UK investment manager Terry Smith has blamed his £22.5bn fund’s underperformance on the end of “easy money” and warned that central banks could tip the economy into recession through too much monetary tightening.In his annual letter to shareholders, Smith said the 14 per cent drop…

First Quantum Minerals has threatened to close its vast copper mine in Panama if it fails to resolve a tax dispute that it says risks damaging the country’s business-friendly reputation.Panama has demanded that the Canadian group pay corporate tax of at least $375mn a year…

European stocks fell on Tuesday after US Federal Reserve officials reiterated that interest rates would probably hover above 5 per cent for much of 2023, denting investor optimism ahead of the release of December’s US inflation data later this week.The regional Stoxx Europe 600 shed…

Olam Group, one of the world’s biggest agricultural commodity traders, will list its $3.5bn agricultural arm in Singapore and potentially Saudi Arabia in the first half of this year as concerns around the war in Ukraine and climate change have spurred investment in food security.The…

Good morning. The disturbing insurrection in Brazil, for all its parallels to the US Capitol riot, has one striking difference. It took Brazil’s police just hours to detain or arrest more than a thousand coup-mongers, while most of the American rioters walked free for weeks…

Vale has received multiple bids for a stake in its base metals business after talks with parties from carmakers to sovereign wealth funds, its chief executive said, as he predicted the division could become “even bigger” than the Brazilian mining group itself. Eduardo Bartolomeo said…