The latest US tech earnings show a switchover in fortunes for businesses that prospered in the pandemic and those that were hard-hit by lockdowns and travel restrictions. The recovery of the tourism sector boosted Booking Holdings and TripAdvisor’s first-quarter results. Booking said its gross travel bookings totalled $27.3bn in the three months to March 31,

Decades of low interest rates, now being rapidly unwound, created vast fortunes for risk asset holders. The breadth and depth of that wealth is apparent in the group that has agreed to buy Twitter alongside Elon Musk. On Thursday, a securities filing disclosed that the Tesla chief executive had lined up just over $7bn in

German manufacturing orders and French factory output both fell more than expected in March, underlining how Russia’s invasion of Ukraine, soaring commodity prices and Chinese coronavirus lockdowns are weighing on the eurozone economy. New orders for German industry fell 4.7 per cent in March, compared to the previous month, according to data published by Destatis

It takes a while for expectations that build up during a long bull market to unwind. Things develop an air of inevitability, like a law of financial nature, and it becomes hard to remember that conditions were ever different. In the tech world, stock-based pay has come to play that role. It is a little-discussed

The past two years have reinforced to Matt Ballantine, head of technology and transformation for RHP, a housing association, that his favourite part of a conference is addressing delegates from the stage on the topic of technology and the future of work. “I don’t like big groups of people. I enjoy it when I talk

The Sex Pistols credit card was launched by Virgin Money in 2015. One design featured the artwork for their debut single “Anarchy in the UK”, another the cover of their album Never Mind the Bollocks, Here’s the Sex Pistols. For the punk true believer, things only got worse the following year, the subculture’s 40th anniversary

The writer is co-head of foreign exchange strategy for Goldman Sachs The yen has been the worst performing major currency this year, sliding around 12 per cent against the dollar and underperforming even the Turkish lira and Argentine peso. Relative to a basket of trading partner currencies and adjusted for inflation, the yen has fallen

If you see blurbs such as “devastating” and “pitilessly honest” on a film poster, you might understandably feel nervous — even if they are followed by “masterpiece” or “unmissable”. So you have to applaud the directors of two new films for daring to make what they surely knew would be very tough sells. Both films

Apollo Global Management beat profit expectations in its first results since its merger with life insurance company Athene in January, a deal that dramatically transformed the private equity giant into a $32bn financial conglomerate. In results released on Thursday, Apollo reported a $1.2bn adjusted pre-tax profit, with $670mn earned from its newly acquired Athene operations.

Hikvision’s share price fell 10 per cent on Thursday after Washington moved to impose tough sanctions on the Chinese surveillance camera maker accused of facilitating human rights abuses. The company’s Shenzhen-listed shares finished trading on Thursday down by the maximum daily limit at Rmb38.24 ($5.74) as Chinese markets returned from a three-day holiday. The Financial

To understand how Russia is being affected by the west’s sanctions, I have been listening to a lot of experts on the country’s economy and on how sanctions work. They include the Bank of Finland’s institute for emerging economies, or Bofit, which I mentioned last week and which should be one of your go-to places

Shell reported its highest ever quarterly profits as it capitalised on the volatility in global energy markets following Russia’s invasion of Ukraine. Adjusted earnings at Europe’s largest oil company rose to $9.1bn in the first three months of the year, almost three times the $3.2bn it recorded a year earlier. That beat average analyst estimates

The prospect of the Supreme Court reversing the reproductive rights it granted to all Americans in 1973 has put the country’s largest employers in a position that almost all of them had hoped to avoid. Chief executives have become increasingly vocal in the country’s biggest debates, from voting rights to gun control, infuriating rightwing politicians

The US economy’s long era of cheap shale gas is showing signs of fading, with prices hitting the highest in more than a decade and Europe and Asia ready to pay more to import American supplies. The Henry Hub natural gas benchmark settled at $8.415 a million British thermal units on Wednesday, more than double

Good morning. Yesterday, the Federal Reserve said exactly what everyone thought it was going to say, but, as usual, the market found something in the press conference to get worked up about. More on that below, and on the long-term outlook for bonds. Email us: robert.armstrong@ft.com and ethan.wu@ft.com The Fed doesn’t have a plan, and

Austria’s Leopold Museum has rediscovered an early work by Egon Schiele, and plans to include it in a sale of non-fungible tokens (NFTs) based on works by the Viennese artist. “Leopold Czihaczek at the Piano” (1907) is an impressionistic painting of the artist’s uncle and legal guardian made when Schiele was only 17. Missing for

The idea put forward by Bank of England deputy governor Sam Woods in your editorial “Sieving the alphabet soup of banks’ capital requirements” deserves consideration (May 2). The current framework is not easily reformed as it rests on too many assumptions, and too many models providing opportunities for cherry-picking and tweaking. Change is needed. The

UK ministers are shelving plans to ensure that workers keep their tips, despite having first promised to do six years ago, in a move that has angered trade unions. Paul Scully, the business minister, announced in September that the government would take action to make it illegal for employers to withhold tips from workers. The

The writer is chief economist at Enodo Economics For a long time, foreign investors’ favourite adjective for the Chinese Communist party was “pragmatic”. The CCP would not do anything that would harm China’s economic interests, the argument went, and so short-term glitches in policy would always be ironed out before they made a durable dent

I accept Mary Shipley’s invitation to ponder her question “Why is it there are so few FT letters by women?” (Letters, May 4) If published, this will be my fourth letter in the FT. I identify as a male. I think there is a surplus of men of a certain age that are underemployed and