The Czech Republic President has hit out at the eurozone bloc, saying the union has failed to bring meaningful economic benefits to its members.

Banks in the eurozone will suffer "considerable" loan losses in 2010 and 2011, potentially leading to €195bn (£165bn) in futher write-downs, the European Central Bank warns.

Legal & General (L&G) group chief executive Tim Breedon will take over as chairman of the ABI in July.

First quarter GDP growth has been revised up in line with expectations on the back of strong industrial production figures.

Britain is at risk of sliding into a Japan-style period of deflation, according to a Bank of England policymaker.

AIA's chief executive has told friends and industry executives he would quit if the UK's Prudential succeeded in its $35.5bn (£24.6bn) takeover of group's Asian arm.

State investment in British business will be cut by £636m this year, as Chancellor George Osborne seeks to drive a "private sector recovery".

The Consumer Prices Index (CPI) hit a 17-month high of 3.7% in April, forcing Bank of England governor Mervyn King to write to new Chancellor George Osborne to explain why.

The FTSE 100 fell below 5,000 in midday trade Friday as fears about the sovereign debt crisis and stricter financial regulations persist.

The Consumer Prices Index (CPI) hit a 17-month high of 3.7% in April, forcing Bank of England governor Mervyn King to write to new Chancellor George Osborne to explain why.