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Epic Games, the maker of Fortnite, has secured $2bn in new funding from Sony and the group behind the Lego franchise as leading global games companies race to build an avatar-filled “metaverse”. The North Carolina-headquartered group said on Monday it had secured $1bn each from Japanese console and game developer Sony and Kirkbi, the investment

Proxy adviser ISS is recommending that investors vote against a proposed new pay package for Axa’s chief executive Thomas Buberl, arguing the insurer has not provided a good enough rationale for an offer that would include a 14 per cent salary hike. With Buberl’s mandate as chief executive up for renewal ahead of a new

Good evening, In an otherwise positive report about the airport “coming back to life after two years”, Heathrow boss John Holland-Kaye warned that resources were “stretched” and that it was “unclear whether the surge in demand is sustainable”. Labour shortages have hit the aviation industry particularly badly, limiting its ability to bounce back from the

The writer, former head of the IMF’s European department, is chief economic adviser at Morgan Stanley After yet another nasty inflation surprise last month, and with European Central Bank president Christine Lagarde no longer ruling out interest rate hikes in 2022, financial markets have got the message that policy tightening is afoot. Long-term rates have

Hey Fintech Fam, This week I explored how payment companies are approaching opportunities in the metaverse. I also spoke with the co-founder of one of the artificial intelligence start-ups helping to automate loan underwriting. Plus, keep reading for a recap of the horse race to become the “world’s crypto capital.” Did the new 3,000-pound crypto

What is going on between Elon Musk and Twitter? If you’re wishing you could be a fly on the wall in chief executive Parag Agrawal’s office right now, you’re not alone. Musk’s sudden decision to no longer join Twitter’s board marks a significant U-turn just days after he became the social media company’s biggest shareholder

Elon Musk will not join the board of Twitter, after all. But the world’s most recognisable entrepreneur will still exert a heavy influence on the social network. His biggest soft power asset comes in the form of 81.3mn Twitter followers, lapping up his eclectic musings and off-colour wisecracks. His more direct financial lever is the

It has been a long time since Britain had a foreign-policy success. Boris Johnson’s trip to Kyiv at the weekend should be seen as marking one, the culmination of an arms-to-Ukraine policy which proved instrumental in driving back the initial Russian advance. The prime minister is far from the first national leader to visit Ukraine

Signs that Russia is nearing a significant new offensive in eastern Ukraine mounted on Monday as US defence officials reported that troops withdrawn from Kyiv and the surrounding areas were being resupplied and reinforced by the Kremlin for redeployment in the Donbas region. Although Ukrainian officials have reported escalating Russian bombing in the region already

Mexico’s president claimed victory on Monday in a polarising recall referendum with low turnout that was boycotted by much of the opposition. President Andrés Manuel López Obrador won almost 92 per cent of the vote, according to electoral body INE, with 99 per cent of votes counted. Voter turnout for the ballot, which asked whether

“This is not a children’s show; this is not an adults’ show,” insists Akram Khan, director of Jungle Book Reimagined, which premiered at The Curve in Leicester. “This is everybody’s show.” If only. Sadly, despite clever, multi-layered projection by YeastCulture, a Jocelyn Pook score and fluid, fleet-footed movement for 10 versatile dancers, Khan’s multinational co-production

The writer is distinguished professor emeritus at the University of Bonn, an emeritus fellow of Trinity College, Cambridge and the former Bertrand Russell professor of philosophy at Cambridge In March, an open letter hit the press with the headline, “Universities must reject fossil fuel cash for climate research, say academics”. As two of several hundred

Emmanuel Macron will face far-right challenger Marine Le Pen in the second round of the French election on April 24, with polling suggesting a much tighter final race than in 2017. Here is what the first round results tell us so far. Macron won the first round by a reasonable margin — but the second

The title of my note today is taken from a new book by former Australian prime minister Kevin Rudd, which has become ever more timely since it was published a couple of months ago. I had the chance to hear Rudd — who speaks fluent Mandarin and is, for my money, one of the smartest

V, E, S, P, A: five letters with the power to summon a tourist-brochure-perfect Italy. The shadows of cypress trees lengthening in the setting Tuscan sun; the winding roads of the Amalfi coast; the turquoise waters of Sardinia; a land of milk, honey, espresso, sprezzatura, pizza and Negroni. Vespa speaks of an Italy where the

One thing to start: I have always had mixed feelings about Elon Musk, the chief executive officer of Tesla. Like many, I salute his bold vision and determination to fight climate change with electric vehicles. But I also wince about his (idiosyncratic) style of corporate governance, among other things. Either way, few can ignore him.

Ericsson has indefinitely suspended all activities at its business in Russia, the Swedish telecoms equipment maker said on Monday, as it seeks to distance itself from a country accused of war crimes in Ukraine and defend itself against the possibility of contravening European sanctions. “Ericsson is engaging with customers and partners regarding the indefinite suspension

Hello, and welcome to Trade Secrets. What of last night’s first-round French presidential election results from a trade policy perspective? A good result for Macron, obviously, but a lot of votes for far left and far right candidates with various degrees of antipathy to various definitions of globalisation. We’ll probably end up with Macron as

One of world’s largest listings this year has come from an unusual source: Indonesia. Shares in GoTo, a ride-hailing and ecommerce business, rose as much as 23 per cent on their first day of trading on Monday. A lower-than-expected valuation signals that south-east Asian listings are running out of steam. GoTo got off to a