Canada’s government has relaxed a law that temporarily bans foreigners from purchasing homes in the country in the hope of boosting housing supply. The law, which came into effect on January 1, blocks non-Canadians from buying residential properties until the end of 2024 in an effort to improve home affordability after prices soared. The government
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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 day after agreeing to rescue Credit Suisse in the most significant banking deal since the financial crisis, UBS chair Colm Kelleher called Sergio Ermotti to see if he wanted his old job back. Kelleher had watched Ralph Hamers, who had succeeded Ermotti as UBS chief executive, fumbling questions from analysts at a hastily arranged
When Shou Zi Chew, the CEO of TikTok, appeared before the US Congress last week, he was interrogated about almost every aspect of the video-sharing company, from its links with the Chinese government to its impact on teenage depression. During the five-hour questioning, there was one topic that was barely mentioned: who actually owns TikTok?
Binance hid substantial links to China for several years, contradicting executives’ claims that the crypto exchange left the country after a clampdown on the industry in late 2017, according to internal company documents seen by the Financial Times. Chief executive Changpeng Zhao and others holding senior positions repeatedly instructed Binance employees to hide the company’s
Jeremy Corbyn is on his way out of the Labour party and probably parliament. Boris Johnson is facing suspension from the Commons. The last election’s prime ministerial candidates are now embarrassments to their parties, men the current leaders define themselves against. The Sunak government has prioritised financial stability and even compromised over Brexit in Northern
Because I’m a regional policy nerd, the part of Jeremy Hunt’s March Budget speech that caught my attention was not about pension rule changes, but the promise of “12 potential Canary Wharfs” outside London, via the creation of new investment zones. The chancellor’s analogy inadvertently highlights the chronic policy failure holding back UK cities beyond
Elon Musk and more than 1,000 tech researchers and executives have called for a six-month “pause” on the development of advanced artificial intelligence systems such as OpenAI’s GPT to halt what they call a “dangerous” arms race. An open letter, published on Wednesday by the Future of Life Institute, a non-profit campaign group, had been
European equities rose on Wednesday while stocks in Asia were buoyed by Chinese ecommerce giant Alibaba’s plans to splinter into six business units following years of pressure from domestic regulators. Europe’s region-wide Stoxx 600 index added 0.6 per cent in early trading, with shares in UBS up 2 per cent after the bank said it
The UBS board, in bringing back Sergio Ermotti as chief executive, has gone for someone who knows the bank well. Ermotti held the role from 2011 to 2020 and won plaudits for leading its recovery from the financial crisis. The Swiss-born 62-year-old is a career banker, having completed stints at Citigroup, Merrill Lynch and UniCredit
UBS has brought Sergio Ermotti back as chief executive to steer its takeover of Credit Suisse. Ermotti, who was chief executive for nine years before stepping down in 2020, will replace Ralph Hamers, UBS said on Wednesday. Hamers will remain as an adviser during a transition period, the Swiss bank said. UBS said it acted
Switzerland’s private banks are seeking to poach key staff and clients from Credit Suisse as steep job and bonus cuts force bankers into the market following the takeover by UBS. Julius Baer, Pictet, Lombard Odier, EFG and LGT are among Swiss wealth managers sounding out disgruntled Credit Suisse bankers, people familiar with ongoing conversations have
Some banks will struggle to issue a form of risky bonds used to bolster their capital and others will pay a much higher price for them after similar debt held by Credit Suisse was wiped out in its forced sale, investors have warned. Swiss regulators’ decision to write down $17bn worth of Credit Suisse’s additional
Your browser does not support playing this file but you can still download the MP3 file to play locally. After the collapse of Silicon Valley Bank, markets were anxious, and the prestigious, yet scandal-ridden Credit Suisse looked as if it could be next to fall. But over the span of a single weekend, the Swiss
The UK’s largest asset manager has warned that businesses and financial markets are failing to price in the risks of climate change, telling investors to “strap in” and prepare for a “bumpy ride”. Legal and General Investment Management, which oversees more than £1.2tn in assets, said a delayed shift to a low-carbon economy could leave
When First Citizens Bank agreed over the weekend to buy most of what is left of Silicon Valley Bank, there was one thing it absolutely did not want. Though SVB, whose March 10 failure shook the global banking sector, was best known for serving venture capitalists and techies, First Citizens’ purchase agreement went out of
The strategy doesn’t sound a subtle one: pay up or blackout. This winter, as hundreds of thousands of UK households were reading by torchlight to reduce electricity demand at peak times, some traders are alleged to have taken a somewhat less collaborative approach to the energy crisis. Both the government and the opposition have called
Mike Pence must testify to a grand jury about conversations he had with Donald Trump relating to the former president’s attempt to overturn the results of the 2020 presidential election, according to a person familiar with the matter. Judge James Boasberg in the US District Court for the District of Columbia ruled that Pence, Trump’s
Italy’s rightwing government has approved a draft law that would ban domestic production of lab-grown meat as it seeks to protect the country’s traditional culinary heritage and powerful agribusiness interests. The draft law, which must still be approved by parliament before it can take effect, prohibits the cultivation of meat from cells in Italy, though
Jamie Dimon, the longtime chief executive of JPMorgan Chase, will be interviewed under oath over his bank’s decision to retain the late sex offender Jeffrey Epstein as a client, said people familiar with the matter. The sworn deposition, due to take place behind closed doors in May, is the latest development in two high-profile cases
Scotland’s finance secretary Kate Forbes is to leave the country’s devolved government after being offered a more junior role by incoming first minister Humza Yousaf. Yousaf narrowly defeated Forbes in a bitter Scottish National party leadership election that ended on Monday and her departure from the government risks deepening divisions exposed during the contest. The