The value of Portuguese bonds has dropped and yields have widened to record levels, as concern mounts over EU leaders' failure to resolve the Greek debt crisis.

Supporters of ETFs counter Fundsmith founder's short selling claims.

Financials still under pressure from unfinished business in the eurozone and the threat of downgrade for banks

Goldman Sachs and HSBC are two of the banks that stored funds for Libya's government investment fund under Muammar Gaddafi, according to reports.

Martin Currie is changing the investment focus of its Securities Trust of Scotland from UK to global equities, with Alan Porter taking over as lead fund manager from Ross Watson.

A PYRRHIC VICTORY FOR THE ECB

Sterling has recovered from a seven-week low, moving higher against the dollar after it fell on Moody's threat to downgrade a raft of UK banks.

Goldman Sachs has reversed its bearish call on commodities, urging investors to buy as it expects oil will surge to $130 a barrel in the next 12 months.

US asset manager William Blair has launched an Emerging Leaders Growth SICAV for managers Todd McClone and Jeff Urbina.

The former head of global emerging markets at Martin Currie, Dariusz Sliwinski, has joined Midmar Capital.