World

UK house prices fall the most since start of Covid pandemic

UK house prices fell the most since the start of the pandemic in October as political and market turmoil sent shock waves through the property market.

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Penguin Random House $2.2bn takeover of rival publisher blocked by judge

Penguin Random House's $2.18bn acquisition of rival book publisher Simon & Schuster Inc. was blocked by a federal judge who found the merger would lessen competition.

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World wine output dips after year of torrid weather

World wine production in 2022 is expected to dip slightly below last year's level, with a better than anticipated volume in drought-hit Europe mostly offsetting a forecast drop in southern hemisphere output, an intergovernmental wine body said.

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Eurozone inflation soars to new record as economy fades

Euro-area inflation surged to a fresh all-time high, while the bloc's economy lost momentum -- reinforcing fears that a recession is now all-but unavoidable.

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Germany set to attach conditions to gas price ‘brake’ for firms

The German government is likely to insist companies that benefit from a planned “brake” on gas prices meet conditions, such as staying in the country or preserving 90pc of the jobs they provide for a year .

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Nationalistic policies threaten to undermine green energy, says new study

Nationalistic policies to protect manufacturers of solar panels and other renewable technologies threaten to undermine global efforts to battle climate change, a new study says.

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Gallery

New ‘tech wreck’ wipes hundreds of billions off stocks

Disappointing earnings from the megacap tech companies that have led stock markets higher for years are cratering their shares.

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US economy snaps out of its doldrums to record growth in third quarter of the year

The US economy grew at a 2.6pc annual rate from July through September, snapping two straight quarters of contraction and overcoming high inflation and interest rates just as voting begins in midterm elections in which the economy’s health has emerged as a paramount issue.

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Twitter deal to close as Elon Musk says his aim is ‘to help humanity’

Elon Musk told Twitter employees that he doesn’t plan to cut 75pc of the staff when he takes over the company, according to people familiar with the matter.

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Shell jumps on dividend rise, posting second-highest profit on record

Shell Plc gained the most since July as it raised its dividend after posting its second-highest profit on record, even as some parts of its business showed signs of slowing.

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Credit Suisse to raise $4bn to fund sweeping overhaul

Credit Suisse Group AG took its most dramatic step yet to repair the bank, unveiling a fresh plan that will see a multi-billion dollar capital raise, carve out of the investment bank and thousands of job cuts after it posted another huge loss.

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Premium

David Chance Opinion Forget Frankfurt, it will be the Fed that sets the pace for the global economy

It is decision day at the European Central Bank and time for another bumper rate rise, yet for all the attention focused on Frankfurt and today’s press conference, next week’s Federal Reserve meeting is arguably more important.

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Ukrainian telco firms dig in as nation fights to stay connected

In a single hour, as a volley of Russian missiles wrecked homes, power stations, factories and playgrounds across their country, Ukrainians placed a record 67 million minutes of calls on Kyivstar's phone network.

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Barclays traders beat estimates while uncertainty freezes deals

Barclays Plc's traders beat estimates in the third quarter, offsetting steep declines for its investment bankers as growing economic headwinds keep deals on the sidelines.

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Microsoft plunges on forecast for lacklustre Azure growth

Microsoft Corp. gave a lacklustre forecast for sales growth in its Azure cloud-computing services business, a closely watched measure of corporate demand, sending the shares reeling in late trading.

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Google parent Alphabet drops as earnings and sales miss estimates

After reporting earnings and revenue that missed expectations, Google parent Alphabet Inc. said on Tuesday it would slow hiring and control expenses, signalling that it was girding for tough times ahead as the economy falters.

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UK regulator tells money managers to cut greenwash in ethical funds

The UK’s financial regulator made clear it will no longer tolerate vague ESG fund designations as it moves to crack down on investment managers that can’t back up their claims of targeting environmental, social and governance metrics.

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Apple to cut production of its mid-range iPhone 14 amid tepid demand

Apple is cutting back production of its iPhone 14 Plus and is increasing the output of the more expensive iPhone 14 Pro due to lukewarm demand for the mid-range model, market research firm TrendForce said.

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HSBC shares drop on higher loan loss charges and CFO surprise

HSBC Holdings Plc shares dropped after the bank reported higher-than-expected charges for possible loan losses in its third quarter results, bolstering worries about the economic pain a looming downturn will bring.