The senator who had single-handedly blocked Joe Biden’s climate agenda just a few weeks ago has explained his stunning change of heart this week as a move to protect both US oil and gas and clean energy interests. Backing a historic bill that would set aside $369bn for climate and clean energy programmes, Democratic senator

Good morning. Yesterday I scolded the market for being too enthusiastic about the Fed chair’s comments. Today stocks went up more. It’s almost as if people aren’t listening to me. This is hard on my ego, so email me: robert.armstrong@ft.com. Recession The US economy shrank for the second quarter in a row — on an

Investors were desperate for the slightest sliver of good news from Jay Powell, and it shows. Fund managers were pretty sure that the US Federal Reserve would raise interest rates this week at an increment that just a few months ago would have brought us all out in hives. It duly delivered a 0.75 percentage

For decades, the Kuwait Investment Authority kept a low profile as it garnered a reputation as one of the oil-rich Gulf’s most powerful and respected sovereign wealth funds. But last week, the KIA abruptly sacked Saleh al-Ateeqi, the head of its London investment arm, the Kuwait Investment Office, dragging the secretive fund into the spotlight.

It is almost 11pm on an evening in early June and a group of about 60 gay men have taken over the Enchanted Rose, a cocktail bar at Disney’s upscale Grand Floridian Resort. This is the last stop on the Gay Pride Disney Monorail Crawl, an informal annual get-together that serves as a warm-up for

Apple’s revenues grew slightly on the back of iPhone sales and its services division despite headwinds from supply chain shortages and factory shutdowns in China. The iPhone maker said revenues had risen 2 per cent from a year ago to $83bn, slightly ahead of analysts’ forecasts for $82.8bn, according to Refinitiv. Apple in April had

Foreign secretary Liz Truss has rejected suggestions of a windfall tax on the profits of energy companies, despite British Gas owner Centrica’s announcement of huge earnings amid calls for increased support with fuel bills for struggling UK households. Truss, who in recent weeks has led the polling in the race to become leader of the

S&P Global has downgraded Pakistan’s outlook to negative from stable, as a depreciating currency, tighter global financial conditions and higher commodity prices weaken the government’s external position. S&P Global reaffirmed its sovereign credit rating of “B-/B” and said it expected external resources to remain “under pressure”, even after an expected IMF disbursement of $1.3bn. “The

Intel shocked Wall Street as it reported a slump in revenue in its latest quarter and slashed its financial outlook for the rest of the year, sending its battered stock price down 10 per cent in after-market trading on Thursday. The biggest US chipmaker by revenue blamed the disappointing results on weakening economic conditions, supply

Amazon’s shares rose more than 10 per cent on Thursday after it beat revenue expectations and offered an upbeat forecast for the remainder of the year, as its reins in ecommerce costs and benefits from strong demand for its cloud computing business. Amazon said it expected to return to double-digit quarterly revenue growth now that