Economics

Fitch has downgraded Greece to CCC status, one notch above default, due to growing concerns private investors do not want to participate in any bailout of the country.

Ratings agency Moody's has said it may cut the US AAA debt rating, pointing to the "rising possibility" the US will default on its debt obligations.

Former Gartmore manager Guillaume Rambourg has hired Goldman Sachs' Karim Moussalem to work with him on his new hedge fund venture, according to Financial News.

Chinese growth figures have dropped from 9.7% in the first quarter of this year to 9.5% in the second quarter, as the government struggles to contain rising inflation.

Minutes from the Federal Open Market Committee (FOMC)'s June meeting reveal members are divided over whether a third round of quantitative easing is the best option for the US economic recovery.

Aegon has confirmed it will rebrand its UK asset management arm as Kames Capital later in the year as Investment Week exclusively revealed earlier this afternoon.

Dalton SP's Peter Kaye has slashed his exposure to energy and technology sectors in favour of defensive stocks on negative US sentiment, but forecasts a bounce back in the US equity market.

MY 10 PREDICTIONS FOR THE YEAR

UK consumer price inflation fell from 4.5% in May to 4.2% in June despite food prices remaining high.

Billionaire investor George Soros has warned a Greek default is "inevitable", and EU leaders must adopt a plan B to stem contagion to the rest of Europe.