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The banks underwriting Arm’s $50bn listing will close orders for shares a day earlier than planned due to strong demand for the biggest initial public offering in nearly two years. People familiar with the matter said the IPO for the UK-based chip designer, which is more than five times oversubscribed, will close on Tuesday, instead

Vietnam has upgraded its relationship with the US to the highest level, bringing the former foes closer in the face of Beijing’s growing assertiveness. The US signed a “comprehensive strategic partnership” with the south-east Asian country on Sunday after President Joe Biden arrived in Hanoi from New Delhi, where he had attended the G20 summit.

G20 leaders have failed to condemn Russia’s invasion of Ukraine in a joint statement after China and Russia rejected language that blamed Moscow for the conflict, highlighting the lack of global consensus in support of Kyiv. The New Delhi summit declaration refers only to the “war in Ukraine”, a formulation that supporters of Kyiv such

Receive free UK airports updates We’ll send you a myFT Daily Digest email rounding up the latest UK airports news every morning. The UK’s two busiest international airports, Heathrow and Gatwick, have detected the type of concrete that recently forced hundreds of UK schools to close and sparked a political crisis. The airports, which together

The Treasury is preparing to increase the UK state pension by more than 8 per cent next year because of the controversial “triple lock”, which has raised retirees’ incomes faster than workers’ wages. The sharp increase in pension payments follows a 10.1 per cent rise this year, with pensioners protected from last year’s energy-driven inflation

The pound fell to a three-month low on Wednesday after Bank of England governor Andrew Bailey cast doubt on the need for further interest rate rises. Sterling was down 0.5 per cent on the day against the dollar to $1.249 after Bailey told MPs that the UK economy was now “much nearer the top of the

Birmingham city council, the biggest local authority in the UK and Europe, has declared itself in effect bankrupt, becoming the latest local government body to announce it cannot balance the books this year. The Labour-run council for the UK’s second city said on Tuesday that it had issued a section 114 notice owing to “unprecedented

UK prime minister Rishi Sunak is facing the prospect of two parliamentary by-elections in Conservative strongholds this autumn after Chris Pincher lost his appeal against an eight-week suspension from the House of Commons for groping two men last year. An independent parliamentary panel upheld the recommendation by the Commons standards committee in July, ruling that

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Dealing with the market turmoil sparked by then UK prime minister Liz Truss’ ill-fated “mini” Budget last year felt like swimming with crocodiles, according to the Bank of England’s chief economist. Huw Pill told a panel at South Africa’s central bank on Friday that the September fiscal event, which set out £45bn in unfunded tax

Britain’s economic performance since the start of the Covid-19 pandemic was much better than previously thought, the Office for National Statistics said on Friday as revised figures added nearly 2 per cent to the size of the economy. The changes mean that by the end of 2021, the UK economy was 0.6 per cent larger

UBS has reported the biggest ever quarterly profit for a bank, after recording a $29bn gain linked to its takeover of Credit Suisse. The Swiss lender announced the figures on Thursday as it said it would press ahead with absorbing Credit Suisse’s domestic business despite local and political opposition to a deal expected to result

UK house sales are on track for their slowest year in more than a decade, as higher mortgage rates and inflation hit the purchasing power of prospective homebuyers. Some 1mn houses are set to be sold in England, Scotland, Wales and Northern Ireland this year, down one-fifth on 2022 and the lowest figure since 2012,

UK foreign secretary James Cleverly has hit back at Conservative party critics ahead of a visit to Beijing this week, warning that failure to engage with China would be a sign of British “weakness”. Cleverly told the Financial Times he would tell his hosts on Wednesday that Britain welcomed Chinese investment provided it did not

Eurozone money supply has shrunk for the first time since 2010 as private sector lending stalls and deposits decline, in a financial squeeze that economists warn points to a further downturn ahead. The money supply is one of the main metrics monitored by the European Central Bank to check the impact of recent monetary policy

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What is included in my trial? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Premium Digital includes access to our premier business column, Lex, as well

The writer is an FT contributing editor In August at the Jackson Lake Lodge in Grand Teton National Park in Wyoming, the chair of the Federal Reserve usually takes a walk. Someone at the Fed alerts the photographers at the wire services, and the chair steps out on to a terrace, accompanied by two or

Wagner fighters made a makeshift memorial for their founder Yevgeny Prigozhin in St Petersburg on Thursday as the Kremlin maintained its silence on the warlord’s apparent demise in a plane crash. Supporters of Prigozhin, who is listed among the passengers of a private jet that crashed north-west of Moscow on Wednesday, killing all aboard, mourned

Russia is offering to swap western investors’ stranded assets in the country for some Russian assets frozen by the west following President Vladimir Putin’s invasion of Ukraine. Under the proposal, Moscow would give interested western investors the opportunity to buy the assets of Russian companies that have been immobilised in Europe by using their own