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Silicon Valley Bank’s failure last month stemmed from weakened regulations during the Trump administration and mis-steps by internal supervisors who were too slow to correct management blunders, the US Federal Reserve said in a scathing review of the lender’s implosion. The long-awaited report, released on Friday, had harsh words for the California bank’s management but

Richard Sharp has been forced to resign as BBC chair after an investigation found that he breached the rules after failing to declare a role in the loan guarantee made to Boris Johnson before his appointment. Sharp has been under increasing pressure after an investigation was launched by Adam Heppinstall KC into whether he had

The crisis-stricken CBI will be renamed as part of efforts to demonstrate that it has reformed its toxic workplace culture after weeks of allegations of rape, sexual harassment and bullying, the new boss of the business lobby group has said. Rain Newton-Smith said the rebranding would be necessary as part of a promised “root and

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

Labour leader Sir Keir Starmer and shadow chancellor Rachel Reeves have held a series of meetings with private equity bosses to discuss future investment from an industry they plan to hit with a £440mn tax raid. Starmer and Reeves have been conducting a charm offensive with senior executives from investment firms including US-based Blackstone and

Credit Suisse suffered SFr61.2bn ($68.6bn) of asset outflows in the first quarter as clients fled the stricken bank, exposing the scale of the task UBS now faces after taking over its Swiss rival. The speed with which clients deserted Credit Suisse was the chief reason Swiss authorities stepped in last month to orchestrate a rescue

Silicon Valley Bank’s new owner is “fighting” to repair its damaged brand, stem deposit outflows and stop dozens more bankers quitting to join rivals as it attempts to rebuild the US technology bank that collapsed last month, according to one of its top executives. “We are in the early days of getting them stabilised and

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

China is building sophisticated cyber weapons to “seize control” of enemy satellites, rendering them useless for data signals or surveillance during wartime, according to a leaked US intelligence report. The US assesses that China’s push to develop capabilities to “deny, exploit or hijack” enemy satellites is a core part of its goal to control information,

Google plans to introduce generative artificial intelligence into its advertising business over the coming months, as big tech groups rush to incorporate the groundbreaking technology into their products. According to an internal presentation to advertisers seen by the Financial Times, the Alphabet-owned company intends to begin using the AI to create novel advertisements based on

UK inflation remained in double digits in March with annual price rises of 10.1 per cent, raising the chances of further interest rate rises from the Bank of England. Consumer price inflation had been 10.4 per cent in February and was expected to drop to 9.8 per cent last month. Although petrol and diesel prices

China’s gross domestic product expanded 4.5 per cent year on year in the first quarter, as strong growth in exports and infrastructure investment as well as a rebound in retail consumption and property prices drove a recovery in the world’s second-largest economy. The official figure, which exceeded analyst expectations of a 4 per cent rise,

Global regulators are considering imposing tougher rules on smaller lenders and requiring all banks to ready themselves for faster runs on deposits as officials search for lessons from the recent turmoil that led to the failure of several midsized US institutions. The Basel Committee on Banking Supervision, which sets global standards, promised in March to

The head of the IMF’s Africa department has called for a significant increase in international support to help countries overcome a funding squeeze that is jeopardising the continent’s economic development. Abebe Selassie told the Financial Times that reform of the current mechanisms for dealing with unsustainable debts of African countries was “desperately needed”. “Do we

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 FBI arrested a 21-year-old member of the Massachusetts Air National Guard as part of an investigation into the leak of highly classified US intelligence documents. Attorney-general Merrick Garland identified the suspect as Jack Teixeira in a brief statement to reporters on Thursday. “FBI agents took Teixeira into custody earlier this afternoon without incident,” Garland

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

Tens of thousands of Hongkongers who moved to the UK are being blocked from accessing as much as £2.2bn of pension assets, as activists accuse the city’s government of retaliating against those deemed “unpatriotic” following a political crackdown. The figures, released by UK advocacy group Hong Kong Watch on the eve of the first visit

Low-income countries will face their biggest bills for servicing foreign debts in a quarter of a century this year, putting spending on health and education at risk. Repayments on public debt owed to non-residents for a group of 91 of the world’s poorest countries will take up an average of more than 16 per cent

China’s financial sector is reeling from a series of new corruption probes and a surge in surprise audits of venture funds, as President Xi Jinping sharpens his focus on an industry he sees as failing to serve the broader economy. With Beijing’s graft-busting Central Commission for Discipline Inspection warning against “hedonism” and “high-end lifestyles”, banks

ByteDance raked in a record underlying profit last year, overtaking China’s long-reigning tech giants Tencent and Alibaba for the first time even as losses mounted for its fast-growing TikTok business unit. The world’s most valuable private company posted a 79 per cent surge in earnings before interest, tax, depreciation and amortisation, its preferred metric for