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The European Central Bank has raised interest rates by half a percentage point — its first increase for more than a decade — while pledging to prevent rising borrowing costs from sparking a eurozone debt crisis amid political turmoil in Italy. The central bank increased interest rates by twice as much as it said it

Everyone in the UK, it seems, is angry about their pay. Rail strikes are set to escalate over the summer. Bus drivers, refuse collectors and baggage handlers have staged walkouts across the country; more than 100,000 postal workers at the Royal Mail Group have voted to follow suit. In the public sector, unions representing teachers

Italian stocks and bonds sold off on Thursday after Prime Minister Mario Draghi resigned and the European Central Bank sharply raised interest rates in its effort to tame blistering inflation. The yield on Italy’s 10-year government bond jumped 0.24 percentage points to 3.6 per cent as Draghi’s national unity coalition unravelled and the ECB lifted

Britain needs new economic rules of thumb. The old norms and assumptions are not remotely adequate for a world with severe shocks to the supply of gas and other commodities, high inflation and extremely low rates of underlying productivity growth. In the past, the shortcuts most economists have used to describe a complex and dynamic

Mario Draghi has resigned as Italy’s prime minister, triggering the dissolution of parliament and pushing the country into snap elections. President Sergio Mattarella said on Thursday that the new elections would take place within 70 days, as required by the constitution. The caretaker government, led by Draghi, will set a date for the vote at

Years ago, after I received some negative feedback at work, my husband Laurence told me something that stuck with me: when we receive criticism, we go through three stages. The first, he said, with apologies for the language, is, “Fuck you.” The second is “I suck.” And the third is “Let’s make it better.” I

The 350m Lotus Tower that looms over the skyline in Sri Lanka’s capital Colombo is one of the tallest buildings in South Asia. Funded by a Chinese state bank and designed to look like a giant lotus bud about to burst into flower, it was intended to be a metaphor for the flourishing of Sri

United Airlines reported its highest-ever second-quarter revenue and had its first profitable quarter since the onset of the Covid-19 pandemic, the carrier said on Wednesday. The Chicago-based airline, the second largest in the US, reported net income of $329mn on operating revenue of $12.1bn. Revenue was up 6 per cent compared with the March to

Autcraft, a Minecraft server for autistic children, was about to celebrate its ninth anniversary when the troll attacked. They sent explicit photos and abusive messages to the autistic children on Autcraft’s social network, wreaking so much havoc that founder Stuart Duncan was forced to shut down the site. Nearly a decade of community history was

One thing to start: Last week the Scoreboard team participated in a virtual event to discuss how long the boom in sports investing will last. Subscribers can watch a replay here exclusively here. Is women’s football the next big investment opportunity? That’s been on my mind ever since England’s Lionesses scored eight times against Norway,

In a more optimistic era, the overthrow by Sri Lankans of a feckless government they blamed for their country’s economic collapse might have been called a Velvet Revolution. It began last Saturday when tens of thousands descended on the largest city Colombo and poured into public buildings, including President Gotabaya Rajapaksa’s official residence, amid chants

Chinese regulators are trying to stamp out panic over rising home loan risks at banks as a wave of homeowners join a country-wide mortgage boycott of unfinished houses. Hundreds of thousands of buyers have halted mortgage payments on more than 200 unfinished property projects in China this week, aggravating a property sector crisis that has

Italy was plunged into political turmoil on Thursday when prime minister Mario Draghi offered to resign after a split in his national unity government. The former European Central Bank president said conditions were no longer in place for him to carry on after the populist Five Star Movement refused to support his government in a

You can enable subtitles (captions) in the video player This is a story of finance gone wrong. The Credit Suisse story is the story of one of Switzerland’s most important institutions, one of the most important banking institutions in Europe. The bank which ignored risks, ignored red flags. We are in a very challenging situation.

British manufacturers have warned that a proposal to lift anti-dumping measures on a type of Chinese steel risks a flood of cheap imports and threatens hundreds of jobs in the sector. The Trade Remedies Authority, an arms-length body set up last year to make recommendations to ministers, has advised revoking existing duties on Chinese high-fatigue

Britain’s leading role in providing weapons to Ukraine in its fight against Russia’s invasion will endure, whoever replaces Boris Johnson as prime minister, the country’s ambassador to Nato has said, amid concerns in Kyiv that a successor could fail to match his focus on the war. Johnson’s enthusiastic support for Ukraine was one of the

EU-UK relations have become so gridlocked that the ministerial body that governs Britain’s trade deal with Brussels has not met for over 13 months, the Financial Times has learned. The stasis has frustrated companies battling post-Brexit bureaucracy on both sides of the English Channel, with business groups calling on London and Brussels not to leave

Two former health secretaries, Sajid Javid and Jeremy Hunt, on Sunday announced bids to stand as Conservative party leader with pledges to slash taxes in an effort to win support from MPs. A total of nine candidates have now announced they will stand to replace Boris Johnson as UK prime minister, with more expected to

The UK government has announced that it will not match new EU restrictions on a number of potentially hazardous chemicals, including on the “rubber crumbs” which are used to make artificial football pitches. Environmental groups and health experts said the decision opened up the prospect of a “chasm” emerging between Brussels and the UK, leaving

One of the leading contenders to succeed Boris Johnson as prime minister has said he will not stand in the forthcoming leadership contest, as other Conservative MPs prepare to launch their campaigns. Defence secretary Ben Wallace was the favourite among the Tory grassroots, with a net approval rating of +86 among party members according to