A number of the former Arch Cru cells have made tender offers to shareholders to purchase large portions of their holdings ahead of a planned delisting of the cell funds in early November.

Spanish banking giant Santander has warned investors profits at the bank are likely to fall in 2012 and 2013 as the bank pumps millions into improving customer service levels.

The FTSE 100 was lower mid-morning as investors waited nervously for a crucial vote in Germany on the expansion of the European Financial Stability Facility (EFSF).

The Bank of England's Financial Policy Committee (FPC) has urged banks to curtail bonuses in order to be prepared for further financial shocks.

Japan has said it will consider helping to save Greece as part of a wider bailout plan as it looks to avert a crisis in global growth.

European officials are planning to speed up the recapitalisation of 16 major banks that nearly failed last summer's stress tests as the economic crisis gripping the region worsens.

US shares tanked at opening, copying markets across Europe, as investors Stateside gave the Fed's latest efforts to stave off recession the thumbs down.

(Updated) The FTSE 100 was well below 5,100 late morning as investors sold off shares following the Fed's latest move to stimulate the US economy.

Billionaire investor Warren Buffett has retained second spot in Forbes latest list of America's richest people, despite seeing his personal wealth fall by $11bn.

Fidelity has launched low-cost versions of its Multi Asset fund range, run by Trevor Greetham, following moves by peers including Schroders to offer similar investment products.