The biggest Fed rate hike in 40 years? It could be coming next week.

Desperate times call for desperate measures, and times are, arguably, increasingly desperate. The persistence of high inflation might force the Federal Reserve to resort to the biggest increase in a key U.S. interest rate in more than 40 years. After another dismal U.S. inflation report, economists at the brokerage Nomura Securities on Tuesday became the … Read more

Secret meetings and snags: Everything you need to know about the EY split

The pending split at EY, one of the world’s largest accounting firms and firmly among the Big Four, is proving to be a much more complicated move that’s drawing out the timetable for negotiations, amid prickly internal discussions on finding the best deal for partners worldwide. The move, which would hive off consulting from audit … Read more

Nvidia stock fall after U.S. moves to restrict its data-center sales in China

Nvidia Corp. shares fell in extended trading Wednesday after the graphics-chip specialist disclosed that the U.S. government is seeking to restrict its data-center business in China. In a filing with the Securities and Exchange Commission, Nvidia NVDA, -2.42% revealed that the U.S. has installed new license requirements for its A100 and forthcoming H100 integrated circuits … Read more

Russia Confounds the West by Recapturing Its Oil Riches

Moscow is raking in more revenue than ever with the help of new buyers, new traders and the world’s seemingly insatiable demand for crude Oil storage tanks at the RN-Tuapsinsky refinery in 2020 operated by Rosneft Oil Co., in Tuapse, Russia. Andrey Rudakov/Bloomberg News

Brexit bill pits politicians against regulators: ‘It’s a recipe for disaster’

Brexit is a once-in-a-lifetime chance for the City to break free from restrictive EU rules. Or so politicians are saying. On the campaign trail to become the next prime minister, both Liz Truss and Rishi Sunak have pledged a bonfire to swathes of red tape choking the ambitions of UK financiers. But that process is already … Read more

Bank of England governor Andrew Bailey warns MPs: Don’t weaken our independence

Bank of England governor Andrew Bailey has urged politicians not to dilute the bank’s independence as parliament prepares to debate a landmark overhaul to post-Brexit regulation. The Financial Services and Markets Bill was introduced right before the summer recess, giving the government greater oversight of the UK’s finance watchdogs as it lays the groundwork to axe … Read more

Fears mount on ‘race to the bottom’ as UK’s post-Brexit trading rules take shape

After Brexit, many expected divergence in regulation between the EU and the UK, as Britain sought to make its own financial system more competitive. But with the introduction of the Financial Services and Market Bill in the UK and the EU Parliament’s draft report of the MiFID II review, the two jurisdiction’s regulation seem to be … Read more

Crypto crash? It’s ‘just a blip’ says BTCS boss Charles Allen

The crypto winter is upon us, hammering institutional and retail investors alike. In a Barron’s Live webinar on 21 July, Financial News talked to Charles Allen, chief executive of blockchain infrastructure firm BTCS, to discuss the lasting consequences of the crash, the role of regulators, and what’s next for digital assets. This excerpt has been edited for clarity and … Read more

10 Companies That Would Take a Hit From a 15% Minimum Corporate Tax

Text size Nvidia has had a 4.7% tax rate and average pretax profit of $4.8 billion. Here, a cryptocurrency mining rig is equipped with Nvidia Geforce GPU at the Thailand Crypto Expo 2022. Andre Malerba/Bloomberg Democrats proposed lifting the corporate tax rate to help fund their climate and healthcare package, and if the tax remains part … Read more

Helena Morrissey: The City’s ‘Big Bang 2.0’ hasn’t gone far enough

Baroness Helena Morrissey has been an executive at multiple asset managers and is a noted City diversity campaigner The long-awaited Financial Services and Markets Bill was finally introduced to parliament just ahead of the summer recess. At more than 330 pages, it is the biggest financial services legislation package in more than two decades. The bill … Read more