News

German chancellor Angela Merkel has said she cannot guarantee support of the controversial financial transaction tax - known as the Tobin tax - which threatens to create a rift between Germany and France days before a crucial European summit.

Asian markets were boosted overnight by speculation the Chinese government is poised to begin loosening its monetary policy in response to the impacts of the eurozone debt crisis.

Hedge funds faced a mixed year in 2011 as markets took a sharp turn for the worse, but a number of multi-billlion dollar portfolios still shone, according to the latest annual release from Bloomberg Markets Magazine.

The UK economy has "significantly weakened" with domestic demand at a two-year low, but a recession is not inevitable, the latest quarterly survey by the British Chambers of Commerce (BCC) concludes.

The Swiss National Bank (SNB) said last night it had lost an "outstanding" central banker after Philipp Hildebrand resigned over the scandal surrounding his wife's currency dealings.

The Swiss central bank has vowed to defend its floor of 1.20 Swiss francs to the euro as it seeks a replacement for departing governor Philipp Hildebrand.

Banks are ignoring the risk of fraud committed by their own employees despite investment in anti-fraud systems, accountancy firm BDO has warned.

Reckless bank chiefs who damage the economy could face jail sentences under new measures under consideration by the government.

Swiss National Bank chairman Philipp Hildebrand has resigned with immediate effect in light of a controversial currency trade made by his wife last August.

Germany today issued €4bn of 6-month debt with a negative yield for the first time at auction as investors continue to pile into the perceived safe haven amid the ongoing eurozone crisis.