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Wall Street stocks recorded the biggest weekly drop in months after a profit warning from economic bellwether FedEx jolted investors who are already on edge over a looming interest rate rise by the US Federal Reserve at its upcoming meeting. The blue-chip S&P 500 index fell 0.7 per cent on Friday, bringing weekly losses to

The German government has taken control of three refineries owned by Russian oil company Rosneft, in an escalation of the energy war between Moscow and the west triggered by Russia’s invasion of Ukraine. Chancellor Olaf Scholz said his government had not taken the step lightly, but that “it was unavoidable”. “We have known for a

Russian president Vladimir Putin has acknowledged Chinese “concerns” about the war in Ukraine at his first in-person meeting with President Xi Jinping since the invasion. Putin’s comments in a meeting with Xi in Uzbekistan on Thursday were the first public admission of differences between Beijing and Moscow over the war in Ukraine. “We highly value

The UK’s rate of inflation eased back into single digits in August on the back of lower petrol prices, providing some relief to households as they go into winter. The headline consumer price index was 9.9 per cent higher than a year earlier during the month, down from a 40-year high of 10.1 per cent

The US inflation rate was higher than forecast in August, keeping up pressure on the Federal Reserve for a large interest rate rise this month and triggering a dramatic sell-off on Wall Street. The consumer price index increased 0.1 per cent for the month, above economists’ expectations for a 0.1 per cent drop, as a

Russia will push on with its invasion of Ukraine until all military goals are met, the Kremlin has said, as it responded to Kyiv’s massive counter-offensive in the east, which has reclaimed more than 3,000 square kilometres of terrain. The Russian military setback is the Kremlin’s biggest since it was forced to U-turn on plans

Ukraine needs to secure the vast territory it has recaptured from possible Russian counter-attack, the country’s defence minister has warned, but said Kyiv’s lightning offensive had gone far “better than expected”. The attack has routed the Kremlin’s forces, led to the recapture of some 3,000 square kilometres of Ukrainian territory and prompted an unusual admission

Charles III was formally proclaimed king on Saturday during an Accession Council that was televised for the first time, in an indication of the new monarch’s determination to modernise and streamline the monarchy. At the ceremonial event in St James’s Palace in London, Charles swore to take on the “heavy responsibility of sovereignty”. Recalling the

King Charles III will address the UK on Friday as tributes were paid from around the world following the death of his mother Queen Elizabeth II at the age of 96. The new King arrived in London from Balmoral, the royal estate in Scotland, and with Queen Camilla beside him immediately greeted crowds gathered outside

Liz Truss, UK prime minister, has announced an estimated £150bn package to shield Britain from soaring energy prices — but with just six months’ cover for business compared with two years for households. The dramatic state intervention was accompanied by promises to increase domestic oil and gas production, restart fracking for shale gas and reform

The Bank of England’s chief economist said on Wednesday that plans by Liz Truss for a freeze in energy bills for households and businesses was likely to force the central bank to raise interest rates despite bringing down the rate of inflation in the months ahead. Asked by MPs on the House of Commons Treasury

Liz Truss has taken office as Britain’s new prime minister and will on Tuesday finalise a package that could cost more than £100bn to address the UK’s energy crisis and protect households and business. The emergency measures, which will lead to a sharp increase in government borrowing, are the priority for the new administration. Truss

Liz Truss has comfortably won the race to become leader of the Conservative party and on Tuesday will become Britain’s prime minister, facing one of the most daunting economic crises of recent times. The foreign secretary beat her rival Rishi Sunak, former chancellor, in a ballot of Conservative party members by 81,326 votes to 60,399

Liz Truss, widely expected to be named Britain’s prime minister on Monday, has promised to tackle the cost of living crisis in her first week in Number 10, as she looks to accelerate long-term reforms to the electricity market. Truss, the foreign secretary, said she would immediately set out “action on energy bills and energy

Surging inflation, the rising cost of government debt and Liz Truss’s promises on tax cuts and defence spending will blow a £60bn hole in the public finances by the middle of the decade, according to Financial Times calculations. Although Truss, favourite to be named Britain’s next prime minister on Monday, has said she will stick

The G7 countries are poised to back a price cap on purchases of Russian oil in an attempt to limit the Kremlin’s earnings from exports and ability to fund its war against Ukraine. Finance ministers from the US, UK, France, Germany, Italy, Canada and Japan will formally give their political support for such a move

Global stock markets kicked off September on a downbeat note, extending their declines into a fifth day as weak Chinese data and new Covid-19 lockdowns in the world’s second-largest economy weighed on sentiment. A FTSE gauge of worldwide shares lost 1.3 per cent on Thursday, having closed the previous session down 0.6 per cent. Wall

Europe’s bond market is on course for its worst month on record as investors have bet on big rate rises from the European Central Bank and Bank of England at a time of unprecedented inflation. The region’s market for high-grade government and corporate debt posted a fall of 5.3 per cent in the month to

UK consumers increased their credit card borrowing at the fastest annual rate in 17 years last month, according to figures published on Tuesday, in a sign of the intensifying cost of living crisis. Data from the Bank of England showed that the annual rate of credit card borrowing was 13 per cent higher in July

Shell chief executive Ben van Beurden has warned that Europe may need to ration access to energy for several years as the crisis confronting the region is likely to last more than one winter. The forecast from the head of Europe’s largest oil and gas company came after further cuts to Russian supplies sent European