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Markets were braced for volatility in US petrol and diesel prices on Sunday as the country’s biggest fuel pipeline remained shut down following a cyber attack.  The Colonial Pipeline, which carries 45 per cent of the fuel consumed on the US East Coast, was taken offline on Friday, restricting the movement of gasoline, diesel and
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A major US fuel pipeline has been shut down after a ransomware attack on Friday, in an incident that underscores the vulnerabilities in America’s critical infrastructure. The Colonial Pipeline — the country’s largest conduit for refined products, transporting almost half of the fuel consumed on the East Coast — remained closed on Saturday after its
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France’s president sought to turn the tables on the Biden administration following its call for vaccine patent waivers, accusing “Anglo-Saxon” countries of hindering global supplies of life-saving jabs. Emmanuel Macron said the debate over intellectual property sparked by the US was a sideshow compared to existing barriers to the export of vaccines and ingredients, and
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The US Federal Reserve has warned that existing measures of hedge fund leverage “may not be capturing important risks”, pointing to the collapse of Archegos Capital as an example of hidden vulnerabilities in the global financial system. The US central bank’s semi-annual report on financial stability found that some asset valuations are “elevated relative to
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The US has backed a temporary suspension of intellectual property rights for Covid-19 vaccines in a move likely to enrage the pharmaceutical industry, which strongly opposes a so-called waiver. Joe Biden’s top trade adviser Katherine Tai said that while the US administration “believes strongly” in IP protections, it would support a waiver of those rules
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BlackRock has been accused of inconsistency in its approach to sustainable investing over its backing of a shareholder protest against Procter & Gamble’s sourcing of palm oil. The world’s biggest investment group, which has made ambitious commitments to environmental, social and governance standards, in October joined an investor rebellion at P&G over the consumer goods
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A wave of cash flooding bank balance sheets during the pandemic has prompted some of the largest US lenders to take the unusual step of advising corporate clients to move money out of deposits. Banks including JPMorgan Chase and Citigroup have held conversations with some large corporate clients about putting cash into money market funds
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The US will restrict incoming travel from India, a decision announced by the White House on Friday as the Indian government tallied another worldwide record for daily coronavirus cases with more than 400,000. Jen Psaki, the White House press secretary, said in a statement the restrictions would begin on Tuesday. Though Psaki did not specify
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Amazon has reported its second straight quarter of $100bn-plus sales, comfortably beating Wall Street’s targets as it continues to reap the rewards of pandemic conditions. Net sales of $108.5bn in the first three months of the year helped the company achieve a net income of $8.1bn, up by more than 220 per cent on the
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Listings on stock markets around the world are running at a record pace, with both deal numbers and values at their highest levels for the start of any year in at least two decades. This year, 875 initial public offerings each raising at least $1m have been clinched globally, according to data from Dealogic that cover
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The deepening global chip crunch is spreading to makers of smartphones, televisions and home appliances, according to suppliers in Asia, as companies boost stockpiles of in-demand semiconductors. Chip supplies have tightened due to booming demand for electronics during the Covid-19 pandemic and outages at large production facilities. But the shortage has been worsened by hoarding
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A panel of scientific advisers has recommended that the US resume use of Johnson & Johnson’s Covid-19 vaccine after deciding the benefits of inoculation outweighed the risks posed by rare blood-clotting issues. The Advisory Committee on Immunization Practices voted 10-4 on Friday to recommend lifting a pause it called for 10 days ago, after six
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Mario Draghi will next week unveil a €221bn recovery package for a radical restructuring of Italy’s economy as it seeks to bounce back from its deepest recession since the second world war. The plan, which features big-ticket investments in high-speed rail and green energy, as well fully digitalising the country’s public administration, will draw on
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A Minneapolis jury has reached a verdict in the trial of Derek Chauvin, the former police officer charged with killing George Floyd, whose death last year set off global protests over race and policing. The verdict will be announced between 4:30pm and 5pm Eastern Time, court officials said on Tuesday. The trial in Minneapolis has
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US stocks and bonds rallied this week, leaving Wall Street’s main equities barometer at a record peak, as the latest signs of the country’s economic recovery sparked a shift into American assets. Economic reports pointing to a quickening improvement in the labour market and a stimulus-fuelled jolt in consumer spending bolstered both foreign and domestic
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China’s economy expanded 18.3 per cent in the first three months of 2021, its fastest year-on-year rate for any quarter on record, highlighting the extent to which the country has rebounded from the coronavirus pandemic. Gross domestic product growth, which was marginally below expectations, was so unusually high because it was compared with a period
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JPMorgan Chase’s earnings grew fivefold in the first quarter, as a strengthening US economy allowed it to release more reserves for potential bad loans and rising investment banking fees propped up results. However, Jamie Dimon, chief executive, cautioned on Wednesday the boost from reserve releases would not last and loan demand remained challenged despite consumer
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Alibaba shares rose sharply on Monday after the ecommerce group controlled by billionaire Jack Ma said a record $2.8bn fine at the weekend marked the end of an antitrust investigation into the company. Executives told an analyst conference that while regulators were still probing China’s broader tech industry over past mergers and acquisitions, they did
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China’s Center for Disease Control is thinking about mixing vaccines and varying the sequence of doses to boost efficacy. It is the first time a government body has discussed publicly that there are concerns over the effectiveness of Chinese jabs. Gao Fu, the CDC head, told a forum on Saturday that the agency was “considering
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