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When Mario Draghi was asked last week whether his successor as European Central Bank president, Christine Lagarde, would have as dramatic an eight-year term as he had, he replied that he “would not wish that on anyone”. Yet when Ms Lagarde takes over as the head of Europe’s most powerful financial institution on Friday, she
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Chile’s president Sebastián Piñera requested the resignation of his entire cabinet on Saturday in a bid to defuse a political crisis that erupted with mass protests a week ago over inequality in one of Latin America’s wealthiest countries. The centre-right leader also pledged to cancel a state of emergency by the end of Sunday after
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Microsoft has beaten Amazon to win a highly sensitive $10bn US defence contract, following several rounds of bidding, a legal challenge and a last-minute intervention by Donald Trump. The Pentagon announced on Friday that Microsoft had won the so-called Jedi cloud computing contract, which will allow the company to handle large parts of the defence department’s data
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The British government is planning to diverge from the EU on regulation and workers’ rights after Brexit, despite its pledge to maintain a “level playing field” in prime minister Boris Johnson’s deal, according to an official paper shared by ministers this week. The government paper drafted by Dexeu, the Brexit department, with input from Downing
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French luxury groups Kering and Hermès shrugged off concerns about a deepening Sino-US trade war and protests in Hong Kong, with both companies posting better than expected quarterly sales driven by the Asia-Pacific region. The results released on Thursday are the latest sign that, so far, the world’s largest luxury groups have shown themselves to
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Infosys said on Thursday that the US Securities and Exchange Commission had launched a probe into the Indian technology group after receiving anonymous complaints from whistleblowers over alleged unethical practices. The whistleblowers, who say they are current Infosys employees, filed their complaints to the SEC this month, alleging senior executives engaged in irregular accounting practices
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Donald Tusk was fighting to forge consensus among EU member states on Wednesday for a Brexit delay to January 31, as Brussels officials warned that any other course would lead to the bloc being dragged into the UK’s domestic political debate.  The European Council president spoke with leaders including Germany’s Angela Merkel and Ireland’s Leo
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UBS reported a drop in third-quarter profits, as income from its investment banking business more than halved even as its wealth management business proved resilient. On Tuesday, the Swiss lender posted a group net profit of $1.049bn, down 16 per cent from a year ago, but beating analysts’ expectations of $971m. UBS, like its European
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Cabinet Office minister Michael Gove was given a stark warning by business leaders on Monday over the government’s Brexit vision of the UK breaking away from EU rules and setting its own regulatory framework: don’t do it. The leaders of key industries met Mr Gove for private talks in which they warned him that the
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Boris Johnson will on Monday make another attempt to win parliament’s backing for his Brexit deal, amid growing confidence that he can overcome a series of setbacks at the weekend and now has the backing of the 320 MPs needed for victory. Mr Johnson insists he can still deliver Brexit on October 31, despite losing
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Scrawled flow charts and a mission statement for blockchain adorn the meeting room, while an early bitcoin mining processor stands on a table next to a dispenser of M&Ms, Skittles and spicy pumpkin seeds. Swivelling, speech-sensitive video conferencing cameras add to the sense of earnest tech feng shui. It could be a scene from any sketchy
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Germany’s most senior financial regulator has warned of the grave dangers to the “public good” if politicians loosen post-crisis rules to boost growth.  The comments from BaFin President Felix Hufeld come as policymakers fine-tune capital rules against a backdrop of growing concern over Europe’s flagging economy and as banks struggle to cope with negative interest rates. 
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Verizon is sounding out potential buyers for the HuffPost website, in the latest phase of the US telecoms group’s retreat from the digital media business. In recent weeks Verizon has raised a HuffPost sale with potential acquirers, according to two people familiar with the discussions. No formal sale process has been launched and talks remain
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Boris Johnson on Friday deployed every means at his disposal to try to cobble together a House of Commons majority for his new Brexit deal. Through patronage, pennies and power, the prime minister sought to get as many MPs on his side as possible ahead of Saturday’s crunch vote on his EU withdrawal agreement. Analysis
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Fierce gunfights erupted in the northern Mexican city of Culiacán on Thursday, as the Sinaloa Cartel mobilised to prevent security forces arresting one of the sons of jailed drug lord Joaquín “El Chapo” Guzmán. Video footage of the violence included dramatic scenes of men with heavy-calibre weapons cruising in trucks, a gunman lying in the
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Boris Johnson’s hopes of leading Britain out of the EU on October 31 were hanging in the balance on Thursday night, after he secured a Brexit deal in Brussels but faced the threat that it could be scuppered in the House of Commons within 48 hours. The Democratic Unionist party said it would oppose the deal,
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Chinese banks are bolstering their offshore loan recovery teams as they face a wave of bad debts linked to struggling overseas businesses and acquisitions. ICBC, Bank of China and China Construction Bank, along with several other large Chinese financial institutions, have rapidly expanded recovery and restructuring operations at their offshore units in Hong Kong over
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One of Thomas Cook’s most valuable assets — its take-off and landing slots at London’s Gatwick airport — has attracted bids from several rival airlines ahead of an initial deadline. The 178-year-old travel company’s airport slots are expected to trigger a bidding war, with offers received from carriers including easyJet, IAG, the owner of British
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The company that holds the store leases of camera retailer Jessops has filed for administration in a bid to restructure its obligations and cut its outgoings, according to people briefed on the matter. JR Prop manages the leases for Jessops under a structure similar to that used by the sub-brands of fashion retailer Arcadia. It
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The demise of Neil Woodford’s investment empire marks a watershed in the history of UK fund management. After being fired as manager of the flagship Woodford Equity Income Fund on Monday by its administrator, the ex-star manager quit the two remaining funds that bear his name. Few investors will be as trusting again in the
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Negotiators in Brussels were racing to settle the terms of a revised Brexit deal on Wednesday, as Boris Johnson battled to win support from Northern Ireland’s Democratic Unionist party and hardline Eurosceptic Conservative MPs. By early evening EU and UK negotiators in Brussels had managed to resolve their differences on a host of issues related to the Irish border
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Catalonia erupted this week after a Spanish Supreme Court decision to jail a group of separatist leaders for their part in organising an illegal independence referendum. The regional government attacked the sentences and thousands took to the streets in protest. Katie Martin discusses what happens next, with Daniel Dombey, FT correspondent in Madrid. Contributors: Katie Martin,
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A cabinet minister has insisted that Boris Johnson had no role in selecting a company run by his friend Jennifer Arcuri for a UK government contract, as questions swirl about the propriety of the award. Hacker House, a company set up by Ms Arcuri, received a £100,000 award in February this year from the Cyber
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