Economics

Markets across the globe tumbled overnight after the US Federal Reserve announced it may slow down asset purchases by the end of the year.

The Chancellor, George Osborne, has said it would have been wise to split majority-government owned Royal Bank of Scotland (RBS) into a good and bad bank when the crisis erupted, paving the way for such action to be taken in the future.

The Bank of England has appointed Charlotte Hogg, head of retail distribution and intermediaries at Santander UK, as its chief operating officer.

The Cypriot president has asked eurozone officials to overhaul the country's €10bn bailout plan due to its unmanageable impact on the Cypriot economy, according to reports.

The long-awaited Parliamentary Commission on Banking Standards report has criticised the government's handling of part-nationalised UK banks and recommended criminal sanctions for senior executives who behave "recklessly".

UK CPI inflation rose from 2.4% to 2.7% in May, according to the Office for National Statistics, a larger than expected rise driven by transport and clothing costs.

US markets followed shares across Europe higher overnight, while the dollar also surged, ahead of the latest Federal Reserve meeting in the States which may map out a QE exit strategy.

Fidelity's Anthony Bolton has committed to hold on to his stake in the China Special Situations investment trust after he hands it over to Dale Nicholls in April next year.

Fidelity's legendary fund manager Anthony Bolton has announced he is to retire next April, bringing to a close a 35-year career managing money at the group, but what legacy does he leave behind?

Is cash now the go-to asset? Leading investors are rediscovering its attractions as market valuations reach breaking point and inflation levels drop to historic lows.