Equities

Jim Rogers, the chairman of Rogers Holdings, has described the bailout of the Spanish banking sector as "absurd economics" in a scathing attack on the European Union's approach to the crisis.

Long seen as leveraged plays on the market, asset managers' improving cash positions may give them more defensive qualities as they face up to a changing fund management landscape.

FUND MANAGER FOCUS

European ministers' decision to agree a bailout for Spain's banking sector at the weekend has boosted markets, but managers remain cautious on the the extent to which it will solve the eurozone's long-term problems.

Smith & Williamson Investment Management has promoted Robert Royle to co-manager of the group's £82m North American trust, alongside Lady Tana Focke.

Europe's major markets climbed on the first day of trading after Spain was granted a €100bn bailout for its banking sector over the weekend.

Marlborough's top performing small-cap manager Giles Hargreave has reduced his cash weighting from 10% to 5% to snap up shares trading at distressed valuations.

The single currency strengthened against the dollar today as Spain was granted a €100bn EU and IMF bailout to prop up its banking sector.

This year's charity auction for lunch with Warren Buffett closed last week with a winning bid of $3.46m.

China's decision to cut interest rates for the first time since December 2008 has met with a mixed response as investors try to fathom the implications of the move.