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Opec and its allies failed to reach an agreement on raising oil production on Friday as talks hit a deadlock for a second day, with the UAE remaining opposed to a deal that does not address concerns over its own output target. As oil prices traded close to the highest level in three years, around

The US labour market created 850,000 jobs in June, as the world’s largest economy continued to heal from the Covid-19 shock and hiring caught up with the unrelenting demand for workers. Non-farm payrolls data released by the Bureau of Labor Statistics on Friday came in well above economists’ expectations of 720,000 jobs created for the

The US and Japan have been conducting war games and joint military exercises in the event of a conflict with China over Taiwan, amid escalating concerns over the Chinese military’s assertive activity. US and Japanese military officials began serious planning for a possible conflict in the final year of the Trump administration, according to six

Elevated inflation will compel the Federal Reserve to raise US interest rates at least twice by the end of 2023, according to a new poll of leading academic economists for the Financial Times. The inaugural survey conducted by the FT and the Initiative on Global Markets at the University of Chicago’s Booth School of Business

Negotiators in Paris are battling to persuade holdout nations to sign up to a global deal on corporate taxation this week as they become increasingly concerned that the compromises needed to get countries on board will water down the final agreement. China, India, eastern European countries and developing nations have all raised objections to the

China’s strengths as a cyber power are being undermined by poor security and weak intelligence analysis, according to new research that predicts Beijing will be unable to match US cyber capabilities for at least a decade. The study, published on Monday by the International Institute for Strategic Studies, comes as a series of hacking campaigns

The UK’s financial watchdog has ordered Binance to stop all regulated activities in Britain and imposed stringent requirements in a stinging rebuke of one of the world’s biggest cryptocurrency exchanges. The intervention by the Financial Conduct Authority in recent days is one of the most significant moves any global regulator has made against Binance, a

Former Minneapolis police officer Derek Chauvin was sentenced to more than 22 years in prison on Friday for the murder of George Floyd, whose death became a watershed moment in the national debate over race and policing.  The 270-month sentence handed down by Judge Peter Cahill was 10 years longer than state guidelines had suggested,

Panasonic has sold its entire stake in longstanding battery partner Tesla for about ¥400bn ($3.6bn) as it seeks to raise cash to finance its biggest-ever overseas acquisition. The Japanese conglomerate, which has a $5bn joint battery manufacturing venture with Tesla in Nevada, said the sale would not affect its partnership with the US electric vehicle

Lithuania’s foreign minister has called a Franco-German initiative to push for a summit between the EU and Russian president Vladimir Putin “irresponsible” and a case of “historical myopia”, in a sign of the deep divergences within the bloc over how to address worsening relations with the Kremlin. Gabrielius Landsbergis was speaking to the Financial Times

Businesses across Europe are experiencing the largest increases in orders and activity for many years, creating growing supply shortages and driving up prices, according to a closely watched survey. Eurozone business activity expanded at the fastest rate for 15 years in June after lockdown measures were lifted, while UK business activity also remained buoyant, according

A senior Federal Reserve official said the US economy was not yet ready for the central bank to start pulling back its hefty monetary support, even though the outlook has become rosier. The comments from John Williams, the president of the Federal Reserve Bank of New York, were delivered on Monday amid high sensitivity in

Armin Laschet, frontrunner to become Germany’s next chancellor, has warned of the dangers of a new cold war against China, agreeing with Angela Merkel that Beijing was as much a partner as a systemic rival. Laschet was speaking to the Financial Times after US president Joe Biden’s first official trip to Europe, which was dominated

The Delta coronavirus variant that swept the UK has become dominant in Portugal and appeared in clusters across Germany, France and Spain, prompting European health officials to warn further action is needed to slow its spread.  While the new strain, which first emerged in India, still only accounts for a fraction of the total coronavirus

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

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