Economics

So, Silvio Berlusconi has finally confirmed he is leaving. The announcement caught the headlines of the newspapers across the world. And you could almost hear the cheer across Europe.

Schroders saw net retail outflows of £2.7bn in the third quarter but a rise in performance fees helped boost asset management profits year-on-year.

Germany and France have begun preliminary talks about a possible break-up of the eurozone, according to reports, amid fresh fears about the future of Italy after the nation's cost of borrowing hit a new record.

Prudential has launched four risk managed portfolios for investors in its £66bn with-profits fund as it moves to attract advisers and clients post-RDR.

Neil Woodford has revealed his "increasing concern" about the situation in the eurozone as he warns of a European credit crunch and the risk of the UK following Europe into recession next year.

The S&P 500 has shed more than 2% at the open alongside other US markets as investors panic over the turmoil in Italy and the growing threat of contagion spreading across Europe.

Patrick Evershed has claimed his former boss John Duffield bullied and humiliated New Star staff including withdrawing an offer of sweets from managers having a bad period of performance, according to his witness statement lodged with an employment tribunal...

Silvio Berlusconi's pledge to resign has failed to calm investor nervousness on Italian sovereign debt, with yields on 10-year bonds rising above the crucial 7% mark this morning.

The FTSE 100 dropped sharply mid-morning as investors fretted over the future of Italy following a spike in the country's bond yields to record levels.

Shares in HSBC were down over 5% mid-morning after a trading update revealed underlying pre-tax profits fell from $4.6bn (£2.86bn) in Q3 2010 to $3bn for the same period this year.