China said that US chipmaker Micron Technology’s products posed “serious network security risks” as it banned operators of key infrastructure from buying them, in its first big measure against an American semiconductor group. The Cyberspace Administration of China on Sunday announced that the company, which is the biggest US maker of memory chips, “posed significant
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European stocks rose on Friday, pushing Germany’s Dax close to a record high, as investors awaited speeches by central bankers later in the day for clues on the future direction of interest rates. The benchmark index in Frankfurt gained 0.3 per cent in early trade, putting it less than 100 points off the 16,290 high
European equities rose on Thursday, joining an overnight rally on Wall Street, as concerns over a potential US government default and the health of regional banks eased. Europe’s region-wide Stoxx 600 was up 0.4 per cent, recovering from two days of losses, while France’s Cac 40 rose 0.6 and Germany’s Dax rose 1 per cent. London’s
Brazilian oil and gas producer Petrobras has ditched a practice of selling diesel and petrol domestically in line with global market prices, in a significant shift for the state-controlled group under President Luiz Inácio Lula da Silva. It fulfils a key campaign promise by the country’s leader, who has criticised the cost of fuel and
How is one to assess the possibility of a voluntary default by the world’s most important country? Is something as mad as this really likely to happen? What might be the consequences if it did? These questions are impossible to answer. This is not because it is a “black swan” — that is, unimaginable. A
European and Asian stocks rose on Monday as investors cheered German economic data that indicated inflation in Europe’s largest economy was slowing. Europe’s region-wide Stoxx 600 rose 0.2 per cent, extending its rally from last week, while France’s Cac 40 edged up 0.4 per cent and London’s FTSE 100 gained 0.3 per cent in the
Voters are heading to the polls in Turkey’s most consequential election in two decades as longtime leader Recep Tayyip Erdoğan seeks to fend off a united opposition led by Kemal Kılıçdaroğlu. Polls opened at 8am Ankara time on Sunday in presidential and parliamentary elections that offer two widely divergent paths for Turkey. Erdoğan, who first
China will send a special envoy to Ukraine, Russia and other countries to discuss a “political settlement to the Ukraine crisis”, the Chinese foreign ministry said on Friday. Li Hui, a former Chinese ambassador to Moscow, will visit Ukraine, Poland, France, Germany and Russia from Monday, spokesperson Wang Wenbin announced at a press conference. “Sending
European stocks fell at the open on Tuesday as traders turned cautious ahead of the release of US economic data likely to inform the Federal Reserve’s future decisions on interest rates. Europe’s region-wide Stoxx 600 benchmark fell 0.3 per cent in the first hour of trade and France’s CAC fell 0.4 per cent. Meanwhile, contracts
Economists are becoming increasingly concerned that the US will generate fresh turbulence in the coming weeks when it hits its debt ceiling and is unable to pay all its bills. With the two main political parties unable to agree an increase in the $31.4tn ceiling on US federal debt, Janet Yellen, Treasury secretary, has warned
Saturday’s coronation of King Charles III will be the most public display in seven decades of the curious relationship in the UK between England’s established church and the hereditary monarchy. The King will be accompanied to and from the ceremony by thousands of military personnel, a reminder that Britain’s constitutional monarch remains head of state.
The writer is an FT contributing editor and writes the Chartbook newsletter The US is not eager for war with China. This is the message prominent spokespeople for the Biden administration have been sending in the past few weeks. The fact that this needs saying tells you something about the state we are in. In
In the US tech sell off, Apple was regarded as the safest pair of hands. It has more than 2bn active devices and nearly 1bn people paying for services. Unlike many of its peers it pays dividends as well as buying back shares. A drop in revenue and net income in the last quarter does
Asian stocks declined while US futures steadied on Wednesday, as renewed fears about the health of regional banks in the US dented market sentiment ahead of a meeting of the Federal Reserve this week. South Korea’s Kospi declined 0.8 per cent, Hong Kong’s Hang Seng index dropped 1.8 per cent and Australia’s S&P/ASX 200 fell
Chinese initial public offerings have raised more than five times as much money as those in the US this year as a crop of fresh listings in the world’s biggest economy failed to appear after a dire 2022. Rising interest rates, stubbornly high inflation and the recent turmoil in the US banking sector have dashed
Will the deadlock in the Ukraine war be broken in Bakhmut or Beijing? At the moment, all eyes are focused on the much-trailed Ukrainian counter-offensive — which is likely to begin soon. But there are also significant developments on the diplomatic front. Last week, Xi Jinping called Volodymyr Zelenskyy. On a recent visit to Kyiv,
Cutting ties with China would be “unthinkable for almost all of German industry”, the chief executive of automaker Mercedes-Benz has said, as Europe’s largest economy grapples with its deep reliance on Beijing. Ola Källenius said cutting ties with China was impossible and “not desirable”. “The major players in the global economy — Europe, the USA
Silicon Valley Bank’s failure last month stemmed from weakened regulations during the Trump administration and mis-steps by internal supervisors who were too slow to correct management blunders, the US Federal Reserve said in a scathing review of the lender’s implosion. The long-awaited report, released on Friday, had harsh words for the California bank’s management but
At a press conference alongside South Korean president Yoon Suk Yeol in the White House Rose Garden this week, Joe Biden appeared to relish the possibility of a rematch against his one-time opponent Donald Trump. Asked whether he was the only Democrat capable of defeating Trump in 2024, the president, wearing his trademark aviator sunglasses,
The BBC is stuck in a “yesteryear” TV and radio era and needs more resources and regulatory certainty in order to compete in the global digital media market, MPs have warned. The broadcaster was contending with international rivals that have no public-service remit in a race to engage new audiences, according to a report by