World

Inflation in UK shops jumps to highest level on record

Prices in UK stores rose at their highest rate since at least 2005 in November, with Britons battling soaring costs in the run-up to Christmas.

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Genesis creditors seek options to keep crypto exchange out of bankruptcy

Creditors to embattled crypto brokerage Genesis are organising with restructuring lawyers and seeking options that would keep the firm out of bankruptcy, according to people with knowledge of the situation.

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Goldman moves traders to Milan in fresh Brexit shift away from London

Goldman Sachs Group is shifting some of its euro swaps trading desk to Milan from London, the latest example of roles moving to the continent after Brexit.

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Slowing inflation may start prompting European Central Bank rethink on rates

Germany followed Spain and Belgium in reporting slower inflation, offering ammunition to those who want the European Central Bank to ease the pace of interest-rate increases.

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EasyJet targets full capacity as slump boosts discount flights

EasyJet Plc said enduring demand for flights should allow it to return to pre-pandemic levels of capacity by next summer, even as soaring inflation weighs on household income.

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China unrest dents iPhone supply ahead of Christmas shopping season

Turmoil at Apple's key manufacturing hub of Zhengzhou is likely to result in a production shortfall of close to six million iPhone Pro units this year, according to a person familiar with assembly operations.

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Crypto contagion spreads as BlockFi files for bankruptcy

Major cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection along with eight affiliates, the latest crypto casualty to follow the spectacular collapse of the FTX exchange earlier this month.

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Online rentals firm Airbnb is back in profit after a $3bn loss

The Airbnb business entity based in Ireland last year returned to profit, making $121.49m (€116.85m) before tax.

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Gallery

Hundreds protest and thousands walk out of vast Foxconn factory in China over Covid restrictions, hitting iPhone production

Foxconn’s flagship iPhone plant in China is set to see its November shipments further reduced by the latest bout of worker unrest this week, a source with direct knowledge of the matter said yesterday, as thousands of employees left the site.

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Germany's economy stronger than expected in third quarter

Germany's economy proved more resilient in the third quarter than initially reported, growing 0.4pc on strong consumer spending.

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IKEA stores owner Ingka's annual operating profit rises 9pc

Ingka Group, the owner of most IKEA stores, reported on Friday a 9pc rise in annual operating profit, as price increases helped it offset higher input costs as well as compensate for costs incurred to wind down in Russia.

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Top Apple supplier Foxconn apologises after worker protests

The giant Taiwanese company that assembles Apple’s iPhones in China has apologised for a pay dispute that triggered employee protests at a factory where anti-virus controls have slowed production.

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Twitter’s Brussels office is now empty as staff leave the firm following Elon Musk’s takeover

Twitter has lost its last remaining employees in the regulatory hub of Brussels, at a time when it faces increasing scrutiny from EU lawmakers.

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French prosecutors probe finance links between Emmanuel Macron’s election campaign and US consultancy McKinsey

France’s financial prosecutor has opened a probe into suspected favouritism and alleged illegal financing of President Emmanuel Macron’s 2017 campaign, in connection with contracts with McKinsey, Le Parisien newspaper said.

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Paschal Donohoe faces no challengers for Eurogroup job

Finance Minister Paschal Donohoe has emerged as the only candidate to succeed himself as Eurogroup head.

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UK's Ofgem says energy bills would hit over £4,200 without help

British energy regulator Ofgem said its price cap for average household energy bills would rise by about 21pc to £4,279 ($5,172) a year from January to the end of March 2023.

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Apple supplier Foxconn apologises for hiring blunder at Covid-hit China plant

Apple's major supplier Foxconn said on Thursday a "technical error" occurred when hiring new recruits at a Covid-hit iPhone factory in China and apologised to workers after the company was rocked by fresh labour unrest.

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Premium

David Chance Opinion FTX crash shows cryptocurrencies are giving casino capitalism a bad name – they should be regulated like cigarettes

The typical retail buyer of cryptocurrencies is male, under 35-years old-and has likely lost three quarters of the money he invested.

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Credit Suisse warns of fourth quarter loss on 'massive' outflows

Credit Suisse Group AG warned it will book a loss of up to 1.5 billion Swiss francs ($1.6bn) for the fourth quarter, and reported further outflows of wealth management funds amid a slump in client confidence.