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Wall Street banks detailed billions of dollars in potential losses from the war in the Ukraine this week, while warning that they saw no end in sight for the market turbulence unleashed by the Russian invasion. Industry analysts and executives described the losses as manageable, but expressed worries about the potential for spillover effects of

Brazilian oil major Petrobras sought to end weeks of turmoil on Thursday by appointing a new chief executive, after two previous bosses were removed within a year following tensions with President Jair Bolsonaro. The state-controlled company said its board had elected José Mauro Coelho, a public sector official specialising in the energy sector, as chief

A US jury has convicted an Isis fighter accused of abducting hostages from the US, Europe and elsewhere in Syria, some of whom were gruesomely executed for propaganda videos. El Shafee Elsheikh, a former British citizen, on Thursday was found guilty of all counts in the case, including hostage-taking resulting in death and conspiracy to

Pakistan’s military establishment has dismissed ousted prime minister Imran Khan’s claims that he was the victim of a US-led conspiracy, and described his visit to Moscow on the day Russia invaded Ukraine as “embarrassing”. In rare public comments on Thursday, Major General Babar Iftikhar, the army’s spokesperson, denied Khan’s assertions that Pakistan’s national security committee

A former Coca-Cola manager who received bribes of more than £1.2mn as part of a corrupt scheme to award contracts to favoured companies has been given a suspended jail term of 20 months by a London court. Noel Corry, 56, who worked at soft drinks bottler Coca-Cola Enterprises UK Ltd (CCE), pleaded guilty to five

Hurrah for Mario Draghi, prime minister of Italy. A decade ago, he promised to do “whatever it takes” to protect the euro, an iconic phrase that shaped policymaking in subsequent years. Now he has produced another pithy salvo. Last week, he was challenged about what Italy might do if the EU boycotted Russian energy, given

Belvedere Island, Marin County, $60mn Where On the southern tip of Belvedere Island in the San Francisco Bay. San Francisco airport is a 45-minute drive via the Golden Gate Bridge, in clear traffic. What A dramatically positioned three-bedroom home spread across four floors with a detached one-bedroom guest house. The building follows the contours of

Zora Neale Hurston was one of the great provocateurs of 20th-century American letters. Active from the 1920s to the 1950s, Hurston was best known for her 1937 novel Their Eyes Were Watching God, which fascinated readers with its vivid depiction of black female sexuality. Richard Wright, the black American author of the bestselling 1940 novel

The head of the Quds Force, the elite branch of Iran’s Revolutionary Guards, has vowed to continue “leading” militias across the region at a time nuclear talks have stalled because of the force’s terrorist designation by the US. In a strong speech to supporters in Tehran on Thursday, Brigadier General Esmail Ghaani said his Quds

Remember Alphawave? In 2021, the once Toronto-based semiconductor IP company IPO’d on the LSE to great fanfare, with some drawing comparisons between its capital-light business model and previous stock exchange darling ARM. The valuation, at £3bn for a company with just £40mn of trailing revenues, matched the hype. Then it all went a bit pear

Let us see if Elon Musk has learnt anything. Four years ago, the Tesla chief executive loosely offered to take his electric vehicle company private, at one point misleadingly posting a tweet that he had “funding secured” for such a transaction. This message flouted US securities law sufficiently for US regulators to require Musk’s social

The government of Rwanda on Thursday confirmed that it had signed a “bold new partnership” with the UK under which some people seeking refugee protection in Britain will be transferred to the central African country while awaiting processing. The announcement comes ahead of a speech in which Prime Minister Boris Johnson will pledge to tackle

Jane Hume, Australia’s minister for financial services, argued in a speech last month that the rapidly growing crypto industry had the potential to create hundreds of thousands of new jobs and boost Australia’s economic growth by more than 50 per cent. But if the country voted for the opposition Labor party at the May 21

The writer is founder of Sifted and a former FT Moscow bureau chief On a trip to Silicon Valley a while ago, I had back-to-back meetings with the founder of a fintech firm, the head of a start-up incubator and a senior executive at a virtual reality company. By chance all had one characteristic in

Germany’s foreign intelligence service last year shunned an offer to meet former Wirecard executive Jan Marsalek in Moscow, fearing that the invitation to talk to the fugitive was a trap set up by Russia’s FSB spy agency, people familiar with the matter told the Financial Times. German criminal prosecutors accuse Marsalek, Wirecard’s former second-in-command, of

NoViolet Bulawayo burst on to the literary scene in 2013 with We Need New Names, whose exploration of the harshness of life in Robert Mugabe’s Zimbabwe and the immigrant experience won its author a place on that year’s Booker Prize shortlist. In her second novel, set in a thinly veiled Zimbabwe named “Jidada with a

It was, she says, “a bumpy start”. Surrounded by packing crates, Cecilia Alemani, curator of the 59th Venice Biennale, is speaking from the vast echoing spaces of the Arsenale, where her exhibition The Milk of Dreams is being installed. “What was very challenging was the total lack of certainty,” she adds, as she describes being

While 80 countries from Albania to Zimbabwe are participating in this year’s Venice Biennale, the national pavilion of one traditional participant now stands closed and empty: that of the Russian Federation. The pavilion — built just before the 1917 Soviet revolution and renovated last year — was to feature artists Kirill Savchenkov and Alexandra Sukhareva,

Beatrice Bulgari and her husband Nicola have two art collections. One is spread between their multiple homes — in New York, Rome, Paris and Sicily — and ranges from Bellotto to Cy Twombly, Michelangelo Pistoletto and William Kentridge. The other, created by Beatrice alone, “is about this size”, she laughs, spreading her hands wide apart.

So potently provocative is director Cecilia Alemani’s vision for a feminised Venice Biennale that, almost a month before the event, the effect was already pronounced in the city’s early-launching off-site shows. Alemani’s exhibition The Milk of Dreams, titled after a fairy tale by the surrealist artist Leonora Carrington, will include just 21 men out of