Markets

ON NORTH AMERICA

OLYMPICS

A top Bank of England economist has said his profession should take part of the blame for the financial crisis, according to the Telegraph.

Schroders is to reopen its $3.1bn Commodity fund, run by Robert Howell, having restricted access to the vehicle in February 2010.

F&C has confirmed its head of funds and investment trusts Charlie Porter is set to leave the group, with Thames River's Mike Warren becoming head of F&C's retail business.

PIMCO's Bill Gross has questioned the long term inflation-adjusted returns of equities and argues the "cult of equity is dying" to be replaced by the "cult of inflation".

Standard & Poor's has cut its outlook on Tesco to negative in the belief declining profitability may force it to cut the UK retailer's credit rating in future.

Liontrust's macro fund managers Stephen Bailey and Jan Luthman have sold out of Nestlé just six weeks after making their initial purchase.

Switzerland's biggest bank UBS and Deutsche Bank, Germany's largest lender, have both posted sharp falls in profits for Q2 as fees and commissions dwindled in the face of the eurozone crisis.

Footballing giant Manchester United has said it plans to raise as much as $330m (£210m) in a share sale in New York, to help pay down its debts.