The National Institute of Economic and Social Research (NIESR) has called on the government to loosen its debt reduction plans as growth forecasts are slashed for the UK.

Rathbones' Julian Chillingworth, manager of the £49m Blue Chip Income & Growth fund, has cut back his defensive positions as he believes they have become overvalued.

Swiss investment bank UBS is set to sue US stock exchange Nasdaq over its mis-handling of the Facebook flotation, after it emerged today its bet on the firm cost it $356m.

Insight Investment has appointed a head of currency to replace Dale Thomas (pictured), who left the firm in May.

International private bank and asset manager EFG Asset Management is set to launch a concentrated Chinese equity fund for ex-GAM manager Mansfield Mok.

Chairman of Goldman Sachs Jim O'Neill has said Spain's stricken economy may not need a full bailout, despite yields on Spanish bonds continuing to soar to eye-watering levels in recent weeks.

Janus Capital International, the international arm of Janus Capital Group, has appointed Matthew Nagele as head of UK for its European business.

Spain has sunk further into recession, after official data showed its stricken economy shrank by 0.4% in the second quarter of this year.

The European Central Bank (ECB) could face extended losses as it prepares a last-ditch attempt to prevent a Greek exit from the eurozone.

Stephen Hester, chief executive of the Royal Bank of Scotland, has admitted his bank will face a significant fine over the rate-rigging scandal which has thrown Barclays into the spotlight in recent weeks.