Some of Credit Suisse’s largest shareholders will attempt to remove the board member in charge of risk oversight, in protest at twin scandals that have cost the bank and its clients billions and tarnished its reputation. Andreas Gottschling — a 53-year-old German who has served as chair of the risk committee since 2018, earning a
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The board of Kansas City Southern will review a proposed $33.7bn offer from Canadian National, the latest twist in the takeover battle for the US rail operator which could yield the largest merger of the year. Kansas City Southern has already entered into a merger agreement with CN rival Canadian Pacific, which offered $28.9bn including
A panel of scientific advisers has recommended that the US resume use of Johnson & Johnson’s Covid-19 vaccine after deciding the benefits of inoculation outweighed the risks posed by rare blood-clotting issues. The Advisory Committee on Immunization Practices voted 10-4 on Friday to recommend lifting a pause it called for 10 days ago, after six
Joe Biden is preparing to announce a string of tax increases on wealthy Americans, including a nearly doubling of levies on capital gains for people earning more than $1m, to pay for a massive increase in funding for childcare and education. The economic package from the White House, which is worth more than $1tn, could
Mario Draghi will next week unveil a €221bn recovery package for a radical restructuring of Italy’s economy as it seeks to bounce back from its deepest recession since the second world war. The plan, which features big-ticket investments in high-speed rail and green energy, as well fully digitalising the country’s public administration, will draw on
A Minneapolis jury has reached a verdict in the trial of Derek Chauvin, the former police officer charged with killing George Floyd, whose death last year set off global protests over race and policing. The verdict will be announced between 4:30pm and 5pm Eastern Time, court officials said on Tuesday. The trial in Minneapolis has
The two heads of Credit Suisse’s prime brokerage business are to leave just weeks after the bank reported at least $4.7bn of losses related to the family office Archegos Capital. John Dabbs and Ryan Nelson have stepped down from leading the unit, which offers specialised services to hedge funds, according to a staff memo seen
Consumers around the world have stockpiled an extra $5.4tn of savings since the coronavirus pandemic began and are becoming increasingly confident about the economic outlook, paving the way for a strong rebound in spending as businesses reopen. Households around the globe accumulated the excess — defined as the additional savings compared with the 2019 spending
A dispute over Donald Trump’s 2017 tax reforms stands in the way of Joe Biden’s $2tn infrastructure proposals, with a growing number of lawmakers on Capitol Hill threatening to vote against any tax and spending plan that does not reverse a key provision of Trump’s changes. Thirty-two House members from both the Democratic and Republican
US stocks and bonds rallied this week, leaving Wall Street’s main equities barometer at a record peak, as the latest signs of the country’s economic recovery sparked a shift into American assets. Economic reports pointing to a quickening improvement in the labour market and a stimulus-fuelled jolt in consumer spending bolstered both foreign and domestic
Russia assets sold off on Thursday after reports that US president Joe Biden was set to announce a fresh round of sanctions against Moscow, potentially targeting the country’s sovereign debt. Washington is set to unveil the new measures, the first against Russia from the Biden administration, to punish Moscow for alleged meddling in US elections
Stock market investors valued Coinbase at $75.9bn in its debut on Nasdaq on Wednesday, the first listing of a major cryptocurrency exchange and a moment of validation for the digital asset class some 12 years after the creation of bitcoin. Shares opened at $381 each on Wednesday, giving Coinbase a market capitalisation that immediately surpassed
US health agencies have called for a pause of the rollout of the Johnson & Johnson vaccine as they investigate several incidents of blood clots. In a joint statement on Tuesday, the Centers for Disease Control and Prevention and the Food and Drug Administration said they were reviewing six reported US cases of “rare and
The head of the US Centers for Disease Control and Prevention has urged Michigan’s governor to shut down the state instead of asking for more vaccines as a way to control a sudden jump in coronavirus cases. Rochelle Walensky, the CDC director, said on Monday she thought Michigan should impose fresh restrictions to combat the
After a slow start marred by delays and supply shortages, Europe’s vaccination drive is stepping up a gear in nations including France, Germany and Italy even as they struggle to control a third wave of the pandemic. France announced an acceleration of its much-criticised Covid-19 vaccination campaign on Sunday, increasing the gap between the two
Chinese regulators have fined Alibaba a record Rmb18.2bn ($2.8bn) after finding that the ecommerce group had abused its market dominance. The fine, which was set at 4 per cent of Alibaba’s 2019 revenues, concludes an antitrust investigation into the company founded by Jack Ma. It comes as Chinese authorities have stepped up scrutiny on dealmaking
Workers at an Amazon warehouse in Bessemer, Alabama, have voted resoundingly against unionisation, a major blow to the US labour movement and its hopes of gaining a foothold within the ecommerce giant. Around 55 per cent of the facility’s almost 6,000 workers cast a postal ballot. The “no” vote passed the required threshold of 1,607
For decades the international corporate tax system has irritated almost everyone — apart from shareholders of the world’s largest multinationals and countries with low tax rates. As companies’ share of profits in the global economy has risen and wages have fallen, large countries have found it ever harder to tax those profits. That could finally
The Biden administration has proposed a new model for taxing multinational corporations, calling for the world’s biggest businesses to pay levies to national governments based on their sales in each country as part of a deal on a global minimum tax. In documents sent to the 135 countries negotiating international taxation at the OECD in
The world’s leading economies are close to agreeing a set of principles that would revolutionise the taxation of multinationals after France and Germany threw their support behind a new US approach to the issue. Talks on how to make it difficult for international companies to shift profits round the world to minimise tax have been