Economics

A number of the former Arch Cru cells have made tender offers to shareholders to purchase large portions of their holdings ahead of a planned delisting of the cell funds in early November.

UK and European indices have opened 1% lower as markets look set to post bigger quarterly slumps than at the height of the Lehmans crisis.

Spanish banking giant Santander has warned investors profits at the bank are likely to fall in 2012 and 2013 as the bank pumps millions into improving customer service levels.

German MPs have voted in favour of increasing the country's commitments to the European Financial Stability Facility as part of an expansion of the bailout fund.

The FTSE 100 was lower mid-morning as investors waited nervously for a crucial vote in Germany on the expansion of the European Financial Stability Facility (EFSF).

France, Italy and Spain have extended bans prohibiting the short-selling of selected financial stocks until at least mid-November.

The Bank of England's Financial Policy Committee (FPC) has urged banks to curtail bonuses in order to be prepared for further financial shocks.

The European Commission has proposed a tax on financial transactions to help fund the cost of the eurozone rescue package which could see investors in UCITS fund being hit with a triple blow.

OUR EFSF CONCERNS

Shares in Man Group have fallen over 20% this morning as the investment manager warned of a $6bn contraction in funds under management in Q3.