News

The European Central Bank has cut interest rates to a record low, from 1% to 0.75%, mimicking action taken around the globe today, as the authorities move to rescue the deteriorating global economy.

Invesco Perpetual's Stephanie Butcher has moved overweight Spain and added names from Ireland and Portugal to the European Equity Income fund, taking the view stocks are "too cheap" and investors are over-paying for core, defensive names.

Roger Bootle and a team of economists at Capital Economics have won a prestigious economics award for their plan on how a country could exit the eurozone in an orderly way.

Alliance Trust Investments has closed down three funds and announced a number of redundancies as chief executive Katherine Garrett-Cox overhauls the business.

Odey Asset Management founder Crispin Odey has been picking up shares in Barclays Bank after the share price fell more than 15% in a single day.

Allianz Global Investors has hired a specialist infrastructure debt team to establish an investment grade debt platform.

The Republic of Ireland has returned to the capital markets for the first since it received an international bailout in 2010.

UBS has closed its underperforming Absolute Return Bond offering after assets dwindled to £15m.

The Bank of England (BoE) has extended its quantitative easing programme by £50bn, in a bid to haul the UK economy out of recession.

The Bank of England will continue with its quantitative easing programme until it owns all of the gilt market not controlled by life companies, according to Schroders' Gareth Isaac.