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Digital asset trading group Genesis and its parent company Digital Currency Group owe customers of the Winklevoss twins’ crypto exchange $900mn as the collapse of FTX reverberates across the market. New York crypto exchange Gemini, run by Tyler and Cameron Winklevoss, is trying to recover the funds after Genesis was wrongfooted by last month’s failure

US president Joe Biden said he is “prepared to speak with” Vladimir Putin about the war in Ukraine if Russia’s leader shows an interest in bringing the nine-month conflict to an end. “I am prepared to speak with Mr Putin if in fact there is an interest in him deciding he is looking for 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 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

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

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

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

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 global PR company handling external communications for COP27 in Egypt is under fire from a group of scientists for its work for the fossil-fuel industry, amid concerns about the rise of oil and gas lobbyists at the UN climate summit. The US-based Hill+Knowlton Strategies, owned by the WPP group, is providing communications services for COP27.

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

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

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

Chancellor Jeremy Hunt is planning a big package of spending cuts and tax increases in Thursday’s Autumn Statement after being warned that UK public borrowing will be about £70bn larger than expected. The Office for Budget Responsibility estimates that a worse economic outlook will raise government borrowing close to £100bn in 2026-27, according to an

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

A growing cohort of Federal Reserve officials have thrown their support behind slowing the pace of future interest rate rises, as investors increased bets on such a move following the release of slower-than-expected inflation data on Thursday. Patrick Harker, president of the Philadelphia Fed, was the latest official to back the US central bank breaking

Democrats put up an unexpectedly strong fight as results rolled in from US midterm elections that will decide which party controls Congress, even as Republicans led by governor Ron DeSantis in Florida notched up a string of convincing victories. The early tallies from the midterm elections on Tuesday showed many battleground races across the country

The Bank of England is pushing lenders to do more to prevent a repeat of the pension funds crisis in September, unleashed after the former chancellor Kwasi Kwarteng unveiled his tax-cutting “mini” Budget. The fiscal plan, delivered on September 23 and subsequently ripped up by new chancellor Jeremy Hunt, triggered a sharp fall in UK

British steelmakers have called on the government to follow the EU in closing a loophole in the sanctions regime against Moscow that allows indirect imports of Russian steel from third countries. In March, the UK imposed import tariffs of 35 per cent on all semi-finished steel products from Russia as part of a package of

Elon Musk has begun to slash Twitter’s 7,500-strong workforce as the social media platform’s new billionaire owner warned of a “massive drop in revenue” following his contentious $44bn buyout of the group. As Musk embarks on the cost-cutting cull, he claimed on Friday that Twitter “has had a massive drop in revenue, due to activist

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

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

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,

There must be no peace with Russia as long as Russian troops remain within Ukraine’s borders, Germany’s president said on Friday, in an impassioned state of the nation speech about Berlin’s foreign policy. “In the face of evil, goodwill is not enough,” Frank-Walter Steinmeier, Germany’s ceremonial head of state, said in a public address outlining

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

UK chancellor Jeremy Hunt has delayed the date for his long-awaited debt-cutting plan from October 31 to November 17, as calmer markets gave the government some economic breathing space. Rishi Sunak, the new prime minister, has cleared the way for painful cuts and tax rises to plug a fiscal hole of between £30bn and £40bn,

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

Boris Johnson was on Sunday frantically seeking to rally Conservative MPs to support his comeback bid, as allies insisted he had the 100 nominations needed to enter the contest to become Britain’s next prime minister. Tory MPs must decide by 2pm on Monday whether to put Johnson, who was forced out of office in July

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

Video: Liz Truss resigns as UK prime minister Britain’s ruling Conservative party will choose a new leader next week after prime minister Liz Truss resigned following a 44-day tenure marked by financial turmoil, policy U-turns and collapsing poll ratings. Truss was told to quit by senior party figures, leaving bitterly divided Tory MPs with the