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UBS has warned that further turmoil in markets will prompt clients to retreat after its second-quarter profits fell short of expectations, sending shares in the world’s largest wealth manager down more than 5 per cent. The Swiss group’s private bank bore the brunt of a bruising quarter, with pre-tax profit for the business falling 11
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This article is an online version of our Inside Politics newsletter. Sign up here to get the newsletter sent straight to your inbox every weekday. Good morning. The topic of today’s newsletter is political betting. I used to do a lot of political betting before joining the Financial Times, and you can find an awful
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While public acceptance remains key to crypto’s existence, the road to mainstream crypto adoption requires governments to set up a supporting infrastructure that complements the requirements of the technology and the people.  Factors such as crypto ATM installations, pro-crypto regulations, startup culture and a fair tax regime signal a country’s readiness to adopt cryptocurrencies. Considering
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European stocks drifted on Tuesday after US retailer Walmart issued an after-hours profit warning and investors girded themselves for another interest rate rise from the Federal Reserve. Europe’s regional Stoxx 600 index struggled for direction, while London’s FTSE 100 rose 0.5 per cent. Shares in Walmart dropped almost 9 per cent in pre-market trading in
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For entrepreneurs hoping to get Masayoshi Son’s backing, the global outbreak of Covid-19 has made it harder than ever to meet the billionaire SoftBank founder in person. Even after two years of the pandemic, Son has stopped travelling overseas, switching instead to online video chats. Visitors from both in and outside of Japan are required
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Good morning. Ethan is away this week, resting up for August, which I will skip altogether (Unhedged will appear just three times a week all month, with a special guest author writing one of those.) So you know who to blame for the below: robert.armstrong@ft.com.  The market thinks the Fed has very good timing It’s
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Rishi Sunak and Liz Truss have exchanged blows over the economy in a crucial televised Tory leadership debate that ended in a bloody stalemate but took the contest to new levels of acrimony. Sunak, former chancellor, had hoped to use the primetime BBC1 debate to secure a breakthrough against foreign secretary Truss, who is seen
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U.S. stock futures fell on Monday night after Walmart cut its profit forecast, sending retail stocks tumbling after hours. Dow Jones Industrial Average futures fell by 134 points, or 0.42%. S&P 500 and Nasdaq 100 futures declined 0.31% and 0.38%, respectively. A late Monday announcement from Walmart, which cut its quarterly and full-year profit estimates
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Walmart has issued its second profit warning in 10 weeks, signalling a further deterioration in the US retail environment as inflation weighs on the price-sensitive consumers on whom the world’s largest retailer depends. “The increasing levels of food and fuel inflation are affecting how customers spend,” said Doug McMillon, Walmart’s chief executive. He said the
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Liz Truss, foreign secretary, has proposed sweeping reforms to UK trade union laws that would guarantee minimum services during strikes and raise the threshold on the number of workers needing to take part in ballots on industrial action. Truss, the bookmakers’ favourite to be the UK’s next prime minister, pledged on Monday to introduce legislation
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