LIBOR rate-rigging penalties and damages to investors could reach $22bn for the 12 global banks involved, according to Morgan Stanley estimates.

Moody's has cut Italy's credit rating by two notches to Baa2 as the euro area's third biggest economy faces higher funding costs and contagion risk from Greece and Spain.

UK banking giant HSBC is planning to apologise to the US Senate following an investigation earlier this year into money laundering.

The team behind Majedie's £1.1bn UK Equity fund has bought back into miners, having avoided them for most of the second quarter.

European authorities are pushing Spanish banks to write off their preferred shares and subordinated bonds, in a move which could see small savers lose billions of euros.

J.P. Morgan Asset Management (JPMAM) is to launch an investment-focused outsourcing solution for advisers ahead of RDR.

The European Central Bank has cut interest rates to a record low, from 1% to 0.75%, mimicking action taken around the globe today, as the authorities move to rescue the deteriorating global economy.

Barclays shares are in demand, despite the fall-out from the LIBOR scandal and Bob Diamond's resignation, with investors buying five shares for every one sold.

Indices across Europe are expected to open flat ahead of the anticipated moves from the ECB to cut interest rates and a further injection of QE from the Bank of England.

Barclays' submission of a memo to the Treasury Select Committee has revealed how Bank of England officials advised the bank on LIBOR.