Economics

Multinational coffee house Starbucks has caved in to public anger over the recent revelation it paid less than 1% in tax in the UK, pledging to 'do more' according to reports.

Credit rating agency Moody's Investor Services has downgraded its rating of the European Stability Mechanism (ESM) - Europe's bailout fund - because of increased concerns over the financial health of France.

AUTUMN STATEMENT

Bob Jolly (pictured), head of global macro at Schroders, reviews a year in global bond markets and asks what themes could characterise the asset class in 2013.

The Financial Services Compensation Scheme (FSCS) is to hit fund managers with a £33m levy to cover a shortfall in its finances after it overcharged some firms.

The UK's four biggest banks may need up to £35bn of fresh capital to insulate themselves against future losses, according to the Bank of England.

The US economy grew 2.7% in the third quarter of the year, a significant upwards revision from the first reading of the data.

Shares in oil major BP fell today after the US' Environmental Protection Agency temporarily blocked it from bidding for new contracts in the US.

Sir Mervyn King, the Bank of England's Governor, told the Chancellor that £37bn cash the Treasury claimed from the QE programme will not help the UK's finances.

Ignis Asset Management's Chris Bowie is set to move short duration on the top-performing Corporate Bond fund, ahead of a "painful readjustment" in yield movements.