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Russia has weathered western sanctions over the invasion of Ukraine, the oligarch Oleg Deripaska has said, admitting “surprise” at the country’s resilience after a war he thought would bankrupt the Kremlin. Deripaska, one of Russia’s richest men, told the Financial Times that Moscow had survived the effort to isolate its economy by developing new trade

Lego has abandoned its highest-profile effort to ditch oil-based plastics from its bricks after finding that its new material led to higher carbon emissions, in a sign of the complex trade-offs companies face in their search for sustainability. The world’s largest toymaker announced two years ago that it had tested a prototype brick made of

Receive free War in Ukraine updates We’ll send you a myFT Daily Digest email rounding up the latest War in Ukraine news every morning. US president Joe Biden has decided to send American long-range missiles known as ATACMS to Ukraine after months of deliberations over whether to provide Kyiv with the munitions, according to people

Receive free Markets updates We’ll send you a myFT Daily Digest email rounding up the latest Markets news every morning. Wall Street stocks recovered on Friday after a week in which equities have been buffeted by rising oil prices and growing expectations that interest rates will stay higher for longer. Wall Street’s benchmark S&P 500

Yair Lapid, head of Israel’s largest opposition group, said the prospect of the country establishing full relations with Saudi Arabia was ‘welcome’ © Bloomberg Israel’s opposition leader has hit out at the idea of allowing Saudi Arabia to enrich uranium in the kingdom, warning such a development would pose a threat to the Jewish state’s

Receive free Federal Reserve updates We’ll send you a myFT Daily Digest email rounding up the latest Federal Reserve news every morning. For months, Jay Powell has tried to scotch hopes that the Federal Reserve will perform an abrupt about-face when it reaches the apex of its historic rate-rising campaign. The US central bank chair

Receive free UK inflation updates We’ll send you a myFT Daily Digest email rounding up the latest UK inflation news every morning. UK inflation was lower than expected in August, falling to 6.7 per cent from 6.8 per cent in July, rather than increasing on the back of higher petrol costs. The drop in almost

Receive free Canada updates We’ll send you a myFT Daily Digest email rounding up the latest Canada news every morning. Canada’s prime minister has said there are “credible allegations” that India’s government was involved in the fatal shooting of a prominent Sikh leader in British Columbia, citing intelligence from national security services. Justin Trudeau on

Western companies that have continued to operate in Russia since Moscow’s full-scale invasion of Ukraine have generated billions of dollars in profits, but the Kremlin has blocked them from accessing the cash in an effort to turn the screw on “unfriendly” nations. Groups from such countries accounted for $18bn of the $20bn in Russian profits

Receive free Share buybacks updates We’ll send you a myFT Daily Digest email rounding up the latest Share buybacks news every morning. Share buybacks on the US stock market have dropped to the slowest pace since the early stages of the Covid-19 pandemic as rising interest rates undermine the incentive for companies to purchase their

Russia has authorised unreinforced oil tankers to sail through its icy Northern Sea Route for the first time, triggering warnings Moscow is risking a catastrophic Arctic spill as it reroutes sanctions-hit energy exports to Asia. Two tankers were granted permission in August to carry out the 3,500-mile long journey along Russia’s northern coast, despite not

Receive free Chinese politics & policy updates We’ll send you a myFT Daily Digest email rounding up the latest Chinese politics & policy news every morning. The US government believes Chinese defence minister Li Shangfu has been placed under investigation in the latest sign of turmoil among elite members of Beijing’s military and foreign policy

The world is at “the beginning of the end” of the fossil fuel era, according to the leading global energy watchdog, which for the first time has forecast that demand for oil, natural gas and coal will all peak before 2030. New projections by the International Energy Agency forecast that the consumption of the three

Rishi Sunak has told Chinese premier Li Qiang he has “significant concerns about Chinese interference in the UK’s parliamentary democracy” after the arrest of a British parliamentary researcher on suspicion of spying for Beijing. The Metropolitan Police has confirmed that two men were arrested under the Official Secrets Act in March over allegations of espionage-related

The US House of Representatives China committee plans to hold a Taiwan war game with financial and business executives in New York on Monday, in an effort to raise awareness about the risks attached to Americans investing in China. Mike Gallagher, the Republican head of the panel, and Raja Krishnamoorthi, its top Democrat, will lead

Germany is pushing the European Commission to postpone tariffs on electric vehicle sales between the UK and the EU after industry warned that the measure would backfire. In a boost for Rishi Sunak’s government, Berlin now supports the UK’s calls for a three-year delay to the duties, two people familiar with the situation said. At

Warner Music has acquired a majority stake in record company 10K Projects, the upstart label behind the rapper Ice Spice, for an undisclosed sum, according to a person familiar with the matter.  10K Projects was founded in 2016 by Elliot Grainge, the son of Universal Music chief Lucian Grainge — Warner Music’s rival.  Warner, the

Apple and Microsoft, the most valuable companies in the US, have argued some of their flagship services are insufficiently popular to be designated “gatekeepers” under landmark new EU legislation designed to curb the power of Big Tech. Brussels’ battle with Apple over its iMessage chat app and Microsoft’s search engine Bing comes ahead of Wednesday’s

Chinese lenders stepped in to extend billions of dollars to Russian banks as western institutions pulled back their operations in the country during the first year of Moscow’s invasion of Ukraine. The moves by four of China’s biggest banks are part of Beijing’s efforts to promote the renminbi as an alternative global currency to the

Chinese authorities stepped up measures to support the renminbi and boost the country’s housing market in an effort to restore confidence in the world’s second-largest economy. The People’s Bank of China said on Friday it would cut the amount of foreign currency that financial institutions are required to hold in reserve, signalling its resolve to