HSBC banker Stuart Kirk has done the world of green finance a tremendous service. He has exposed widespread, muddled thinking about a central aspect of climate change: financial risk. It is not the lesson that he intended, nor one that many in the industry wish to take, but it is a start. Kirk, the global…
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This article is an on-site version of our #techFT newsletter. Sign up here to get the newsletter sent straight to your inbox Things are going south fast for social media, with Snap warning overnight of a rapid deterioration over the past month in the “macroeconomic environment”, leading to its shares falling more than 40 per…
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Women are more than twice as likely as men to suffer from long Covid, according to the largest study of the condition to date, which found a history of autoimmune disease or depression also increased the likelihood of experiencing symptoms. The study by genetic testing company 23andMe surveyed more than 100,000 people who had Covid-19,…
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Civica, the hospital-backed generic pharmaceutical company, named Ned McCoy as its new CEO on Tuesday. McCoy is the company’s chief operating officer and will take over from current CEO, Martin VanTrieste on June 1. VanTrieste will stay on as an advisor to Civica and remain on its board of directors. As part of the transition,…
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UK banks and insurers that fail to manage the risks associated with climate change could suffer a 10-15 per cent hit to their annual profits, the Bank of England warned on Tuesday. The results of the regulator’s inaugural “climate stress test” indicated that banks could incur up to £225bn in credit losses by 2050, while…
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Snap lost more than a third of its value on Tuesday after the social media group said in an unscheduled earnings warning that it would be stung by worsening macroeconomic conditions. The Snapchat parent said in a regulatory filing late on Monday that since it issued guidance at its earnings on April 22, “the macroeconomic…
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Convertible bonds sold by high-flying tech companies last year have plummeted, in a stark illustration of how turbulence sweeping financial markets has dented the appeal of some of the stars of the pandemic. Spotify and Peloton were among a clutch of companies that sold convertible debt, a type of bond that can convert into equity,…
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This article is an on-site version of our Moral Money newsletter. Sign up here to get the newsletter sent straight to your inbox. Visit our Moral Money hub for all the latest ESG news, opinion and analysis from around the FT Hello from Davos, where the first day of discussions at the World Economic Forum…
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This article is an on-site version of our Energy Source newsletter. Sign up here to get the newsletter sent straight to your inbox every Tuesday and Thursday Two things to start: Welcome back to another Energy Source. I’ve just returned from an extensive reporting trip in Canada’s oil and gas heartlands. There’s a long piece coming soon,…
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Another US tech group is biting the dust in China. Airbnb will close its business there after years of heavy investment. The room rental giant has said it is throwing in its complimentary towel because China’s “zero-Covid” policy has stifled tourism. The withdrawal will help local rivals in this fiercely competitive market. Airbnb plans to…
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