Business

The Swiss government will hold a news conference later after UBS made a takeover offer for embattled Credit Suisse, local media reports. The possible emergency rescue comes after the authorities raced over the weekend to secure the rescue of the 167-year-old bank, which is among the world’s largest wealth managers, in a move hoped to

The British arm of Silicon Valley Bank (SVB UK) has handed out millions of pounds in employee bonuses just days after its insolvency was averted through a Bank of England-orchestrated rescue deal. Sky News has learnt that the payouts to staff including its senior executives were signed off by HSBC, SVB UK’s new owner, earlier

Ann Summers boss Jacqueline Gold has died at the age of 62, her family has said. The multi-millionaire businesswoman, who passed away with her family at her side on Thursday evening after seven years of treatment for breast cancer, was hailed an “absolute warrior” by her sister. It comes just two months after the death

A tumultuous week in the markets ended on an uncertain note – suggesting fears remain after large losses from the collapse of Silicon Valley Bank. The FTSE 100 (Financial Times Stock Exchange) index of the most valued companies on the London Stock Exchange started the day at around the 7,500 mark – better than all

More than 1,000 Passport Office staff across the UK will strike for five weeks in an escalation of a dispute over pay, jobs and conditions. Members of the Public and Commercial Services (PCS) union working at passport offices in Durham, Glasgow, Liverpool, Newport, Peterborough and Southport will walk out from 3 April to 5 May.

Security guards at Heathrow Airport are to strike over Easter in a dispute over pay, with passengers warned they face “severe delays”. The Unite union said flights using Heathrow Airport will “experience severe delays and disruption this Easter” as the workers stage a 10-day walkout. More than 1,400 security guards employed by Heathrow Airports Ltd

The European Central Bank (ECB) has maintained its fight against inflation and imposed a large set of interest rate hikes despite financial market turmoil. Bank balance sheets have suffered because of the effect of interest rate increases, which have contributed to recent crises at Silicon Valley Bank and Credit Suisse. But the central bank –

Credit Suisse has said it will borrow up to 50bn Swiss francs (£44.5bn) from the Swiss central bank to shore up its liquidity. The bank said it was “taking decisive action to pre-emptively strengthen its liquidity”, after a drop in its shares intensified fears of a global financial crisis. “This additional liquidity would support Credit

The chancellor has announced the budget for 2023. The UK will now not enter a technical recession this year, say independent forecasters the Office for Budget Responsibility (OBR). Inflation will more than halve and reduce to 2.9% by the end of the year, the OBR expects. Budget:The announcements – as they happenedThe Chancellor’s challenge –

Tempting as it is to believe that the chaos with Silicon Valley Bank and its British arm are of interest only to members of the tech community and financial nerds, it has already had a very real bearing on all our lives. For evidence, look no further than the money markets, where investors bet on

A total of 220,000 working days were lost to strike action in January, figures from the Office for National Statistics (ONS) show. In the first month of this year, strike action was taken by teachers, rail workers, driving examiners, bus drivers and NHS staff. The number is down on the 822,000 days lost to strikes

Rishi Sunak has said Jeremy Hunt will still be chancellor at the next election after criticism his number two did not have enough economic vision. The prime minister, for the first time, confirmed to Sky News that Mr Hunt will remain chancellor when the next general election comes around in January 2025. “Of course,” Mr

HSBC has bought the embattled UK arm of Silicon Valley Bank (SVB UK), securing the deposits of more than 3,000 customers worth £6.7bn. Confirming a story broken on Monday by Sky’s City editor Mark Kleinman, the Bank of England, which had been preparing to bring the bank into an insolvency process, said all depositors’ money

HSBC Holdings has emerged as a potential ‘white knight’ bidder for Silicon Valley Bank (SVB) UK as the government and regulators seek to avert the lender’s insolvency. Sky News has learnt that HSBC was on Sunday night exploring a bid for the British arm of the stricken technology-focused lender, joining a slew of smaller rivals

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

The collapse of the UK branch of Silicon Valley Bank (SVB) is being mitigated by the Treasury and Bank of England, according to the Treasury. US regulators shut down the country’s 16th largest bank, in the biggest collapse of a financial institution since the 2008 financial crisis. SVB had failed after depositors – mostly technology