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The Bank of England took emergency action on Wednesday, unleashing a £65bn bond-buying programme aimed at stemming a spiralling crisis in government debt markets. The central bank warned of a “material risk to UK financial stability” from turmoil in the UK government bond market, which was sparked by chancellor Kwasi Kwarteng’s tax cuts and borrowing
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Western capitals are making contingency plans should Vladimir Putin take steps towards acting on his threats of nuclear attacks against Ukraine and are sending private warnings to the Kremlin about possible consequences, according to western officials. The Russian president’s nuclear warnings are “a matter that we have to take deadly seriously,” White House national security
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Vladimir Putin said Russia’s armed forces would call up its reserves immediately to support its invasion of Ukraine and indicated Moscow would probably annex large swaths of the country’s territory. In an address to his nation that Nato also criticised for its “dangerous and reckless nuclear rhetoric”, the Russian president announced “partial mobilisation” ahead of
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Four Moscow-controlled regions in Ukraine will stage referendums this week over becoming part of Russia, as the Kremlin tries to regain the initiative after major battlefield losses earlier this month. In another sign of Moscow’s hardening stance, Russia’s Duma passed a law on Tuesday that would increase penalties for desertion in the event of a
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Investors are pricing in a sharper surge in interest rates over the coming months after the world’s major central banks strengthened their resolve to tackle soaring prices, signalling they would prioritise inflation over growth. A Financial Times analysis of interest rate derivatives, tracking expectations for borrowing costs in the US, UK and eurozone, showed markets
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The German government has taken control of three refineries owned by Russian oil company Rosneft, in an escalation of the energy war between Moscow and the west triggered by Russia’s invasion of Ukraine. Chancellor Olaf Scholz said his government had not taken the step lightly, but that “it was unavoidable”. “We have known for a
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Russian president Vladimir Putin has acknowledged Chinese “concerns” about the war in Ukraine at his first in-person meeting with President Xi Jinping since the invasion. Putin’s comments in a meeting with Xi in Uzbekistan on Thursday were the first public admission of differences between Beijing and Moscow over the war in Ukraine. “We highly value
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The US inflation rate was higher than forecast in August, keeping up pressure on the Federal Reserve for a large interest rate rise this month and triggering a dramatic sell-off on Wall Street. The consumer price index increased 0.1 per cent for the month, above economists’ expectations for a 0.1 per cent drop, as a
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Ukraine needs to secure the vast territory it has recaptured from possible Russian counter-attack, the country’s defence minister has warned, as he said Kyiv’s lightning offensive had gone far “better than expected”. The attack has routed the Kremlin’s forces, led to the recapture of some 3,000 sq km of Ukrainian territory and prompted an unusual
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