News

The US Securities and Exchange Commission has raised concerns over Rokos Capital Management after the hedge fund was forced to hand over large amounts of cash to its banks as collateral when an outsized bet on US government bonds backfired earlier this month. SEC chair Gary Gensler brought up the hedge fund during calls with

Olaf Scholz rejected comparisons between Deutsche Bank and Credit Suisse as a slump in the German lender’s shares sparked a further day of turmoil for the banking sector. Speaking after Deutsche shares fell 14 per cent, the German chancellor sought to shore up confidence in the country’s biggest bank, with investors still nervous after the

TikTok’s chief executive told US lawmakers that the viral video app would be kept “free from any manipulation by any government”, as he tried to head off a potential ban in the US. Shou Zi Chew faced bruising questioning in Congress on Thursday over the social media app’s links to its Chinese parent company ByteDance.

UK prime minister Rishi Sunak has easily won a House of Commons vote on his new post-Brexit deal for Northern Ireland by 515 to 29, but only after suffering a damaging Conservative revolt led by three ex-Tory leaders. Boris Johnson, Liz Truss and Iain Duncan Smith were among the 22 Tories who voted against the

The wipeout of $17bn of Credit Suisse bonds has sparked panic among rich Asian investors who had loaded up on the risky bank debt. Under the terms of the UBS takeover of Credit Suisse, orchestrated by the Swiss government on Sunday, Credit Suisse’s additional tier 1 bonds were written down to zero while shareholders received

A unit of New York Community Bancorp has agreed to buy “substantially all” deposits and some loan portfolios of the collapsed Signature Bank, the US federal deposit agency announced on Sunday. From Monday, Flagstar Bank will acquire 40 former Signature branches, which will be rebranded under its name, the Federal Deposit Insurance Corporation said. The

UBS has offered to buy Credit Suisse for up to $1bn, with Swiss authorities planning to change the country’s laws to bypass a shareholder vote on the transaction as they rush to finalise a deal before Monday. The all-share deal between Switzerland’s two biggest banks is set to be signed as soon as Sunday evening

Credit Suisse, UBS and their key regulators are racing to thrash out a deal on the historic merger of Switzerland’s two biggest banks as soon as Saturday evening, people familiar with the situation told the Financial Times. The Swiss National Bank and regulator Finma have told international counterparts that they regard a deal with UBS

The parent company of Silicon Valley Bank, the lender taken over by US regulators last week, has filed for Chapter 11 bankruptcy in a federal court in New York. The move by SVB Financial Group is an attempt to salvage value from two units — a broker-dealer and a technology investing business — that are

The European Central Bank has raised interest rates by half a percentage point, sticking to its goal of fighting inflation despite financial turmoil caused by US bank failures and worries about Credit Suisse. The ECB’s decision to lift its benchmark deposit rate from 2.5 per cent to 3 per cent was in line with what

Jeremy Hunt, chancellor, has claimed Britain will become the best place to invest of any advanced economy after putting £9bn of business tax breaks at the heart of his “Budget for growth”. His first Budget also contained two big measures intended to keep people in work: a £5bn extension of free childcare in England and

US inflation remained hot enough to further complicate the path forward for the Federal Reserve as it contends with three bank failures and broader concerns about financial stability. The consumer price index rose 6 per cent year on year in February, following a 0.4 per cent increase from the prior month. That is a step

The failure of Silicon Valley Bank has torn into global markets, with investors ripping up their forecasts for further rises in interest rates and dumping bank stocks around the world. Government bond prices soared on Monday, with two-year US Treasury yields recording their biggest one-day drop since 1987, as fund managers ramped up bets that

The UK chancellor is preparing a dramatic intervention to provide a cash lifeline to scores of tech businesses next week as he seeks to contain the damage caused by the collapse of Silicon Valley Bank. Jeremy Hunt said there was “a serious risk” to tech and life sciences companies that used SVB’s UK bank, many

Silicon Valley Bank was shuttered by US regulators on Friday after customers raced to withdraw $42bn — a quarter of its total deposits — in one day and a failed effort to raise new capital called into question the future of the tech-focused lender. With about $209bn in assets, SVB has become the second-largest bank

European and Asian equities tumbled in morning trade on Friday as fears over the health of banks’ bond portfolios added to investors’ tensions ahead of the release of closely watched US economic data. The region-wide Stoxx 600 fell 1.4 per cent, hit by declines in bank stocks such as Deutsche Bank and Société Générale, which

EY chief executive Carmine Di Sibio has sought to reassure staff that a planned split of its audit and advisory arms will happen after the head of the business in the US told partners the deal was on pause and needed to be reworked. In a message to staff on Thursday morning, seen by the

The head of one of Britain’s largest insurers has decried the “perpetual drift” of companies away from London’s stock market, saying that a low-growth economy and political infighting had eroded the UK’s appeal. The decisions last week by CRH, the world’s largest building materials group, and UK chip designer Arm to shun London in favour

China will overhaul supervision of its financial system and bolster science and technology to try to catch up with the west, as Xi Jinping embarks on a third term as president with one of the biggest reforms of the state apparatus in years. The changes — part of a series of ministerial reforms to China’s

CBI boss Tony Danker has stepped aside following an allegation over his workplace conduct at the UK’s largest business group. The CBI on Monday said it had been told of an allegation regarding its director-general in January, which was investigated and dealt with “in line with CBI procedure”. It said the investigation “determined that the