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Take the right lessons from Trussonomics

Fiscal and monetary policy at cross-purpose sapped confidence. Yet there was irony in bond markets revolting against tax cuts rather than spending splurges.

  • The AFR View

Hopes high in battle for Ukraine’s jewel of the south

While every liberation is celebrated, Ukrainians are now focused on the southern front, where winning will mean everything.

  • Updated
  • Misha Zelinsky

EU energy pact vital to avert decline and unrest, says Belgian PM

Without an intervention on gas markets ‘we are risking a massive deindustrialisation of the European continent and the long-term consequences of that might actually be very deep’, says Alexander De Croo.

  • Alice Hancock and Valentina Pop

Russian troops flee frontlines in Ukraine’s south

Ukrainian forces have recaptured dozens of settlements in the past few days in the country’s south, but the Kremlin is confident they will be ‘returned’.

  • Updated
  • Tom Balmforth

OPEC defies Joe Biden with oil supply cut, just as EU agrees price cap

The global cartel agreed to cut output by 2 million barrels a day, driving up prices and creating a new economic and political headache for the West.

  • Updated
  • Hans van Leeuwen

British PM sets out a classic Thatcherite playbook

The embattled Liz Truss didn’t reveal any policies, but forcefully laid out her values: cut red tape, put tax money back in people’s pockets, shrink the state.

  • Hans van Leeuwen

How Boris Johnson helped the EU get its groove back

The ousted British prime minister accidentally saved the European Union. Now it looks stronger than ever.

  • Simon Kuper

This Month

The tragedy of Liz Truss is that she had a serious point

The supply side reforms that she has now managed to make toxic are what a low-growth Britain actually needs.

  • Janan Ganesh

‘Doing things differently’: Truss battles to control fractious MPs

The British PM says she must disrupt the status quo. But her reformist zeal looked at risk as ministers lined up to voice dissent, undermining her authority.

  • Updated
  • Hans van Leeuwen

How the Tory tribe is struggling to hang together

The Conservative Party conference is always an odd affair, but this year it had an added dimension of strangeness.

  • Updated
  • Hans van Leeuwen

Credit Suisse’s turnaround just got a lot tougher

To underpin sustainable profit, Credit Suisse is aiming to streamline the investment bank and expand its wealth management business, which soaks up less capital.

  • Oliver Hirt and Carolina Mandl

This is what happens when conspiracy theorists run countries

Conspiracy theorists have moved from the streets to the suites, and the most dangerous of them all is Vladimir Putin, who is threatening the world with nuclear war.

  • Gideon Rachman

Let’s put market’s ‘little turbulence’ behind us, UK treasurer says

“What a day!” ... Kwasi Kwarteng will set out his debt-cutting plans this month rather than next, as he tries to move on from the economic “distraction”.

  • Updated
  • Hans van Leeuwen

Credit Suisse terrifies investors with its message of reassurance

Attempts to restore calm can be spectacularly unsettling. They imply that someone somewhere thinks the business is in serious trouble.

  • Updated
  • The Lex Column

Nobel winner unlocks the secret of Neanderthal DNA

The discovery by Sweden’s Svante Pääbo helped researchers track genetic differences in modern humans and how they affect various diseases, including COVID-19.

  • Benjamin Mueller

Ukraine forces break through Russian defences in south

Making their biggest breakthrough in the south since the war began, Ukrainian forces recaptured several villages in an advance along the strategic Dnipro River.

  • Jonathan Landay and Tom Balmforth

Why Truss will struggle to repair budget damage

It’s never good when economists at major banks declare that a country’s ruling party has become a doomsday cult.

  • Paul Krugman

Ministers slept as Truss woke up to the reality of tax cut

It was about 12.45am that Whitehall aides spotted rumours on Twitter that an about-turn was in the offing, and they desperately tried to call anyone who might still be awake to find out if it was true.

  • Gordon Rayner and Ben Riley-Smith

‘Please, no more crises’: British business calls for calm

Britain’s financial services sector has told the government it wants regulatory certainty and political stability rather than a bonfire of red tape.

  • Hans van Leeuwen

Russia smuggling stolen Ukrainian grain to help pay for war

The alleged theft, which legal experts say is a potential war crime, is being carried out by wealthy businessmen and state-owned companies in Russia and Syria.

  • Michael Biesecker