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US personal income dropped by 2.7 per cent in August after the lapse of emergency unemployment benefits for millions of Americans, raising fears that lower consumption could dampen the economic recovery. According to data from the commerce department’s Bureau of Economic Analysis, the drop in income was worth $543.5bn and larger than economists were predicting.
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Republican senators tried to distance themselves from Donald Trump on Wednesday morning, following the US president’s aggressive debate performance and his refusal to condemn white supremacists. In the first presidential debate on Tuesday night, Mr Trump repeatedly interrupted and spoke over Joe Biden, the Democratic challenger, in what quickly devolved into an ugly, acrimonious spectacle.
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European stocks on Monday had their best day since June, leading a global equity market rally driven by investors scooping up shares in beaten-down sectors as a choppy month draws to a close. The region-wide Euro Stoxx 600 index was 2.2 per cent higher, its best showing in three months, with German’s Dax 30 posting
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The US government has sanctioned China’s biggest chipmaker, dealing further damage to the country’s semiconductor industry after cutting Huawei off from its chip suppliers. On Friday, the US Department of Commerce told companies that exports to Semiconductor Manufacturing International Corporation (SMIC) posed an “unacceptable risk” of being diverted to “military end use”, according to a copy
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Donald Trump refused to commit to a peaceful transfer of power if he loses the election, sparking further concern about the November 3 poll. “We’re going to have to see what happens,” the president said when asked at a news conference. Mr Trump repeated his mantra that the ballots being posted to millions of voters
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The income earned by workers around the world fell more than 10 per cent in the first nine months of 2020 as a result of the coronavirus pandemic, according to the International Labour Organization — a loss totalling more than $3.5tn. The estimate, which equates to 5.5 per cent of global gross domestic product, was derived from
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European markets tumbled after sharp rises in coronavirus cases across the continent prompted concerns about new lockdowns, dealing a heavy blow to bank and travel shares. London’s FTSE 100 was down 3.4 per cent by mid-morning. Shares in British Airways owner IAG declined 15 per cent, while Trainline shares lost 12 per cent and InterContinental
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How apt that much of Ruth Bader Ginsburg’s most distinguished work was written in dissent. A Jewish woman from prewar Brooklyn, her rise to the US Supreme Court was itself a kind of “No” — to the hurdles of race, class and above all gender. In 27 years on the bench, she helped to lower
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TikTok will be removed from US app stores from midnight on Sunday as Washington moves to implement executive orders from President Donald Trump that will also target WeChat, a Chinese social media app, according to a person briefed on the plans. The US commerce department, which issued the orders on Friday, stopped short of forcing Apple
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ByteDance has reached a preliminary “technical partnership” agreement with Oracle for TikTok’s US operations that does not include a full sale of the popular video app, according to three people with knowledge of the matter. As part of the deal, Oracle plans to address the national security concerns the Trump administration has raised over the
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The UK government was explicitly warned in January that Boris Johnson’s Brexit divorce deal would leave Brussels able to claim jurisdiction over “large amounts” of UK state aid policy after the end of the transition period, documents seen by the Financial Times have revealed. A 10-page official briefing document shows the civil service issued clear
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The threat of a turbulent US presidential election is raising the pressure on companies to load up on cheap debt as bankers warn that disruption to financial markets could deny them access to funds on favourable terms. Corporate bond issuance has started strongly in September after companies raised $210bn in August — a record for
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LVMH’s planned $16.6bn takeover of US jeweller Tiffany was thrown into jeopardy on Wednesday after the French conglomerate said the deal could not be completed and Tiffany hit back with a lawsuit aimed at forcing it to respect their original agreement. The largest-ever deal in the luxury sector has become the most high-profile example of
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German automotive giant Daimler has ruled out expanding production in its home country as it prepares for further cost cuts in the face of a sharp fall in global car sales. Ola Kallenius, chief executive of the group, which owns Mercedes-Benz and is the country’s oldest carmaker, told the Financial Times it would invest in
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The euro’s rise is worrying top policymakers at the European Central Bank, who warn that if the currency keeps appreciating it will weigh on exports, drag down prices and intensify pressure for more monetary stimulus. Several members of the ECB’s governing council told the Financial Times that the euro’s rise against the US dollar and
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Switzerland’s financial regulator has begun enforcement proceedings against Credit Suisse over the bank’s corporate espionage scandal. The move advances a probe that Finma launched at the end of last year, marking an escalation in the fallout of the affair that rocked the country’s financial industry last year. Finma opened its investigation after details burst into
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