Financial

As the first investment bank to report results, Jefferies is often seen as a preview of what is to come for the rest of Wall Street. On that basis, there is good news and bad. First, the good. The trading boom that began during the pandemic is still going strong. Uncertainty caused by rising interest

Good morning. Did credit default swap shenanigans cause the sell-off in Deutsche Bank shares last Friday? Some central bankers in Europe think so. Luckily, markets have not given Deutsche the Credit Suisse treatment, in no small part because its business is stronger. But in panicky markets, it is easy to mistake noise for signal. Email

Apple debuted its long-anticipated buy now, pay later programme in the US on Tuesday, as the $2.5tn tech giant expands further into finance in a challenge to incumbent firms including Klarna and Affirm. The iPhone maker unveiled plans for Apple Pay Later at its developers conference in June. After several months of delays, “select” US

Actress Wallis Day from Channel 4’s ‘Hollyoaks’ attends a Tommy Hilfiger event in London last week © Tolga Akmen/EPA-EFE/Shutterstock Shares of Tommy Hilfiger parent PVH surged 9 per cent in after-hours trading after the company provided a strong outlook for 2023. The apparel group, which also owns the Calvin Klein brand, said it expected revenue

Saudi Aramco has agreed to acquire 10 per cent of a Chinese oil refiner for $3.6bn in the second in a pair of deals set to strengthen the relationship between the Middle Eastern state oil company and its biggest market. Under the arrangement with Shenzhen-listed Rongsheng Petrochemical Co, Saudi Aramco will supply 480,000 barrels a

The coronavirus pandemic exacerbated an existing dearth of talent in the UK, said Michael Stull, director at ManpowerGroup © Hollie Adams/Bloomberg Eight in 10 UK businesses claim they cannot hire skilled employees, according to the results of a survey released on Monday. Sectors with the highest skills shortages are energy and utilities, healthcare and life

Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into US money market funds over the past two weeks, as the collapse of two regional US banks and the rescue deal for Credit Suisse raised concerns about the safety of bank deposits. More than $286bn has flooded into money market

The head of Libya’s state oil company said he had the backing of both the government in Tripoli and the renegade general Khalifa Haftar who controls the east of the country, as he outlined plans to attract investment and boost production. A battle for control of oil revenues has been at the heart of the

The global regulatory regime for “too big to fail” banks set up after the 2008 crisis does not work, according to Switzerland’s finance minister. In an interview with Swiss newspaper NZZ on Saturday, Karin Keller-Sutter — who was at the centre of Swiss authorities’ rush to rescue Credit Suisse last weekend — said following the

The writer is a former investment banker and author of Power Failure: The Rise and Fall of an American Icon While the spotlight in the financial world has lately been focused — understandably — on the shocking meltdowns of big financial institutions such as Credit Suisse and Silicon Valley Bank, a quiet but big shift