Aurelia Butler

The notice will not result in immediate de-listing and the company will have six months to regain compliance, the flexible workspace provider said.Debt-laden WeWork last month struck deals to cut its debt by about $1.5 billion and extend the date of some maturities to preserve cash as it struggles to turn a quarterly profit since going public in 2021.The company benefited from a pandemic-driven shift to flexible work outside traditional offices but has been feeling the impact from mass layoffs across the tech sector.WeWork shares have fallen 65% year to date, resulting in a market capitalization of $360.9 million, according to Refinitiv data. It was valued at as much as $47 billion in 2019. More

China’s economy expanded 4.5 per cent year on year in the first quarter, beating analyst expectations. Strong growth in exports and infrastructure investment as well as a rebound in retail consumption and property prices drove the recovery in the world’s second-largest economy. The first-quarter growth rate was still short of the government’s full-year target of 5 per cent, but economists expect it to pick up pace as the year progresses. Xi, who formally embarked on an unprecedented third term as China’s president last month, is keen to revive economic growth and restore business confidence damaged by pandemic controls.China’s rebound is crucial to global economic growth this year as developed nations grapple with high inflation, rising interest rates and sluggish expansion. Explainer: The FT’s Joe Leahy and Edward White break down the five main takeaways for China and the global economy. Here is what else I will be keeping tabs on today:UK inflation: Consumer Price Index data for March is set to be released. Federal Reserve Beige Book: The US central bank will release its outlook on current economic conditions.Earnings: Tesla, IBM, Morgan Stanley, Equifax, Just Eat, L’Oréal and United Airlines report earnings today. FT subscribers can sign up to Inside Politics’ online event today, which will chart the road to the UK’s expected 2024 general election and explore whether a victory for the Labour party is no longer assured. Five more top stories1. Rupert Murdoch’s Fox Corporation has agreed to pay $787.5mn to settle a defamation case over US election fraud allegations broadcast by his news network, a lawyer for voting machine maker Dominion said. The two parties reached a last-minute settlement deal, just before a six-week trial was set to begin. Read the full story.2. The top US military commander in the Indo-Pacific told Congress that the Chinese threat to Taiwan had increased, but declined to endorse other top military officials who have suggested timelines for a possible conflict. “I think everybody is guessing,” Admiral John Aquilino said. 3. Goldman Sachs’ first-quarter profits slumped 18 per cent following a lacklustre performance at its fixed-income trading unit. The results underscore the difficult task facing chief executive David Solomon.4. HSBC has “exaggerated” the “costs and risks” of spinning off its Asian operations, according to Chinese insurer Ping An, as the bank’s largest shareholder used a rare public statement to lay out how it should separate the business. The statement marks the first time Ping An has publicly said how the bank should split off its Asia operations.5. Evan Gershkovich has lost his appeal in a Moscow court to be released from pre-trial detention. The hearing for the Wall Street Journal reporter arrested in Russia on espionage charges marked Gershkovich’s first public appearance since his arrest.The deep dive

Gen Abdel Fattah al-Burhan (left) and Lt Gen Mohamed Hamdan Dagalo control forces fighting for control of Sudan © FT montage/Reuters

On one side of the conflict in Sudan is the president of Sudan’s military government, who has the backing of Egypt and boasts powerful ground and air forces. Opposing him is Sudan’s vice-president who oversees the paramilitary Rapid Support Forces and has powerful Gulf backers. The two men hold the fate of Sudan in their hands.We’re also reading and listening to . . . China-Vatican tensions: A deal between the Vatican and China over the church’s role in the communist state appears to be fraying.Step on the gas: The slowdown in car sales in China has been particularly brutal for Japanese brands. “There are clear signals that [Toyota] is at a tipping point,” said a Mizuho Bank senior research officer in Tokyo.🎧 Behind the Money: It’s time to hit the books with Behind the Money: Night School. In our first episode, we have a primer on US energy policy — one of the biggest economic stories of the year. Chart of the day

Tim Cook opened the first Apple Store in India yesterday, as the iPhone maker stepped up its battle with Samsung over the growing luxury smartphone market in Asia’s second-biggest economy. Apple accounted for just under 5 per cent of total handsets sales in India last year.Take a break from the newsThis year’s International Booker shortlist includes work by a couple of published poets, a film director and a former security guard. Catch up on these acclaimed titles before the winner is announced next month.Additional contributions by Gordon Smith and Tee Zhuo More

NEW YORK (Reuters) -Robo-adviser Betterment LLC has agreed to pay $9 million to settle U.S. Securities and Exchange Commission charges related to misstatements, as well as disclosure and record-keeping failures.Betterment misstated or omitted facts when communicating with clients about its automated tax loss harvesting service from 2016 to 2019, the SEC found after its investigation. It also failed to give clients notice of contract changes and failed to maintain certain records, the regulator said. The SEC said the issues impacted more than 25,000 accounts, resulting in those clients losing approximately $4 million in potential tax benefits. Betterment, which did not admit or deny the SEC’s allegations, said in a statement that it has made significant investments to strengthen its compliance program since 2019. “Betterment is committed, as always, to its mission of making people’s lives better and seeks every opportunity to improve its services and business to achieve that goal,” the company said. A lawyer for Betterment also did not immediately respond to request for comment. Automated tax-loss harvesting is a service offered by many robo-advisers that automatically sells securities at a loss with the aim of offsetting the tax impact of capital gains realized from the sale of other securities.Betterment, which provides robo-advising and cash management services, has more than $34 billion assets under management and more than 770,000 customers, according to its website. More

(Reuters) – The boards of directors at the Cleveland, St. Louis and Minneapolis Federal Reserve banks had wanted a half-point interest-rate hike before the mid-March collapse of two regional U.S. banks, minutes of the Fed’s discount rate meetings showed on TuesdayTheir votes for an increase in the discount rate – what the Fed charges to commercial banks for emergency loans – were taken on March 9, the minutes show. That was a day before federal regulators closed Silicon Valley Bank and, soon after, Signature Bank (OTC:SBNY) in moves that jolted markets and raised concerns over the stability of the banking system. They were in any event overruled on March 22 when Fed policymakers agreed to lift the benchmark rate by a quarter-of-a-percentage point to a target range of 4.75%-5.00%. Fed bank directors express their views on appropriate interest-rate policy through non-binding and regular votes on the discount rate. They do not vote on monetary policy. More