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The governor of the Bank of England has dismissed the prospect of an imminent financial crisis, describing last week’s dumping of European bank shares as investors “testing out” lenders and insisting the world is not “at all in the place” it was before the 2008 crash. Appearing before the cross-party Treasury select committee on Tuesday,

Israel’s president Isaac Herzog has implored the government to halt a bitterly contested judicial overhaul, warning that the polarisation it had caused had put “our security, economy, society” under threat. Mass protests erupted across the country overnight with tens of thousands of people taking to the streets after Prime Minister Benjamin Netanyahu sacked his defence

Goldman Sachs, JPMorgan Chase and Fidelity are the biggest winners from investors pouring cash into US money market funds over the past two weeks, as the collapse of two regional US banks and the rescue deal for Credit Suisse raised concerns about the safety of bank deposits. More than $286bn has flooded into money market

Vladimir Putin has said Russia plans to deploy tactical nuclear weapons in Belarus, marking Moscow’s latest attempt to use the threat of a nuclear war to ramp up tensions with the US and Nato over the invasion of Ukraine. Russia’s president said work would be completed on building storage units for tactical nuclear weapons in

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.

The Federal Reserve on Wednesday pressed ahead with its monetary tightening campaign despite the recent turmoil in the banking sector, raising its benchmark interest rate by a quarter of a percentage point and signalling another increase to come. Following its latest two-day meeting, the Federal Open Market Committee voted to lift the federal funds rate

UBS is set to enter talks with Michael Klein to unwind a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse’s investment bank, according to people with direct knowledge of the matter. The negotiations, coming days after UBS was forced to buy its Swiss rival for $3.25bn, underline

The Swiss government has come under fire from bondholders and international regulators for its handling of the $3.2bn rescue-takeover of Credit Suisse by UBS. The two banks were forced together over the weekend by Swiss officials in a shotgun marriage that stabilised the teetering Credit Suisse but wiped out $17bn of its bonds, upending 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

Investors have wiped nearly half a trillion dollars from the value of bank shares around the world in the worst rout for the financial sector since the onset of the Covid-19 pandemic. Financial stocks dived this week as the fallout from the collapse of Silicon Valley Bank spread through global markets. Banks in the US,

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 has claimed Britain will become the best place to invest of any advanced economy after the chancellor put £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

US inflation was high enough in February 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 last month, following a 0.4 per cent increase from the previous month, the Bureau

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 the financial crisis of 2008, as fund managers

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

UK chancellor Jeremy Hunt was on Saturday locked in talks over how to stop the collapse of Silicon Valley Bank from dealing a heavy blow to Britain’s tech sector. More than 200 UK-based tech company executives have urged Downing Street to step in, warning that many companies faced an “existential threat” because they banked with

Silicon Valley Bank has abandoned its efforts to raise $2.25bn in new funding to cover losses on its bond portfolio and is looking for a buyer as it faces outflows from deposits. SVB shares were halted during early trading on New York’s Nasdaq exchange, as its management tried to reassure investors. California-based SVB had hoped

The US has privately urged some of the world’s largest commodity traders to shed concerns over shipping price-capped Russian oil, in a bid to keep supplies stable and regain some oversight of Moscow’s exports. US Department of Treasury officials met executives and traders at Trafigura and Gunvor among others, according to five people familiar with