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Credit Suisse has abandoned plans to list its Swiss business. The bank instead launched a SFr4bn ($4bn) share issue in an attempt to draw a line under capital fears that have dogged it since chief executive Tidjane Thiam took over two years ago. SFr4bn is at the higher end of the SFr2-SFr4bn capital gap the bank identified in February when it said it was considering abandoning the Swiss listing, which was designed to plug the capital gap under the bank’s 2015 restructuring plan.

The share issue comes amid downbeat sentiment about the bank ahead of a shareholder meeting on Friday. Shares have fallen 40 per cent since Mr Thiam took over in 2015 and the bank is facing criticism for not taking into account a $5.3bn settlement last year in the US over the past sale of toxic mortgage securities when deciding on bumper awards for current managers. The FT’s Patrick Jenkins has some helpful tips for the bank ahead of the meeting. (FT)

In the news

Football raids The UK tax authorities have raided the offices of two top UK football clubs over an investigation into income tax and national insurance fraud. Newcastle United and West Ham have both been asked to provide documents and several men have been arrested in England and France, including Newcastle’s managing director Lee Charnley. (Guardian)

The future is (almost) now Uber is looking to the skies with plans for a flying taxi venture after being brought to earth by a series of management problems. The ride-hailing service says it will demonstrate flying vehicles by 2020 in Dubai and the Dallas-Fort Worth area, with full-scale operations by 2023. (FT)

Prepare for China steel battles China’s steel battles in Europe and North America are likely to be only a prelude of bigger future fights as softening domestic demand unleashes a flood of output on to world markets. (FT)

Shareholders rebel at Wells Fargo Directors at Wells Fargo were in the line of fire for their alleged lack of action over illegal practices at the bank during a turbulent board meeting on Tuesday night. Shareholders vented their anger at — and voted against — the directors for failing to spot and prevent the large-scale misconduct. Four board members were saved only thanks to Warren Buffett’s intervention. (FT)

Toshiba ditches PwC The troubled Japanese conglomerate has dropped PwC in an effort to avoid having to submit full-year earnings without an auditor’s sign-off. Toshiba has clashed with PwC over governance at Westinghouse Electric and huge losses from the American nuclear subsidiary. But switching to a new auditor may not quell doubts about the reliability of the company’s earnings report. (NAR)

It’s a big day for

Boeing The aircraft and defence company’s first-quarter results will be affected by pressure from weak demand for widebody aircraft after more lay-offs were announced last week. Here are five things to watch (including Airbus results the following day). (WSJ)

The UK election Gina Miller, a pro-EU campaigner, will unveil her plan to encourage tactical voting in the June 8 poll. She has raised £300,000 in just six days to support politicians across all parties who will push for a ”real final vote” on Brexit. (FT)

American taxpayers President Donald Trump’s tax reform plan finally lands. (FT)

Food for thought

Britain’s public finance credit bubble Britain’s local councils have been plunging into the commercial property market or embarking on residential property development to plug holes in their budgets, prompting fears of a public sector credit bubble that one analyst says is “a slow-motion train wreck”. (FT)

Amazon woos Nashville Amazon launched its on-demand streaming service in October, hoping to join Apple and Spotify as a digital music giant. To set itself apart it is courting the “mainstream” consumer and focusing on country music, after noticing the genre’s popularity on the platform. (FT)

Slipping through the fingers We are running out of sand. In some parts of the world, people are going to increasingly great lengths to get their hands on the golden grains. An explanation on why there is a shortage, when sand seems so abundant. (Economist)

World economy’s upswing is not sustained growth The global economy is improving but it has to be put into context: it comes after many years of downgrades to growth forecasts. As such, the future looks far worse than it did just a few years ago, writes the FT’s Martin Wolf. (FT)

Turkey’s officer refugees Scores of Turkish Nato officers stationed in Europe were caught up in Recep Tayyip Erdogan’s post-coup purge last July and face jail if they return to their home country. The former elite officials have one of Europe’s most unusual communities of refugees, with their lives in limbo as a nasty diplomatic feud between Ankara and Brussels plays out. (Politico)

Video of the day

Macron v Le Pen: policy comparisons The French presidential election has turned into a binary contest between two political outsiders, one a staunch defender of the postwar liberal order and the other a fierce populist intent on tearing it down. (FT)


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