The three-decade era of globalisation risks going into reverse according to company executives and investors, as world leaders prepare to meet in the Swiss town of Davos for the first time since the coronavirus pandemic began.

The geopolitical fallout from Russia’s war in Ukraine, combined with the disruption to global supply chains caused by the virus, recent market turmoil and the rapidly worsening economic outlook leave corporate leaders and investors grappling with vital strategic decisions, several told the Financial Times in interviews.

“Tension between the US and China was accelerated by the pandemic and now this invasion of Ukraine by

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The EU’s decision to suspend its deficit and debt rules for an extra year is not an excuse for member states to persist with loose spending policies, Germany’s finance minister Christian Lindner has said, in a call for more fiscal discipline.

“The fact that member states are now able to deviate from the Stability and Growth pact doesn’t mean they actually should do that,” Lindner told the Financial Times.

The Stability and Growth Pact, which enshrines the EU’s fiscal rules, was put on hold early in the Covid-19 pandemic as economic output in Europe crashed.

The European Commission was expecting

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Western leaders said Russia was following a “playbook of deception” to justify an invasion of Ukraine, amid intensifying clashes in the east of the country between Ukrainian forces and pro-Russian separatists.

Speaking at the Munich Security Conference, US vice-president Kamala Harris said Moscow was creating false pretexts for an attack while amassing troops and firepower in plain sight.

“We are seeing Russia spreading disinformation, lies and propaganda,” Harris told the annual get-together of politicians, diplomats and military officials, calling it “the playbook of Russian aggression”.

The White House said President Joe Biden would convene a meeting of the National Security

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Portugal is dropping most of its Covid-19 restrictions as infection levels drop, but people who test positive for the virus will still be required to self-isolate, whether or not they have symptoms, the government said on Thursday.

Proof of vaccination will no longer be required to enter any venue, including hotels and restaurants, but certificates will still have to be shown when entering the country, Mariana Vieira da Silva, a cabinet minister, told a news conference.

People going to bars, nightclubs, sporting events and other large public venues will no longer have to show negative test results, she added, but

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US stocks rebounded into positive territory after the Federal Reserve released the minutes from its latest policy meeting on Wednesday, as traders began to discount the prospect of a supersized interest rate rise in the months ahead.

The minutes highlighted the determination at the US central bank to combat stubbornly high inflation, but some officials also warned about the risks of damaging markets and the wider economy by tightening policy too quickly.

The fact a large group of Fed policymakers did not rally around the view of a half-a-point rate rise, a move some officials have suggested, also stood out

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Kyiv has announced a fresh round of cyber attacks against government websites and banks, raising concerns that Russia was mounting an online offensive just hours after the Kremlin said it would partially pullback some 130,000 troops along Ukraine’s borders.

The Ukrainian government said in a statement on Tuesday that two state-owned banks, PrivatBank and Oschadbank, had been targeted by “massive” denial of service attacks and other failures which interrupted banking services.

“The websites of the ministry of defence and the armed forces of Ukraine were also attacked,” the government’s centre of strategic communications said. Although it did not specifically name

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