News

The UK economy shrank by 0.7% in the second quarter of the year, a far worse contraction than economists had forecast, keeping the UK mired in recession.

Anthony Bolton has said he expects to see more positive news emerging from China later this year after a fall in inflation left the authorities with more flexibility to boost growth.

Spain and Germany have moved to reassure investors the former will not need a full-blown bailout, while Greece has found itself back in the headlines after a warning it faces imminent bankruptcy.

Shares in technology giant Apple are today poised to fall around 5% after it delivered a trading update which missed expectations.

GDP data released today is expected to paint a miserable picture for the UK economy, with a contraction in growth forecast for the second quarter.

Barclays has hired an investment banker to lead an independent review of its culture, as the bank tries to clean up its image following the LIBOR scandal.

FSA chairman Lord Adair Turner said the regulator is reviewing its approach to supervision following the LIBOR scandal, but said it would cost too much to prevent all malpractice in the industry.

Markets dipped into the red this afternoon after a weaker start in the US, as a round of poor corporate updates weighed on investor sentiment, compounding eurozone fears.

The Financial Services Authority (FSA) has warned professional indemnity insurance (PII) providers against excluding cover for Arch cru claims when renewing IFAs'policies.

M&G is to explore ways to slow inflows into Richard Woolnough's £6.3bn Corporate Bond and £5bn Strategic Corporate Bond funds.