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Isaac Perlmutter, the billionaire who sold Marvel to Disney in 2009 and had clashed with the company’s chief executive Bob Iger, has been ousted as part of the company’s round of job cuts, according to people familiar with the matter. Perlmutter was chair of Disney’s Marvel Entertainment unit, which has become a blockbuster-making juggernaut for the

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

Israel’s prime minister Benjamin Netanyahu has sacked his defence minister Yoav Gallant after he called for a judicial overhaul to be halted, warning that it posed an “immediate danger” to national security. The fight over the bitterly contested proposals, which would significantly weaken the powers of the judiciary, has sparked the biggest wave of protests

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 agreed to buy Credit Suisse for $3.25bn after a frantic weekend of negotiations brokered by Swiss regulators to safeguard its banking system and attempt to prevent a crisis spreading across global financial markets. The historic deal follows five days in which the Swiss establishment raced to end a deepening crisis at Credit Suisse that

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 went ahead with a planned half a percentage point rise in interest rates on Thursday despite the outbreak of financial turmoil, while signalling future increases would depend on the market panic seen in recent days dissipating. The ECB’s decision to lift its benchmark deposit rate from 2.5 per cent to 3

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

The world’s largest private investment firms are exploring the purchase of loans from the remains of Silicon Valley Bank after the collapse of the tech-focused lender last week. Blackstone Group, Apollo Global Management, KKR, Ares Management and Carlyle Group are among the buyout groups examining SVB’s $74bn loan book for pieces that might fit into

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 lifeline to scores of tech businesses as he seeks to contain the damage caused by the collapse of Silicon Valley Bank. Jeremy Hunt said on Sunday there was “a serious risk” to tech and life sciences companies that used SVB’s UK bank, with senior

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 was shuttered by US regulators on Friday after a rush of deposit outflows and a failed effort to raise new capital called into question the future of the tech-focused lender. With about $209bn in assets, SVB has become the second-largest bank failure in US history after the 2008 collapse of Washington Mutual,