The Independent Commission on Banking has recommended UK banks' retail operations should be 'ring-fenced' from their investment banking arms.

Portugal has insisted it can cope with looming debt repayments, despite predictions from analysts it does not have enough money to meet its obligations.

David Sokol, the man considered to be the most likely candidate to succeed Warren Buffett as chief of Berkshire Hathaway, has unexpectedly resigned.

The pound has risen against the euro after UK GDP growth was reported as -0.5% in Q4 2010, slightly ahead of previous estimates of -0.6%.

The UK's economic recovery slowed in the second half of last year and will remain 'subdued' throughout 2011, the Organisation for Economic Co-operation and Development (OECD) predicts.

FSA chairman Lord Turner last night said the amount of high quality capital banks should hold as a risk buffer should be double the current requirement.

A member of the US Federal Reserve has called for Wall Street's financial giants to be broken up to avoid another financial crisis.

Royal Bank of Scotland (RBS) has reported an annual loss of £1.13bn for 2010, improving on the previous year but still falling short of analyst expectations.

The Treasury has confirmed the RDR will not impact upon the ability of firms based in Europe to advise clients in the UK, although it insists the use of passporting to evade regulation will not be permitted.

The UK inflation rate rose to 4% in January, which is double the government's target and up from 3.7% the previous month.