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Beijing on Monday stepped up its condemnation of Washington’s decision to shoot down a Chinese balloon that traversed US airspace, accusing the US of dealing a “serious blow” to relations. Vice-minister of foreign affairs Xie Feng lodged a formal protest with the US embassy in Beijing in which he came close to accusing the US

Beijing has lashed out at the US decision to shoot down a Chinese balloon that flew across North America this week, accusing the Biden administration of “seriously violating international conventions”. The Chinese foreign ministry said it “repeatedly” told the US the balloon was for “civilian use” and had entered American airspace by accident due to

The UK’s FTSE 100 hit an all-time high on Friday, as the blue-chip index dominated by multinational companies overcame the drag of a domestic economy headed for recession. The FTSE added as much as 1.1 per cent on the day to trade at 7906.58, eclipsing its previous peak in May 2018, before closing at 7902.

Apple posted a decline in quarterly revenues for the first time in three-and-a-half years after “significant” supply chain disruptions in China delayed deliveries of iPhones during the important holiday period. The worse than expected performance highlighted Apple’s dependence on China for manufacturing and came after shipments of its high-end iPhones were hit by an outbreak

Losses for Adani Group stocks hit $100bn on Thursday after the conglomerate’s flagship company called off a $2.4bn equity sale, saying it would be “not be morally correct” to proceed given the stock wipeout. All 10 stocks controlled by Adani Group fell in early trading in Mumbai. Adani Enterprises, Adani Transmission and Adani Ports extended

Rishi Sunak is facing a big test of his authority as he agonises over whether he can sell an outline deal on the Northern Ireland protocol to pro-UK unionist politicians in the region and Eurosceptic Tory MPs. After months of talks, negotiators have briefed Sunak, the UK prime minister, that a deal is taking shape

Britain is the only leading economy likely to slide into recession this year, the IMF said on Tuesday, predicting that UK household spending would falter under the weight of high energy prices, rising mortgage costs and increased taxes. The fund upgraded its forecasts for most leading economies and said the global outlook had brightened. But

The world’s leading central banks are poised to raise interest rates this week to their highest levels since the financial crisis, stoking anxiety among some investors that this month’s record bond market rally underestimates the growing evidence of persistent inflation. Bond prices have rapidly rebounded since the start of the year from last year’s historic

The UK tax authority has admitted that it gave misleading information last summer when it said no government minister was being investigated, even though Nadhim Zahawi was the subject of a probe. HM Revenue & Customs has now apologised for wrongly stating last June that no ministers were under investigation — mistakes it blames on

In politics, they say, the cover-up is often worse than the crime. Nadhim Zahawi’s “error” in overlooking millions of pounds he owed in tax is gobsmacking enough, to those of us who are slogging to file our own returns by next week’s deadline. But his denials of what turned out to be true should have

The new chief executive of Rolls-Royce has given a brutal assessment of Britain’s flagship engineering group, telling employees it must transform the way it operates or it will not survive. In a global address broadcast to staff, parts of which were shared with the Financial Times, Tufan Erginbilgic warned investors were losing patience with the

EY Germany is planning to cut 40 partners and shed 380 staff as the Big Four firm attempts to improve profitability after the damage caused by the Wirecard scandal. Most of the job cuts are aimed at reducing back-office costs at the German business, one of the largest in EY’s 150-country operations, four people familiar

Rupert Murdoch has scrapped a proposal to combine Fox and News Corp after his attempt to bring the two halves of his media empire back together was resisted by shareholders. Murdoch’s companies announced on Tuesday that the “special committees” established to explore the terms of the putative merger would be disbanded with immediate effect on

Economic officials from several US states have stepped up efforts to lure European clean energy businesses across the Atlantic, touting deep tax breaks available to foreign developers despite a bitter backlash from EU leaders. Delegations from Michigan, Georgia, Ohio and other states have toured Europe armed with details of juicy subsidies offered by the Inflation

Britain must launch a new green strategy to prevent business investment from haemorrhaging to the US as a result of Joe Biden’s huge green stimulus package, the boss of the UK’s largest employers group has urged. Tony Danker, director-general of the CBI, warned that the world had entered a subsidy arms race which could damage

Banks are gearing up for the biggest round of job cuts since the global financial crisis, as executives come under pressure to slash costs following a collapse in investment banking revenues. The lay-offs — which are expected to be in the tens of thousands across the sector — reverse the mass hirings banks made over

Germany dashed its allies’ hopes that it would approve the dispatch of battle tanks to Ukraine on Friday when a high-profile defence ministers meeting failed to reach an agreement. Many western countries argue that the German-made Leopard 2 battle tanks would greatly help Kyiv mount a counteroffensive against Russia, but Berlin has yet to agree,

Reed Hastings is stepping down as chief executive of Netflix, the company he co-founded 25 years ago, in a shake-up at the top of one of the most powerful studios in Hollywood. Hastings, who launched Netflix in 1997 as a DVD-by-mail service, wrote in a blog post that he has been increasingly delegating management in

Labour leader Sir Keir Starmer will on Thursday tell the world’s financial elite in Davos that he wants to improve Britain’s relations with the EU, declaring the post-Brexit trade deal is damaging the UK economy “as every day passes”. Starmer and Rachel Reeves, shadow finance minister, told the Financial Times they would rebuild the UK economy

Business leaders and top government officials have expressed optimism about the global economy as China drops coronavirus controls, the US embarks on a green investment boom and western Europe adjusts to the impact of Russia’s war in Ukraine. At the World Economic Forum in Davos, Gita Gopinath, deputy managing director of the IMF, signalled that