Barclays’ profits fell 18 per cent in the first quarter and the bank had to delay a promised £1bn stock buyback as a jump in litigation and conduct provisions overshadowed a surge in trading revenue. Net income fell to £1.4bn, down from £1.7bn in the same period last year, the British bank said on Thursday.
Volvo Cars has begun sourcing alternatives to its Chinese-made parts as coronavirus lockdowns now spreading across the country add a new supply chain threat to an auto industry that has been beset by them over the past year. The company started double sourcing components that are obtained in China in a bid to shield its
The Bank of Japan has driven the yen to a new multi-decade low, defying a global shift towards higher interest rates and vowing to keep bond yields at zero. Within hours of the BoJ’s policy decision on Thursday, the yen fell 1.7 per cent to ¥130.62 against the dollar as the central bank promised to
Hello, this is Kenji from Hong Kong. I have been involved in the #techAsia newsletter since its inception in April 2019, and am excited to continue my engagement in its latest incarnation. Despite the changes in the format, the mission of the newsletter remains the same: to deliver the latest and deepest stories from the
Miner and commodity trader Glencore has suffered a rebuke from some shareholders over its climate transition plan, highlighting the increased scrutiny of corporate proposals to tackle global warming. Almost 24 per cent of votes cast at the group’s annual general meeting in Switzerland on Thursday were opposed to a resolution seeking approval for the company’s climate
J Sainsbury warned underlying profit would be lower than expected this year amid “significant external pressures and uncertainties” including cost inflation and a squeeze on household incomes. The UK’s second-largest supermarket on Thursday forecast underlying profit of between £630mn and £690mn. Analysts’ consensus forecast, as compiled by the group, had been for £703mn. Chief executive
Good morning. Wall Street rallied yesterday, then faded. Sentiment is poor, and surprisingly solid results from Facebook (still boycotting “Meta” around here) after the bell seem unlikely to change that. But readers have suggested plenty of good reasons to be cheerful: it’s spring, Trump is out of the White House, and Russia is losing. Keep
Good morning and welcome to Europe Express. Russia fired the first warning shots yesterday in a looming energy war when it halted gas deliveries to Poland and Bulgaria. But the EU called the Kremlin’s bluff: it can use reverse flows, alternative supplies and storage to help the two countries. The European Commission insisted that other
Your browser does not support playing this file but you can still download the MP3 file to play locally. Russia raised the spectre of nuclear war this week as it struggles to make headway in Ukraine. How seriously should this threat be taken and can Vladimir Putin rely on his friendship with China’s Xi Jinping?
One thing to start: The UK Serious Fraud Office deployed investigators to sites connected with Sanjeev Gupta’s GFG Alliance on Wednesday to demand documents as it steps up its probe into the industrialist’s empire. A Tiger cub risks losing his stripes In May 2020, a scathing report from short seller Muddy Waters alleged Chinese online
The UK’s new online safety bill threatens to weigh down small businesses with new costs, according to the new chief executive of a group of online watchdogs which are gaining increased powers to compel tech companies to protect users on the internet. Gill Whitehead, the first head of the Digital Regulation Cooperation Forum (DRCF), a
Twitter is rushing to reassure advertisers that it will remain a safe place for brands after Elon Musk takes over the company, as the campaign groups that organised a Facebook advertising boycott in 2020 warn that the Tesla chief’s focus on freedom of speech could increase toxicity and abuse. The San Francisco-based company has written
The writer is the founder and managing director of capital markets think-tank New Financial In the latest round of self-flagellation over the state of the UK stock market and the City of London, it is worth remembering the words of American writer HL Mencken that “for every complex problem there is an answer that is
Every now and again, a news reporter will encounter a story where none of the explanations provided makes sense. Instinct will suggest a more complex and interesting story is lurking in the tapestry of obfuscations. Dead in the Water is a triumphant example of what happens when editors give reporters the time to pull at
It might seem like business-as-usual in the post-pandemic western art world, but some of the alternative models initiated during the lockdowns are finding their footing. One is the Fair Art Fair (FAF), an app launched last September by the London artist-gallerist Stacie McCormick, with some Arts Council backing. Despite its name, the platform operates more
Throughout her career as an economist, Lise Vesterlund has been struck by the number of male colleagues who were exceptionally good at teaching and writing research papers, yet “somehow when it comes to doing any kind of service work, they [have some defect] that somehow makes them never serve on a committee”. So the work
Accounting firm RSM has bought out most of the shares in the business held by its former UK partners, consolidating the power of its new management team two years after the entire board was ousted following an investor coup. The UK’s seventh-largest accounting firm by revenue was thrown into chaos in 2019, when its chief
It barely took half an hour to gravely wound the chances of an alliance on France’s far right that could turn the movement into a serious player in government instead of a token opposition presence. On Sunday night after Marine Le Pen lost the presidential election to Emmanuel Macron but achieved a historic score for
Facebook parent Meta posted its slowest revenue growth since going public, but its share price jumped as profits held up better than expected in the face of several headwinds including the fallout from Russia’s invasion of Ukraine. The company booked $7.5bn in profit in the January-March quarter, down 21 per cent from the same period
Rishi Sunak has hinted that he could perform a U-turn and introduce a windfall tax on UK oil and gas companies unless they ramp up investment in new energy projects. The UK chancellor has long argued against such a levy, which is backed by the Labour party, on the grounds that it would deter investment