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The Treasury is finalising plans for a package of sweeping rules to regulate the cryptocurrency industry, including limits on foreign companies selling into the UK, provisions for how to deal with the collapse of companies and restrictions on the advertising of products. Ministers will shortly launch a consultation on the new regulatory regime, after the

EU countries cut gas demand by a quarter in November even as temperatures fell, in the latest evidence that the bloc is succeeding in reducing its reliance on Russian energy since Moscow’s full-scale invasion of Ukraine. Provisional data from commodity analytics company ICIS showed gas demand in the EU was 24 per cent below the

Chinese cities accelerated the loosening of zero-Covid restrictions over the weekend, building expectations that Beijing could ditch the pandemic policy that has kept the country isolated for nearly three years and battered the economy. Several Chinese cities have eased controls, even as Covid continues to circulate. China reported 31,824 infections on Sunday for tests taken

Russia has quietly amassed a fleet of more than 100 ageing tankers to help circumvent western restrictions on Russian oil sales following its invasion of Ukraine, according to shipping brokers and analysts. Shipping broker Braemar estimates Moscow, which relies heavily on foreign tankers to transport its crude, has added more than 100 ships this year,

Blackstone has limited withdrawals from its $125bn real estate investment fund following a surge in redemption requests, as investors clamour to get their hands on cash and concerns grow about the long-term health of the commercial property market. The private equity group approved only 43 per cent of redemption requests in its Blackstone Real Estate

UK house prices fell in November at their fastest pace since the financial crisis, excluding the lockdown period of spring 2020, as rising borrowing costs hit household finances, according to mortgage provider Nationwide. House prices fell 1.4 per cent between October and November — the biggest fall since the country was in the depths of

Britain is poised to relax one of the biggest restrictions on the banking sector as part of “Big Bang 2.0”, the long promised liberalisation of post-Brexit financial services rules. The “ringfencing” of banks with retail and investment arms was introduced after the 2008 financial crash with the aim of reducing risk and preventing banking collapses.

Xi Jinping faces one of his greatest challenges as president of China after tens of thousands of people took to the streets over Beijing’s strict coronavirus controls and suppression of freedom of speech. At least 10 cities, including Shanghai, Beijing, Wuhan and Chengdu, were shaken by rare political protests over the weekend, triggering clashes with

China has been rocked by some of its most significant acts of civil disobedience in years after vigils in Shanghai and other big cities to mark a deadly fire in Xinjiang region turned into protests over Xi Jinping’s draconian zero-Covid policies. Social media posts have blamed the deaths of 10 people in the blaze on

Qatar has launched a review of its investments in London after the city’s transport authority this week banned the Gulf state’s advertisements on the UK capital’s buses, taxis and underground train system. The move by Transport for London was prompted by concerns about Qatar’s stance on LGBT+ rights and its treatment of migrant workers. It

Volodymyr Zelenskyy said Russia’s new strategy to destroy Ukraine’s infrastructure and plunge it into darkness would not weaken the country’s resolve to liberate all occupied land, describing the conflict as a “war of strength and resilience”. Pushing back against western fears of escalation, Ukraine’s president insisted there would be no lasting resolution to the war

Rishi Sunak is under pressure from a broad alliance of British business, legal, worker and environmental groups to drop controversial plans to automatically strip swaths of EU-derived law from the British statute book by the end of next year. More than a dozen organisations including the Institute of Directors, Trades Union Congress and Chartered Institute

Credit Suisse has forecast a pre-tax loss of up to SFr1.5bn ($1.6bn) in the fourth quarter of its financial year, citing a “substantial” industry-wide slowdown. The Swiss bank, which is undergoing a restructuring to recover from a string of scandals, said in an updated outlook on Wednesday that its wealth management division was likely to

Senior Walt Disney executives led a rebellion against chief executive Bob Chapek in recent weeks, which resulted in his ousting and replacement with predecessor Bob Iger, according to people familiar with the matter. The covert campaign to overthrow Chapek, which began in the summer, came after the outgoing chief executive lost the confidence of some

Bob Iger, who served as Disney chief executive for 15 years, has replaced successor Bob Chapek after a rocky tenure that lasted just 33 months. Iger, who handpicked Chapek as his successor only to see the relationship quickly sour, will serve another two years in the job that made him one of the world’s most

The UN climate summit has agreed to establish a historic loss and damage fund for poorer countries after working beyond sunrise in Egypt on Sunday, but backed down on greater cuts to greenhouse gas emissions and an end to fossil fuel use. A breakthrough was achieved with a fund to cover the “loss and damage”

UK chancellor Jeremy Hunt confronted a backlash from Tory MPs angry at a new era of high taxation even as the IMF hailed his efforts to restore the country’s fiscal credibility. On a day that two leading think-tanks said that high taxes had arrived for good and that wages were set for their most prolonged

British households are set for the steepest fall in living standards on record and the highest tax burden since the second world war after Jeremy Hunt laid out plans to cut public spending and raise revenue to fill a £55bn fiscal hole. The chancellor told a sombre House of Commons that a massive fiscal consolidation,

Jeremy Hunt, chancellor, will on Thursday seek to restore Britain’s tarnished economic reputation with a massive package of tax rises and spending cuts intended to repair the public finances and tame inflation. “We will face into the storm,” he will say. Hunt’s Autumn Statement will intensify the financial hardship facing millions of Britons and begin

Donald Trump has launched a third bid for the White House, firing the starting gun on the 2024 presidential election cycle just one week after midterm elections in which many of the Republicans he endorsed underperformed expectations in races up and down the ballot. “In order to make America great and glorious again I am