Germany

Germany has cut its economic growth forecast over fears its exports will slow, the BBC reports.

Eurozone banks may have to raise €200bn to boost their capital reserves under a proposal from the European Banking Authority (EBA).

Adair Turner has spent more than £66,000 in the past 15 months flying around the world as FSA chairman - largely because he never flys any lower than business class.

German Chancellor Angela Merkel has said Europe is facing a race against time to save its indebted European banking system, warning investors risk being hit by deeper losses before the EFSF steps in.

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.

Major US indices are trading 1.5% higher as shares follow UK and European markets upwards.

Both Germany and France have ruled out common eurozone bonds as a solution to the bloc's debt crisis, the FT has reported.

Cavendish CIO seeks growth companies that outperform in all market conditions Cavendish focuses on growth with global scope.

Moody's has cut Greece's credit rating by three notches following the agreement of a new rescue package for the stricken country.

The EU and IMF have reached a deal on Greece which should prevent a default, but will involve a new round of austerity measures for the beleaguered nation.