Markets

Executive remuneration in the UK financial sector is "wildly out of line" with other parts of the market, according to outgoing IMA chief executive Richard Saunders.

The UK's inflation rate posted another surprise drop in May, falling to 2.8%, as the lack of activity in the UK continues to bring prices down sharply.

The International Monetary Fund has amassed a $456bn crisis fund to help save the eurozone from the financial storm currently besieging it.

The Serious Fraud Office (SFO) has dropped its probe into property tycoon Vincent Tchenguiz, following an investigation which was branded "incompetent" by a High Court judge.

Banking stocks across Europe were falling this afternoon, with investors fretting over Spain's ability to fund itself after yields spiked above 7% once again.

ON UK INCOME

Schroders has launched a Secure Distribution fund offering a 7.5% annual return for half of a 20-year fixed term.

GREEK ELECTIONS

Moody's has downgraded the credit ratings of five of the Netherlands' largest banks as the country's economy struggles with a domestic recession and the effects of the eurozone crisis.

Asian markets jumped overnight after the 'pro-bailout party took a narrow win in Greece's elections, but European indices saw an early rally disappear as Spanish bond yields spiked again.