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Shares of First Republic continued to plunge on Tuesday as regulators in Washington and financiers on Wall Street scrambled to come up with a plan to stabilise the ailing bank. The California-based lender’s stock price, which is down by more than 90 per cent this year, fell by a further 40 per cent, a day

The EU and Japan have pushed back against a US proposal for G7 countries to ban all exports to Russia, as part of negotiations ahead of a summit of the world’s most advanced economies. A G7 leaders’ statement being drafted for their meeting in Hiroshima next month includes a pledge to replace the current sector-by-sector

The White House has asked South Korea to urge its chipmakers not to fill any market gap in China if Beijing bans Idaho-based Micron from selling chips, as it tries to rally allies to counter Chinese economic influence. The US made the request as President Yoon Suk-yeol prepares to travel to Washington for a state

A lobbying firm is launching a one-year business engagement operation ahead of the next general election in what is likely to be one of multiple attempts to exploit the vacuum left by the crisis at the CBI. WPI Strategy, a public affairs group behind the imminent launch of “BizUK”, insisted that it was not trying

Many of the biggest names in British business quit the CBI on Friday after a second allegation of rape threatened the survival of the employers’ organisation. Groups ranging from insurer Aviva and car manufacturers Jaguar Land Rover and BMW to payments company Mastercard and retailer John Lewis said they were cancelling their memberships after the

US Treasury secretary Janet Yellen has warned that any effort to decouple from China would be “disastrous” as she said that national security measures targeted at Beijing were not designed to “stifle” the Chinese economy. In a major speech on Thursday, Yellen called for a “constructive and fair” economic relationship between China and the US,

Chancellor Jeremy Hunt has been urged by the UK pensions industry not to force retirement schemes to invest in riskier and complex assets including fast-growing young British companies, and infrastructure. Hunt has said he would not be “instinctively comfortable” with ordering pension funds where to invest some of their money, but has not ruled out

Rupert Murdoch’s Fox has agreed to pay $787.5mn to settle a landmark defamation case in which it was accused of broadcasting false accusations of US election fraud, according to a lawyer for voting machine maker Dominion. A judge on Tuesday announced the “parties [had] resolved their case” following a last-minute deal reached on the cusp

Shares in US bank State Street dropped 10 per cent in pre-market trading as quarterly profits missed expectations and fees were hit by subdued markets and reduced assets under management. The huge custody bank, which is also a large provider of index mutual funds and exchange traded funds, said assets under management in its investment

The Bank of England is considering a major overhaul of its deposit guarantee scheme, including boosting the amount covered for businesses and forcing banks to pre-fund the system to a greater extent to ensure faster access to cash when a lender collapses. The UK’s Financial Services Compensation Scheme is being urgently reviewed after the rapid

Hedge funds and other parts of the shadow banking system should face greater scrutiny after last month’s upheaval in US government bonds, the country’s top markets regulator has said, reflecting concerns that speculative investors pose a risk to financial stability. Gary Gensler, chair of the Securities and Exchange Commission, told the Financial Times that taming

The CBI needs to become “sharper and more focused” to reclaim the confidence of its members and the government after “devastating” allegations of rape, sexual harassment and bullying, the organisation’s president said on Friday. Speaking publicly for the first time after a week of bruising headlines questioning the future of the UK’s premier business lobby

The cost of buying insurance against a US government default has shot to its highest level in more than a decade, in an early sign of market concerns about the political impasse in Washington over the debt ceiling. Amid a stalemate between the White House and congressional Republicans on raising the federal borrowing limit, the

Andrew Bailey has said the Bank of England is working on reform of Britain’s bank deposit insurance guarantee scheme, raising the prospect of increased protection for customers. Speaking in response to high-profile bank failures on both sides of the Atlantic, the BoE governor suggested the UK might need to increase its limit for guaranteed deposits

EY has called off the plan to break up its audit and consulting businesses after months of internal disagreement and opposition from executives in the US. The Big Four firm communicated the decision on Tuesday in a note to partners, which was seen by the Financial Times. The plan, code named “Project Everest”, was approved

Corporate America is facing its sharpest drop in profits since the early stages of the Covid pandemic, according to Wall Street forecasts, as high inflation squeezes margins and fears of an impending recession hold back demand. Companies on the S&P 500 index are expected to report a 6.8 per cent decline in first-quarter earnings compared

The world’s leading economies are showing surprising resilience despite facing a perilous moment, according to research for the Financial Times that suggests the global economy may avoid a sharp slowdown this year. China, the US, the eurozone, India and the UK are all growing faster than had been expected late last year, the latest edition

US fund managers are increasing investments in international stock markets after rising interest rates and fears of an economic slowdown brought an end to more than a decade of domestic dominance. US stocks have vastly outperformed most other developed and emerging markets since the financial crisis, but the trend began to reverse last year. The

A British business registered to a terraced house in a north London suburb appears to have arranged the sale of about $1.2bn of electronics into Russia since Vladimir Putin’s full-scale invasion of Ukraine at the start of 2022. Mykines Corporation LLP, a company based in the London borough of Enfield, is listed in Russian records

The US is pushing back against efforts by some European allies to offer Ukraine a “road map” to Nato membership at the alliance’s July summit, exposing divides in the west over Kyiv’s postwar status. The US, Germany and Hungary are resisting efforts from countries such as Poland and the Baltic states to offer Kyiv deeper