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Today News

14

Tory MP Elphicke defects to Labour in fresh blow to Sunak

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MP for Dover hits out at ‘tired and chaotic’ Conservative government as she joins main opposition party

UK City minister defends right of government to question FCA’s actions

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Bim Afolami says there is ‘no danger’ of politicising main financial regulator after chancellor’s criticism of proposed ‘name and shame’ rules

13

Uber’s results hit by legal costs after decade of regulatory battles

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First-quarter operating profit sharply misses analysts’ expectations after payouts related to driver lawsuits

Xi praises Hungary’s ‘independent’ foreign policy ahead of Orbán meeting

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Chinese leader to complete Europe tour with diplomatic outlier that has maintained friendly ties with Russia

Hong Kong court bans protest anthem deemed seditious by city officials

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Judgment raises pressure on US tech companies operating in Chinese territory to block the song

12

Sweden cuts interest rates as Europe diverges from Fed

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Krona falls against dollar after Riksbank trims main rate to 3.75%, its first reduction for eight years

BBVA chair told Banco Sabadell counterpart ‘no room’ for higher bid

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Spanish bid target publishes private email sent by Carlos Torres to Josep Oliu

11

Toyota’s hybrid surge still leaves it playing catch-up on battery EVs

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Japanese carmaker’s conservative strategy has been criticised amid rapid shift to electric vehicles

Toyota seeks to create ‘game changer’ to take on Chinese rivals

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World’s largest carmaker forecasts a 20% decline in annual profit as it invests in electric vehicles and AI

Europe’s legacy airlines are still struggling to take off

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Most carriers are trading at a discount to historic multiples

08

Train maker Alstom plans €1bn rights issue to trim debt

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French group in talks with UK government over salvaging Derby factory says its free cash flow is set to improve

07

Silver Lake targets ‘bigger bets’ as it raises its largest fund

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Private equity group concludes smaller investments made during the pandemic landed in ‘the regret zone’

Taxpayers set to fund HS2 tunnel under London despite Sunak pledge

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£1bn injection would end uncertainty over whether railway line will reach its planned central London terminus at Euston

Arthur Laffer: ‘I made a vow that I would never, ever work for a government again’

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The economist on the mis-steps of the Fed over interest rates and the markets

Deutsche Bank’s DWS inflated client asset inflows by billions of euros

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Frankfurt-listed asset manager included low-fee advisory assets in its calculations for years

Pandemic-era winners suffer $1.5tn fall in market value

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Top 50 biggest stock gainers hit by painful decrease since the end of 2020 as lockdown trends fade

How missiles became the modern weapon of choice

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They rarely bring outright victory but can help anti-western actors raise costs for the US and its allies

M&A will not help with looming copper shortage, warns Barrick chief

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Amid BHP approach for Anglo, prolific dealmaker says consolidation does not guarantee more production

The next critical mineral source could be volcanic soup

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Geologists are exploring whether magmatic brine can be tapped for dissolved treasure such as lithium, copper and cobalt

06

US paused weapons shipment to Israel over concerns about Rafah offensive

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Move marks first time Washington has held up potential delivery

US revokes licences for supply of chips to China’s Huawei

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Move marks Biden administration’s latest effort to target country’s tech sector

Traders bet against sterling in belief BoE will cut rates by summer

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Investors raise short positions to 16-month high as conviction grows that UK borrowing costs will fall ahead of the US

Are Labour and the Conservatives adopting ‘Heevesian’ economics?

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The policies of the chancellor and his opposite number are looking increasingly alike

What is the SNP legacy as John Swinney takes on the mantle in Scotland?

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Scotland’s new first minister faces challenges, such as rebuilding confidence in the party’s handling of public services

05

Record temperatures expected to continue to drive extreme weather

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Heat remains trapped by rising greenhouse gas concentrations despite cooling Pacific Ocean, scientists say

04

The painful slump in Hong Kong property

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Prices and rents have fallen amid higher interest rates and a slowdown in China. Some experts warn that recovery could be elusive

03

Disney’s streaming success could point to next chief

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Bob Iger whose second run at helm will end in 2026 views the video unit as an inevitable shift

02

Disney shares fall 9.5% despite first profit in core streaming business

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Company warns post-pandemic travel boom could be running out of steam

Finance hurdles for SMEs threaten to stymie UK growth, say MPs

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Report into access to finance recommends that FCA oblige banks to share account closures on a quarterly basis