Ebrahim Raisi, a conservative cleric, was set for a landslide victory in Iran’s presidential election that would give regime hardliners complete control over all branches of the state for the first time in almost a decade. Raisi’s two main rivals conceded on Saturday and congratulated the 60-year-old who many Iranians believe is the favoured candidate
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The “reflation trade” that has dominated financial markets since the emergence of coronavirus vaccines last year has been pummelled after the Federal Reserve unexpectedly signalled a shift in its stance on inflation. Investors had rushed to buy securities that might benefit from faster inflation, betting that the combination of exceptionally easy monetary and fiscal policy
Global stocks continued a steady descent from record highs reached earlier in the week and the dollar strengthened after the US central bank brought forward the anticipated timing of its first post-pandemic interest rate rise. The FTSE All-World index of developed and emerging market stocks, which hit a closing record on Monday, headed for its
US president Joe Biden and his Russian counterpart Vladimir Putin are meeting in Geneva on Wednesday for talks aimed at arresting a rapid decline in relations between two countries beset by mutual distrust. In their first face-to-face encounter as leaders, the presidents will grapple with accusations, complaints and charges against one another, including alleged Russian
The EU and US are poised to resolve a 17-year dispute over aircraft subsidies, lifting the threat of billions of dollars in punitive tariffs from their economies in a boost to transatlantic relations. Diplomats and officials confirmed on Monday night that two days of intensive negotiations in Brussels had left the EU and the Biden
US president Joe Biden has challenged leaders of G7 countries to use their financial muscle to counter China’s rising global influence as he declared that western democracies were “in a contest with autocrats”. Biden said he was “satisfied” with the outcome of the G7 summit in Cornwall on Sunday, but pushed European leaders to be
Leaders of the G7 leading western economies will on Sunday back a western rival to China’s “belt and road” initiative, in a plan to mobilise billions of dollars to help developing countries tackle climate change. Joe Biden has been leading calls to offer poor countries a new source of infrastructure finance, providing a “democratic” alternative
Emmanuel Macron, French president, has warned Boris Johnson that efforts to reset relations between Paris and London will fail unless the UK prime minister keeps his word over the Brexit deal in Northern Ireland. At a breakfast meeting on the margins of the G7 summit in Cornwall, Macron made it clear he expected Johnson to
Leaders of the G7 economies convening in the UK will announce a pledge to provide 1bn coronavirus doses to poorer countries as part of a plan to “vaccinate the world” by the end of 2022. The move, to be outlined at the start of the three-day summit on Friday, is designed to address criticism that
Joe Biden will meet Boris Johnson in person for the first time on Thursday, with hopes over a new US-UK ‘Atlantic Charter’ undermined by “deep” concerns in Washington over the post-Brexit situation in Northern Ireland. Biden’s anxiety was conveyed directly to London earlier this month by America’s most senior diplomat in Britain, who warned the
Royal Dutch Shell is to accelerate its plan to cut greenhouse gas emissions after an order by a court in the Netherlands, with the oil major saying it would “rise to the challenge”. Last month, the District Court in The Hague ruled that Shell must reduce its net carbon emissions by 45 per cent by
Europe risks falling behind the US and China in efforts to decarbonise unless it legislates for a radical expansion of renewable energy, said leaders of the bloc’s chemicals and wind power industries. This would require a shake-up of national planning rules, and greater coherence in energy investment across the EU, according to Martin Brudermüller, chair
The global chip shortage disrupting the car industry and threatening the supply of consumer technology products will last for at least another year, one of the world’s largest electronics contract manufacturers has warned. The forecast from Flex, the world’s third-biggest such manufacturer, is one of the gloomiest yet for a crisis that is forcing car and
The US will donate 750,000 Covid-19 vaccines to Taiwan, signalling its support for the country after Taipei accused Beijing of interfering in its efforts to secure jabs. The announcement by a group of US senators during a high-profile visit to Taipei on Sunday came just days after Japan donated 1.2m jabs as Taiwan grapples with
The leading advanced economies are set to agree a common position on taxing multinational companies on Saturday in a bid to end a three-decade race to the bottom in corporate taxation which would raise extra revenue for governments around the world. Finance ministers from the G7 group of nations were still haggling over details of
Some of the biggest Japanese sponsors of the Tokyo Olympics want organisers to postpone the Games for several months to allow more spectators to attend. The proposal was made privately over recent weeks, according to people with knowledge of the situation. The request follows growing frustration among some of the 47 Japanese companies that collectively
Israel’s opposition leaders have agreed to form a government that could potentially end Benjamin Netanyahu’s 12-year reign as prime minister of the Jewish state. The coalition, which straddles the political spectrum — from the far-left Meretz party to the ultranationalist Yamina, anchored by centrists Yesh Atid — hammered out a deal on Wednesday after days
Credit Suisse is preparing for litigation against SoftBank after the collapse of Greensill Capital soured the relationship between the Swiss bank and one of the world’s largest tech investors, according to people briefed on the plans. The move comes as the Swiss lender scrambles to appease angry clients who stand to lose as much as
Accountancy group EY is to centralise power in a new European executive team, pooling resources across the region but raising concern that any financial hit from the Wirecard scandal might also be shared. The overhaul breaks from the federated business model of the Big Four firms in an attempt to cut management costs by half
US financial authorities are preparing to take a more active role in regulating the $1.5tn cryptocurrency market, amid growing concern that a lack of proper oversight risks harming savers and investors. The new efforts reflect a break with the Trump administration, which in some cases encouraged the use of cryptocurrencies in the financial system. But