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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
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The UK Cabinet Office has told central government departments to stop installing Chinese-made surveillance systems on “sensitive sites”, citing security risks. Announcing the ban on Thursday, Cabinet Office minister Oliver Dowden said it would cover visual surveillance equipment “produced by companies subject to the National Intelligence Law of the People’s Republic of China”. He said
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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
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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
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FTX founder Sam Bankman-Fried ran the cryptocurrency exchange as his “personal fiefdom” before its implosion, according to a lawyer working on the bankruptcy, with “substantial amounts of money” spent on items unrelated to the business such as vacation homes in the Bahamas. “We have witnessed one of the most abrupt and difficult collapses in the
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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
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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 two centuries. Hunt’s Autumn Statement on Thursday included £30bn of spending cuts and £25bn of tax rises in a bid to
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Jeremy Hunt, chancellor, will on Thursday seek to restore Britain’s tarnished economic reputation with a massive package of tax rises and spending cuts intended to repair the public finances and tame inflation. “We will face into the storm,” he will say. Hunt’s Autumn Statement will intensify the financial hardship facing millions of Britons and begin
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Wealthy nations led by the US and Japan have offered Indonesia a $20bn package to help pay for the coal-dependent country’s shift to renewable energy as world leaders attempt to lure developing economies away from fossil fuels. The deal, which includes $10bn in public funding and a further $10bn from private sector investors, was unveiled
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FTX is investigating abnormal transactions as analysts said hundreds of millions of dollars worth of assets had been withdrawn, in the latest blow for Sam Bankman-Fried’s crypto empire following its collapse into bankruptcy. The potential hack is the latest blow for FTX, the cryptocurrency empire formerly controlled by 30-year-old entrepreneur Sam Bankman-Fried and until recently valued
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L’Oréal is suspending advertising spending on Twitter, as leading brands and marketing groups grow nervous that inappropriate content will spread on the platform under Elon Musk’s ownership. The decision by the world’s biggest cosmetics maker comes just days after Musk completed his $44bn acquisition of the social media group, according to two people with knowledge
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Profits at two of the world’s largest oil producers soared as BP and Saudi Aramco reaped a windfall from historically high energy prices that have fuelled inflation and stoked a global cost of living crisis. Saudi Aramco reported its second-highest quarterly profits since listing its shares in 2019, generating net income of $42.4bn in the
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Luiz Inácio Lula da Silva claimed a nail-biting victory in Brazil’s presidential election on Sunday, defeating incumbent rightwing leader Jair Bolsonaro by less than two percentage points and setting the stage for a return to leftwing governance in Latin America’s largest nation. The tight result tops off a dramatic comeback for the 77-year-old opposition leader,
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Elon Musk has closed his $44bn deal to take Twitter private, according to three people familiar with the matter, bringing an end to one of the most high-profile and dramatic buyout sagas in recent memory after months of legal wrangling between the world’s richest man and the social media platform. As the billionaire entrepreneur took
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Chinese stocks popular with big fund managers have been hammered by a dramatic sell-off following confirmation of President Xi Jinping’s third term in power, suggesting billions of dollars of losses for those who stuck by their portfolios. The Nasdaq Golden Dragon index, which tracks US-listed shares in Chinese companies, shed 14.4 per cent on Monday
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When Boris Johnson stepped down as prime minister last month, he likened himself to Cincinnatus, a Roman statesman who returned “to his plough” before being called back into politics. But not even Johnson’s diehard supporters could believe that he would have the chance to become Conservative party leader and prime minister again so soon after
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