FirstFT: Harris Associates sells entire stake in Credit Suisse

Our prime story right this moment is a scoop on certainly one of Credit score Suisse’s longest-standing supporters promoting its whole stake within the scandal-hit Swiss financial institution. The chief funding officer of Harris Associates explains his resolution — scroll down for extra.

To separate or to not cut up? EY companions will quickly should vote on whether or not to separate the Massive 4 agency’s audit and advisory companies. The Monetary Instances breaks down the proposed plan in right this moment’s Massive Learn.

Immediately I’m holding tabs on:

• Financial knowledge: S&P International releases building buying supervisor’s indices for the EU, the UK, Germany, France and Italy. The EU additionally has retail gross sales figures for January.

• Outcomes: Transport companies supplier Clarksons stories full-year outcomes.

• WTO assembly: The overall council of the World Commerce Group convenes, with sanctions in opposition to Russia on the agenda.

Any ideas on right this moment’s FirstFT? Tell us at firstft@ft.com.

Immediately’s prime information

1. EXCLUSIVE: Harris Associates has offered its whole stake in Credit score Suisse after years of scandal and an exodus of purchasers on the Swiss lender. One of many financial institution’s longest-standing shareholders, Harris raised questions about “the future of the franchise”.

2. BP is just not slowing its inexperienced transition to money in on excessive oil costs, the boss of its US enterprise insisted, regardless of the corporate asserting a scaling again of local weather targets final month after file income. Read our full interview with Dave Lawler, chair of BP America.

3. The ECB should do extra to sort out “monster” inflation, mentioned Christine Lagarde, warning that additional rate of interest rises from the European Central Financial institution are very probably. Here’s why she thinks it’s “too early to declare victory”.

• Associated: German banks will “unfairly” make €40bn this 12 months by short-changing savers with low charges, says Europe’s largest retail deposit dealer, Raisin.

4. EXCLUSIVE: The UK tax authority has prosecuted 80 per cent fewer tax evasion enablers up to now two years, regardless of pledging to pursue the attorneys, accountants and monetary establishments that assist purchasers perform fraud. Why is HM Revenue & Customs not matching its tough rhetoric?

5. EXCLUSIVE: Beijing has advised Hong Kong’s elite to surrender their western passports if they need a seat in China’s rubber-stamp parliament. Here’s why it matters.

The Massive Learn

To separate or to not cut up? That is the question facing EY’s partners when a plan to spin off the Massive 4 agency’s advisory arm from its audit enterprise goes up for a vote. EY’s bosses consider companions perceive the rationale for the deal, however falling firm valuations have modified the panorama.

We’re additionally studying . . . 

Chart of the day

Borrowing prices have soared as central bankers struggle to sort out inflation, and corporations now discover themselves disinclined to tackle further debt as they face the return of a once-familiar fear: scores downgrades.

Take a break from the information

This week’s Lunch with the FT is with Miss Malaysia-turned-movie star Michelle Yeoh, who talks about what an Oscar would mean to Asian actors — and why she actually, actually desires to deliver that statue residence.

Extra contributions by Annie Jonas and Gordon Smith