European Union leaders have agreed to set up a permanent mechanism to bail out any member state whose debt problems threaten the 16-nation eurozone, the BBC reports.

Government bonds are unlikely to deliver strong returns in a low interest rate environment going into next year, warns Jupiter CIO John Chatfeild-Roberts.

Aviva Investors has received shareholder approval to merge the assets of the International Property fund, formerly Henderson International Property, into the Aviva Investors European Property and the Asia Pacific Property funds.

Skandia Investment Group's chief executive Nils Bolmstrand is stepping down from his role a year after taking the reins from Jamie MacLeod.

Beleaguered BP saw its shares drop 3% to 461p today as the US government revealed it is suing the oil giant for gross negligence over the Gulf of Mexico oil spill, and is seeking $21bn or more in damages.

The Federal Reserve has renewed its commitment to its $600bn asset purchase scheme, and has kept rates on hold, but upgraded its view of the US economy.

MAM Funds, the recently rebranded Midas Capital and Miton Asset Management, is looking to raise £20m in extra capital, and is strengthening its management team with the hire of Gervais Williams.

PIMCO's co-CIO Bill Gross has poured $4.4m (£2.7m) of his own money into five municipal bond funds run by the group in anticipation of a rally, Bloomberg reports.

Witan has added an emerging markets portfolio to its multi-manager investment trust as part of a move towards a more active, high conviction style.

Lord Myners, City minister in the last government and a key figure in the financial bail-outs at the height of the global crisis, has called for a break-up of Britain's biggest banks, the Financial Times reports.