‘The dollar is losing credibility’: why central banks are scrambling for gold

Fifteen minutes after takeoff, the call came for Serbia’s central bank governor: millions of dollars’ worth of gold bars, destined for a high-security Belgrade vault, had been left on the runway of a Swiss airport.In air freight – despite the extraordinary value of bullion – fresh flowers, food and other perishables still take priority. “We learned this the hard way,” Jorgovanka Tabaković told a conference late last year.Serbia’s is among a growing number of central banks to hastily amass vast stockpiles of gold, upending decades of conventional economic logic and fuelling an increase in the gold price amid mounting geopolitical tensions. As Washington challenges the US Federal Reserve’s independence, sending jitters through financial markets, the price soared to a record $4,643 (£3,463) an ounce this week, and analysts have tipped it to break $5,000 this year

Bank of England governor hits out at populism as Trump interferes in US Fed

The governor of the Bank of England has urged the world’s leading global institutions to fight back against the rise of populism, warning that it represents one of the biggest threats to improvements in living standards.In a thinly veiled response to Donald Trump’s attempts to interfere with the independence of the US Federal Reserve, Andrew Bailey said that he and the heads of other institutions had a duty to “challenge back” populist narratives.“Part of the purpose of international agencies is that from time to time they have to tell us what we don’t want to hear, let alone act upon,” he said. “Of course, they have to be accountable for the accuracy and quality of the assessment. But, accepting that, we have to call out messenger shooting

He called himself an ‘untouchable hacker god’. But who was behind the biggest crime Finland has ever known?

Tiina Parikka was half-naked when she read the email. It was a Saturday in late October 2020, and Parikka had spent the morning sorting out plans for distance learning after a Covid outbreak at the school where she was headteacher. She had taken a sauna at her flat in Vantaa, just outside Finland’s capital, Helsinki, and when she came into her bedroom to get dressed, she idly checked her phone. There was a message that began with Parikka’s name and her social security number – the unique code used to identify Finnish people when they access healthcare, education and banking. “I knew then that this is not a game,” she says

ChatGPT to start showing ads in the US

ChatGPT will start including advertisements beside answers for US users as OpenAI seeks a new revenue stream.The ads will be tested first in ChatGPT for US users only, the company announced on Friday, after increasing speculation that the San Francisco firm would turn to a potential cashflow model on top of its current subscriptions.The ads will start in the coming weeks and will be included above or below, rather than within, answers. Mock-ups circulated by the company show the ads in a tinted box. They will be served to adult users “when there’s a relevant sponsored product or service based on your current conversation”, according to OpenAI’s announcement

Kyren Wilson wards off Robertson fightback to reach Masters semis in decider

Kyren Wilson edged into the semi-finals of the Masters after fending off a Neil Robertson comeback to win 6-5.Wilson had taken a three-frame lead, hitting two century breaks along the way, and took a 4-1 advantage before Robertson fought back, winning four straight frames and recording breaks of 110 and 107 to lead 5-4.The contest reached a deciding frame after Wilson hit a 111 break to level at 5-5 and the Englishman was able to see out victory in the 11th and final frame.Earlier in the day, Wu Yize had booked his place in the semi-finals with a brilliant display of potting to thrash an underperforming Xiao Guodong 6-0.The 22-year-old got off to a flying start with breaks of 112, 93 and 60 as he raced into a clear 4-0 lead over his Chinese compatriot at the mid-session break

Barbeary shows class as Bath score nine tries to race into Champions Cup last 16

Scotland’s fly-half Finn Russell had spoken about his desire to claim the pre-Six Nations bragging rights at the expense of several good mates in the Edinburgh squad. There was never the slightest doubt his wish would be granted as Bath eased to a comprehensive nine-try victory that guarantees pool winner status plus a home draw in the last 16 and, potentially, beyond.On this occasion Russell also had the luxury of an armchair ride behind a Bath pack who took an early grip on the contest and never let go. Even if Edinburgh had turned up in north-east Somerset with their best side, as opposed to resting a few senior men, they would have been hard pressed to put too many dents in the black-shirted tanks and electric sprinters parked up opposite.There will be sterner tests ahead against stronger opposition but, first and foremost, there was no disputing the unflinching mood of Bath’s tight forwards or their forceful No 8 Alfie Barbeary