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The Biden administration will ban US investment into quantum computing, advanced chips and artificial intelligence sectors in China, as it ratchets up efforts to ensure the Chinese military does not benefit from American technology and capital. President Joe Biden on Wednesday issued an executive order establishing the prohibitions, which will largely affect private equity and

Google and Universal Music are in talks to license artists’ melodies and voices for songs generated by artificial intelligence as the music business tries to monetise one of its biggest threats. The discussions, confirmed by four people familiar with the matter, aim to strike a partnership for an industry that is grappling with the implications

China’s trade slumped in July, with exports and imports falling more sharply than economists forecast, adding to concerns about growth prospects in the world’s second-biggest economy more than six months after Beijing eased pandemic restrictions. Exports declined by 14.5 per cent year on year in dollar terms, official data showed on Tuesday, the steepest fall

Private equity firms are increasingly offering sweeteners such as fee discounts to secure backing from deep-pocketed investors, in a sign that the industry is facing its toughest-ever fundraising environment. Blue-chip firms including CVC Capital Partners, Ardian, TPG and Cinven have all in recent months offered investors either a discount on management fees or other incentives

Chinese authorities are putting pressure on prominent local economists to avoid discussing negative trends such as deflation, as concerns mount about Beijing’s ability to boost a flagging recovery in the world’s second-biggest economy. Multiple local brokerage analysts and researchers at leading universities as well as state-run think-tanks said they had been instructed by regulators, their

The US and China are opening new lines of communication to tackle contentious issues, in one of the first signs of progress towards stabilising relations since secretary of state Antony Blinken visited Beijing in June. According to three people familiar with the situation, Washington and Beijing will create two working groups to focus on Asia-Pacific

Apple proved resilient in its latest quarter as the number of paying subscribers for its array of digital services crossed 1bn users worldwide, helping to lift profits from a year ago even as total revenue declined. The world’s largest company by market value said on Thursday that total revenue fell 1 per cent to $81.8bn

UK ministers are set to announce a further delay to post-Brexit border controls on animal and plant products coming from the EU, amid fears that extra bureaucracy on imported goods will fuel inflation. The decision to delay the new import regime at Britain’s ports, which had been due to start in October, is also intended

US prosecutors have charged Donald Trump in connection with attempts to overturn the results of the 2020 election, the second federal indictment brought against the former president in as many months. Trump was charged with four criminal counts including conspiracy to defraud the US, to obstruct an official proceeding and to threaten individual rights, according

European stocks were flat on Monday, as weak data from China damped sentiment while investors waited for the latest eurozone inflation and economic growth data, to gauge whether the region’s interest rates would rise further.  Europe’s region-wide Stoxx 600 was little changed shortly after the market open, while France’s Cac 40 was up 0.1 per

The UK government has made it cheaper for industry to pollute in Britain compared with the EU by watering down reforms to the carbon market, in the latest sign that the Conservative party is backsliding on its climate agenda. Whitehall recently quietly announced changes to the UK’s carbon trading scheme, including offering more allowances than

The volume of trade between the Russian rouble and the largest dollar-pegged crypto token surged during the attempted insurrection by the Wagner Group earlier this month, as Russians rushed to find an alternative to the country’s weakening currency. The militia group’s leader Yevgeny Prigozhin cast doubt on Vladimir Putin’s grip on Russia by attempting the

Travellers determined to take to the skies despite soaring ticket prices have pushed airline profits to fresh heights, as resilient consumer spending buoys the global economy. As they reported record profits on Friday, British Airways-owner IAG said trips across the Atlantic and to leisure destinations had been particularly popular “as customers prioritise holidays”, while Air

Donald Trump has been accused of attempting to have surveillance video footage at his Mar-a-Lago estate deleted ahead of an FBI search, as federal prosecutors added more criminal counts to a case over the former US president’s handling of classified documents. The Department of Justice filed the expanded indictment on Thursday. Federal prosecutors also added

The Federal Reserve raised its benchmark interest rate by a quarter of a percentage point on Wednesday to the highest level in 22 years, as it wrestles with how much more to squeeze the US economy to bring inflation under control. The Federal Open Market Committee lifted the federal funds rate to a new target

NatWest chief executive Alison Rose has agreed to step down after she admitted to inaccurately briefing a BBC journalist about the closure of Nigel Farage’s bank account. Rose will leave with immediate effect, the bank said in a statement. Paul Thwaite, chief executive of the bank’s commercial and institutional business, will take over for 12

Credit Suisse has been fined $388mn by US and British regulators for “significant failures in risk management and governance” related to the collapse of Archegos Capital, which caused a $5.5bn trading loss and helped bring about the demise of the Swiss lender. The US Federal Reserve imposed a $269mn penalty on the bank for “unsafe

Powerful Republican donors and billionaires Ken Griffin and Nelson Peltz are rethinking plans to support the US presidential bid of Ron DeSantis over concerns that the Florida governor has veered too far to the right. They have been discouraged by DeSantis’s interventionist policies, people familiar with their thinking told the Financial Times. Griffin objects to

The message of Thursday’s three UK by-elections was muddied somewhat by the Conservatives’ success in clinging on to the seat Boris Johnson vacated in outer London. But it was clear enough: this was a disastrous night for the Tories. Striking swings to Labour and the Liberal Democrats in northern and south-west England respectively confirm that

Greg Hands, Conservative party chair, on Friday morning surveyed a scene of by-election devastation in two rock-solid Tory seats in Yorkshire in the north and Somerset in the south of England and admitted: “We need to do better.” The Tory defeats in Selby and Ainsty, and Somerton and Frome were on a massive scale, the