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Shares in US bank State Street dropped 10 per cent in pre-market trading as quarterly profits missed expectations and fees were hit by subdued markets and reduced assets under management. The huge custody bank, which is also a large provider of index mutual funds and exchange traded funds, said assets under management in its investment

Companies have committed more than $200bn to US manufacturing projects since Congress passed sweeping subsidies last year, as president Joe Biden’s effort to spark a new industrial revolution gains momentum. The investment in semiconductor and clean tech investments is almost double the commitments made in the same sectors in the whole of 2021, and nearly

Hedge funds and other parts of the shadow banking system should face greater scrutiny after last month’s upheaval in US government bonds, the country’s top markets regulator has said, reflecting concerns that speculative investors pose a risk to financial stability. Gary Gensler, chair of the Securities and Exchange Commission, told the Financial Times that taming

Elon Musk is developing plans to launch a new artificial intelligence start-up to compete with ChatGPT-maker OpenAI, as the billionaire seeks to join Silicon Valley’s race to build generative AI systems. The Tesla and Twitter chief is assembling a team of artificial intelligence researchers and engineers, according to people familiar with the tech entrepreneur’s plans.

EY’s UK bosses have told partners to prepare for a fresh cost-cutting plan and a stream of staff departures as they admitted to embarrassment at the collapse of the firm’s long-running attempt to split its global business in two. On a call with partners on Wednesday, Anna Anthony, UK managing partner for financial services, said:

US inflation eased last month to its lowest level in nearly two years but an uptick in core prices will keep pressure on the Federal Reserve to press ahead with another interest rate increase in May. The consumer price index for March rose by 5 per cent year on year, according to data published by

Chancellor Jeremy Hunt’s efforts to revitalise the UK economy have not been sufficient to raise it from the foot of the global league table this year, according to forecasts published by the IMF on Tuesday. In its twice-yearly World Economic Outlook, the fund predicted that the UK economy would shrink by 0.3 per cent in

Corporate America is facing its sharpest drop in profits since the early stages of the Covid pandemic, according to Wall Street forecasts, as high inflation squeezes margins and fears of an impending recession hold back demand. Companies on the S&P 500 index are expected to report a 6.8 per cent decline in first-quarter earnings compared

Investors are loading up on protection against a fresh round of financial turmoil in US regional bank stocks as lenders prepare to reveal how badly their earnings have been squeezed by the troubles that took down Silicon Valley Bank. Regional bank share prices have stabilised since SVB’s collapse sparked a massive mid-March slide, but traders

US fund managers are increasing investments in international stock markets after rising interest rates and fears of an economic slowdown brought an end to more than a decade of domestic dominance. US stocks have vastly outperformed most other developed and emerging markets since the financial crisis, but the trend began to reverse last year. The

A British business registered to a terraced house in a north London suburb appears to have arranged the sale of about $1.2bn of electronics into Russia since Vladimir Putin’s full-scale invasion of Ukraine at the start of 2022. Mykines Corporation LLP, a company based in the London borough of Enfield, is listed in Russian records

The IMF’s managing director has warned that the global economy is facing years of slow growth, with medium-term prospects their weakest in more than 30 years. Speaking in Washington ahead of the World Bank and IMF spring meetings next week, Kristalina Georgieva said the world economy would expand at an average annual rate of about

Police have arrested the husband of former Scottish first minister Nicola Sturgeon as a suspect in an investigation into the funding and finances of the Scottish National party. Peter Murrell resigned as chief executive of the SNP last month after the party was forced to admit it had 30,000 fewer members than it had claimed.

Jamie Dimon has criticised regulators in the wake of the banking turmoil for incentivising banks to load up on government securities and imposing flawed stress tests. Dimon said the failure last month of Silicon Valley Bank and the Swiss government-engineered takeover of Credit Suisse risked undermining confidence in the banking industry and had prompted investors

Donald Trump was set to fly to New York on Monday to face criminal charges in a Manhattan court, marking an ominous new chapter in American political and legal history surrounding the former US president. Trump said he would depart at noon from his estate at Mar-a-Lago, on the Atlantic coast of Florida, and head

Saudi Arabia and other members of the Opec+ group announced surprise oil production cuts totalling more than 1mn barrels a day, putting Riyadh on a collision course with the US as the kingdom attempts to boost prices amid fears of weaker demand. Saudi Arabia will implement a “voluntary cut” of 500,000 b/d, or just under

Two years on from the January 6 Capitol riots, and following a familiar call to arms from former president Donald Trump, it was widely feared that crowds of his supporters might swarm the streets of New York to protest his indictment by the Manhattan district attorney. But by Friday afternoon, the anticipated hordes were conspicuously absent.

Donald Trump will turn himself in to New York prosecutors on Tuesday, his lawyer said, insisting the former president would “not be put in handcuffs”. Joe Tacopina added he expected the charges — the first criminal indictment in history of an ex-US president — to relate to payments to buy the silence of porn actress

Donald Trump has been indicted following a years-long investigation by Manhattan prosecutors that has led to the first criminal charges against a former US president in the country’s history, according to his lawyers. “President Trump has been indicted. He did not commit any crime. We will vigorously fight this political prosecution in court,” his lawyers

Isaac Perlmutter, the billionaire who sold Marvel to Disney in 2009 and had clashed with the company’s chief executive Bob Iger, has been ousted as part of the company’s round of job cuts, according to people familiar with the matter. Perlmutter was chair of Disney’s Marvel Entertainment unit, which has become a blockbuster-making juggernaut for the