News

Royal Bank of Scotland (RBS) shares have delivered an impressive return of 60% in the last three months amid a resurgence in risk appetite.

The decline in the UK economy was confirmed this morning after the second estimate for Q4 UK GDP came in unchanged at 0.2%.

MUNDY'S MOMENT

The Financial Services Authority (FSA) has ordered Threadneedle to file a report on its systems and controls with regards to a rogue trade of Argentine warrants, according to reports.

Lloyds Banking Group has reported a pre-tax loss of £3.5bn for 2011, while warning shareholders to prepare for more pain as it forecasts a decline in revenues for 2012.

Crude oil surged to record levels in euro and sterling terms yesterday, adding to fears European economies could slump back into recession.

Japan's financial watchdog has told an investment firm to halt its operations on suspicion it has lost most of the $2.3bn (£1.5bn) funds it manages.

The FSA's acting enforcement head, Tracey McDermott, said the financial services industry is failing to heed the lessons of previous failures and "has no-one but itself to blame" for low consumer confidence in the sector.

The European Commission has warned the eurozone will be back in recession this year despite "signs of stabilisation" on the continent.

Small-cap star Harry Nimmo has revealed his investment trust took a hit from the sharp sell-off in online clothes retailer ASOS in the last six months of 2011.