News

Bank of England governor Mervyn King plotted a secret bailout of the world banking system using funds from four cash-rich nations, including the UK, in March 2008, according to a US embassy cable released by WikiLeaks.

The FTSE edged 0.1% lower to 5,853.66 points in early trading as company-specific news guided price moves.

PIMCO's co-CIO Bill Gross has poured $4.4m (£2.7m) of his own money into five municipal bond funds run by the group in anticipation of a rally, Bloomberg reports.

Allied Irish Banks has been forced to ditch plans to pay staff €40m in bonuses after the Irish government threatened to withdraw its financial support.

Witan has added an emerging markets portfolio to its multi-manager investment trust as part of a move towards a more active, high conviction style.

Deputy governor of the Bank of England Charles Bean says another eurozone sovereign debt crisis could "derail" Britain's recovery, hitting businesses and households hard.

The FTSE 100 rose 1% to 5,871.5 points by 1.45pm today, propelled by the mining sector.

Jeremy Cook, chief economist at foreign exchange brokers World First, gives his predictions for exchange rates in 2011.

Richard Philbin, chief investment officer (CIO) of Axa Architas, is leaving the company at the end of the year to be replaced by deputy CIO Caspar Rock.

The Shanghai Composite surged 2.9%, its biggest advance since mid-October, as China held interest rates steady despite rising inflation.