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Hedge funds trading bonds and currencies are on track for their best year since the global financial crisis, boosted by the steep interest rate rises that have inflicted heavy losses on equity specialists and mainstream investors. So-called macro hedge funds, made famous by the likes of George Soros and Louis Bacon, endured a barren period

Apple’s business is under threat from a widespread coronavirus outbreak in China, with supply chain experts warning of a growing risk of months-long disruption to the production of iPhones. The US tech giant has had to contend with more than a month of chaos at its main assembler Foxconn’s megafactory in Zhengzhou, China, known as

Hospitals in Beijing are being overwhelmed by sick elderly Covid-19 patients just weeks after China abandoned its tough coronavirus containment measures with little preparation for the exit wave now ripping through the country. Emergency rooms have run out of portable beds for patients, the infirm are waiting hours for ambulances and many doctors are too

Chinese officials estimate about 250mn people or 18 per cent of the population were infected with Covid-19 in the first 20 days of December, as Beijing abruptly dismantled restrictions that had contained the disease for almost three years. The estimates — which include 37mn people who were infected on Tuesday alone, or 2.6 per cent

The UK economy contracted by more than previously estimated in the third quarter and lagged further behind other advanced economies, as households struggled with high inflation. Data published by the Office for National Statistics on Thursday also suggested that consumers are not dipping into their savings as much as forecast, suggesting the UK’s recession could

UK health secretary Steve Barclay on Wednesday doubled down on the government’s decision not to negotiate on pay with striking NHS staff, as he accused ambulance unions of jeopardising patient safety. The government is braced for severe disruption within the NHS across England and Wales, following the decision by about 10,000 ambulance workers represented by

A UK health minister has urged the public to avoid “any risky activity” during ambulance staff walkouts in England and Wales on Wednesday, as hospital trusts reported a surge in critical incidents within the NHS. More than 10,000 ambulance workers affiliated with the country’s three main trade unions — GMB, Unite and Unison — are

Twitter users have voted for Elon Musk to step down as the social network’s chief executive, adding to turmoil over the future of the San Francisco-based company. The billionaire entrepreneur, who bought Twitter for $44bn in October, launched a poll via the platform on Sunday asking whether he should remain at the helm, adding: “I

The government remains “resolute” in its determination to face down the unions, cabinet minister Oliver Dowden said on Sunday ahead of what is set to be the most widespread week of strike action in recent British history. On Tuesday, nurses from across England, Wales and Northern Ireland are expected to take part in their second

The EU’s trading partners have hit out at the bloc’s plan to introduce the world’s first carbon border tax, saying it is protectionist and puts export industries at risk, as negotiations to complete the deal stretch into the weekend. According to two people familiar with the discussions, several developing nations have already begun to negotiate

Evidence of a wave of Covid-19 deaths is beginning to emerge in Beijing despite official tallies showing no fatalities since an uncontrolled outbreak began sweeping through China’s capital this week. Staff at one crematorium in Beijing said they cremated the bodies of at least 30 Covid victims on Wednesday and Financial Times reporters saw two

The Bank of England raised interest rates on Thursday by half a percentage point to 3.5 per cent, the highest level in 14 years, and warned that further rate rises were likely. In a vote showing a majority on the central bank’s Monetary Policy Committee for “forceful” action against inflation, six of the nine members

UK inflation dipped to 10.7 per cent in November as an easing in the rise in petrol prices helped to lower the rate from a 41-year high of 11.1 per cent last month. The figure was better than an expected 10.9 per cent and economists said the annual inflation rate had now probably passed its

US securities regulators have charged Sam Bankman-Fried with defrauding investors in his recently bankrupt cryptocurrency exchange FTX, the first move in an expected onslaught of criminal and civil charges following his arrest in the Bahamas late on Monday. The Securities and Exchange Commission said on Tuesday it had charged Bankman-Fried with defrauding venture capitalists and

Microsoft has agreed to buy a £1.5bn stake in London Stock Exchange Group as part of a 10-year strategic partnership between the US software company and the 300-year-old UK bourse. The deal, announced on Monday, marks the latest tie-up between exchanges and Big Tech. In November, Google invested $1bn in Chicago-based CME as part of

The White House’s chief energy adviser has described as “un-American” the refusal of US shale investors to ramp up drilling, even as Moscow’s invasion of Ukraine causes havoc on global oil and gas markets. US oil groups have been under pressure from Wall Street to funnel record profits back to investors this year, despite repeated

Blackstone has warned of possible delays to the launch of a new private equity fund designed for wealthy individuals, as it copes with heavy investor withdrawals at two other funds in real estate and credit aimed at a similar clientele. The New York-based investment manager has been preparing to open a fund called the Blackstone

Peru’s ousted president Pedro Castillo made his first appearance in court on Thursday since being removed from office, arrested and charged with “rebellion” for attempting to shut down the Andean nation’s congress. Castillo, the leftist onetime schoolteacher, was taciturn, and let his lawyers do most of the talking at the hearing to discuss his arrest

Beijing is running out of medical supplies as the Chinese capital combats a rapidly spreading coronavirus outbreak, health workers said, putting stress on limited resources just as authorities lift pandemic restrictions. Clinics designated for Covid-19 patients are quickly filling up and some hospitals in the city of 22mn people have begun rationing ibuprofen and paracetamol.

China has announced wide-ranging relaxations to President Xi Jinping’s contentious zero-Covid restrictions, including for the first time home quarantine, as further evidence emerged of the economic damage from the pandemic controls. The new measures, outlined on Wednesday by the State Council, China’s cabinet, were foreshadowed by a meeting of the Chinese Communist party’s politburo that