to the highest level in at least three years after Opec and its allies agreed to stick with existing oil production plans, resisting calls to help damp soaring global energy prices to protect the economic recovery. Brent crude oil, the international benchmark, rose 3 per cent on Monday to trade as high
Nancy Pelosi has given her warring party one more month to pass a $1.2tn infrastructure bill after the party failed to come to an agreement on Joe Biden’s spending plans despite a week of frantic negotiations on Capitol Hill. The Democratic speaker of the House of Representatives wrote to Democratic Congressional colleagues on Saturday morning
Nancy Pelosi appeared determined to press ahead with a make-or-break vote on Joe Biden’s $1.2tn bipartisan infrastructure bill in the US House of Representatives on Thursday, even as progressive lawmakers threatened to sink the flagship piece of the president’s legislative agenda. “We are proceeding in a very positive way to bring up the bill . . . in a
This summer the Pacific Northwest was hit by one of the most severe and sustained heatwaves in history. The “heat dome”, which settled over California, Oregon, Washington and British Columbia, broke temperature records in the region. July was Earth’s hottest month since records began. Europe has recorded its highest temperature in history (48.8C in Sicily). Data
In the blue corner: Pearson, a shrunken ex-conglomerate, former owner of the Financial Times, a textbook publisher hated by many teachers, now led by former Walt Disney executive Andy Bird. In the red corner: Chegg, a glossy “edtech” upstart, based in Silicon Valley, led by well-connected former Yahoo executive Dan Rosensweig. Chegg started off as
In March 2012, Andrew Left, a short-seller based in the US, received a mysterious package with no return address. Inside, a 68-page document made explosive claims about a Chinese property developer that was then little-known outside of its home market. Left’s subsequent report on Hong Kong-listed Evergrande Real Estate Group, which alleged it was “insolvent”
Kristalina Georgieva has stepped up her battle to remain at the helm of the IMF amid mounting calls for her resignation, issuing a forceful denial of claims she improperly pressured World Bank staff to change a flagship country ranking to benefit China. “Let me be clear: the conclusions are wrong. I did not pressure anyone
Chinese police have detained the two remaining co-founders of HNA in the latest twist in the collapse of China’s hitherto most acquisitive group. The bankrupt Chinese conglomerate, which is under state control, said chair Chen Feng and chief executive Adam Tan were taken into custody on Friday over suspected crimes, without providing details of the
China’s crackdown on foreign investors and domestic property speculation has prompted many international investors to head for the exits. Ray Dalio is not among them. Instead, the founder of the $140bn US hedge fund Bridgewater Associates and one of the most prominent foreign investors in the country, said he has spoken directly to officials from
US prosecutors have reached an agreement with Meng Wanzhou, the chief financial officer of Huawei and daughter of the Chinese tech giant’s founder, to resolve fraud charges against her. The details of the agreement are set to be announced in a court hearing in Brooklyn at 1pm, Eastern time, according to a letter from Nicole