A Swiss regulator’s decision to prioritise shareholder value over certain bondholders in the forced takeover of Credit Suisse could result in legal action, a law firm has warned. Quinn Emanuel Urquhart & Sullivan said a call for so-called AT1 bondholders would likely be held on Wednesday. Holdings worth £14bn were wiped out under terms of
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Embattled Credit Suisse has told its staff there is “no immediate change” to their jobs and it plans to complete bonus payments ahead of the bank’s forced takeover by its larger domestic rival UBS. A 42-point question-and-answer-style memo to workers, seen by Sky News, aimed to brief them on the implications of the deal struck
Ian King dissects the takeover of Switzerland’s second-biggest bank, Credit Suisse and asks what it means for the financial world. Ian’s joined by the director of property science at Rightmove, Tim Bannister, to look at the housing sector. He also finds out how internet’s become available at the summit of Mount Snowden. :: Listen and
UBS will take over Credit Suisse in a deal aimed at stemming what was fast becoming a global crisis of confidence. Credit Suisse, the 167-year-old embattled lender had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland’s central bank. The credit line was agreed in
Atom Bank, the app-based lender, has kicked off a search for a new chair as preparations for a long-awaited public listing of its shares gather pace. Sky News has learnt that Atom Bank has hired Spencer Stuart, the headhunting firm, to identify a successor to Bridget Rosewell, who has chaired it since 2018. City sources
Robots can improve mental wellbeing in the workplace, but only if they look right, research suggests. A study by the University of Cambridge found that people who interacted with robots that were more toy-like, felt a greater connection compared to human-like robots. Over four weeks, 26 employees took part in the weekly robot-led wellbeing sessions.
McLaren Group, the supercar manufacturer and Formula One team-owner, has received a £70m funding boost from investors in the first stage of a wider capital-raising plan. Sky News has learnt that the Surrey-based automotive group has been handed the funding by a group of its existing shareholders. Sources said the share sale was part of
Technology investors and founders representing over £560bn in capital raised and fund assets under management have expressed relief about the rescue of Silicon Valley Bank UK in an open letter to Rishi Sunak and banking regulators. More than 860 industry figures have put their names to the letter, which was coordinated hours after HSBC Holdings
The government’s savings bank is weighing the appointment of Dax Harkins, its new interim boss, as its next permanent chief executive. Sky News has learnt that National Savings & Investments (NS&I) is lining up Mr Harkins for the top job, with an announcement possible in the coming weeks. Appointments to the NS&I board are made
Men’s belts and electric bikes are in while many CDs and alcopops are out, in the annual update to the basket of goods and services used to calculate inflation. The Office for National Statistics (ONS), which refreshes the basket of more than 700 items each year to reflect changing trends, added 26 and removed 16
The Treasury is this week expected to deliver a £1bn-plus devolution boost to Andy Street, the West Midlands mayor. Sky News understands that the chancellor, Jeremy Hunt, will outline plans for additional funding for the region in his budget on Wednesday. Sources said the plans would include money generated from the disposal of government-owned land,
Markets have not been reassured by HSBC’s purchase of the beleaguered Silicon Valley Bank UK (SVB UK). While the pound is up, to a three-week high of $1.2089, it’s a story of dollar weakness rather than sterling strength as major banks have not made up for the losses sustained on Friday as the crisis unfolded.
British tech firms face a “serious risk” over the collapse of the UK arm of Silicon Valley Bank, the chancellor has warned, but said the government was “working at pace” to limit the damage. Speaking to Sky News’ Sophy Ridge On Sunday programme, Jeremy Hunt said the government and the Bank of England were “absolutely
WhatsApp is right not to back down in its opposition to UK government proposals that could allow encrypted messages to be scanned, online privacy campaigners have said. Robin Wilton, director of internet trust for the Internet Society, told Sky News that any requirements in the upcoming Online Safety Bill that would weaken user privacy would
Elon Musk has made no secret of his desire to colonise Mars, but seemingly not before he’s had a go at running his own community here on Earth. The SpaceX, Tesla, and Twitter owner wants to build a “utopia” called Snailbrook for his workers to live in Texas, reports The Wall Street Journal (WSJ). It
Mark Boggett from Seraphim Space discusses why Britain’s space sector is attracting more investment than any country other than the US and China. Also joining Ian on today’s show are Jette Nygaard-Andersen from the gambling firm Entain and brickmaker Forterra’s chief executive, Stephen Harrison. :: Listen and subscribe to The Ian King Business Podcast here.
China has criticised a Dutch plan to restrict the export of semiconductor equipment – a vital part of the high-tech supply chain. The Netherlands‘ government announced on Wednesday it would introduce limits to “protect national security”, following similar measures brought by the US last year. For the American curbs to be effective, other key suppliers
US motor vehicle safety regulators have opened an investigation into a Tesla model after getting two complaints that the steering wheels can come off while being driven. The National Highway Traffic Safety Administration (NHTSA) says the probe will look into Tesla’s Model Y SUV after the cars were delivered to customers in both cases with
Twitter boss Elon Musk has backpedalled after publicly mocking an employee on the social media platform. Twitter worker Haraldur Thorleifsson wasn’t sure whether he had been sacked by the company after finding himself locked out of his work computer, along with 200 others. Unable to get a clear answer as to whether he was still
Almost 500,000 new hybrid and electric cars will be seen on UK roads this year, according to new industry projections, following a spurt in production and sales. The Society of Motor Manufacturers and Traders (SMMT) said pure electric vehicles (EVs) accounted for almost a quarter of the market last month as sales rose by 18.2%