Economics

The FTSE 100 has surged in afternoon trading - rising over 100 points - as hopes mount US politicians will agree a deal on the country's sprawling budget deficit.

J.P. Morgan Asset Management's head of thematic investing Gary Clarke has left the firm after two of his funds were liquidated.

Janet Yellen will be nominated as the first female Federal Reserve chairman later today, in a ceremony attended by Barack Obama and current chair Ben Bernanke.

Fidelity Worldwide Investment's Tom Stevenson has moved over to the group's personal investing business to help develop the group's direct to consumer offering.

The International Monetary Fund has upgraded its forecast for the UK economy this year, despite downgrading its global outlook.

There were signs of tentative progress on the US fiscal deadlock yesterday as President Obama indicated he would accept a short-term increase in the nation's borrowing authority to avert a default.

UK shares had a shaky start to the week as negotiations over the US debt ceiling continue to drag on.

The Treasury has applied for European Union (EU) approval to split up Royal Bank of Scotland (RBS), to smooth the process of carving up the state-owned lender.

The US government shutdown combined with growing concern over the country's debt ceiling have led to renewed fears US equity markets could sell off heavily if the impasse continues.

Christine Lagarde, managing director of the International Monetary Fund (IMF), has warned failure to raise the debt ceiling could be far worse than the current US government shutdown.