Gartmore's Leigh Himsworth warns investors are in danger of being sucked into the emerging market story without properly considering asset valuations.

The FTSE closed at its lowest level in more than a week Wednesday following falls in energy firms and food retailers.

The Government has made it clear in its Pre-Budget Report and accompanying draft legislation it will no longer tolerate firms abusing the Enterprise Investment Scheme for tax purposes.

The Government says it will explore ways of encouraging a more 'sustainable, transparent and standardised' mortgage-backed securities market in the UK.

The FTSE 100 crept up slightly immediately following this afternoon's Pre-Budget Report, despite confirmation the UK's debt will hit 78% within the next five years and the announcement of measures to tax banker bonuses.

OBSR has decided to suspend the AA rating on the £3.5bn Fidelity European fund following the news manager Tim McCarron is to take time away from the industry.

The board of the Premier Energy & Water investment trust has elected to extend the vehicle's life beyond its original 31 December 2010 wind-up date.

Stephen Message has assumed control of the £37m Old Mutual Equity Income and £25m Extra Income funds with immediate effect, replacing Michael Gifford.

GAM has launched a Ucits III emerging market debt and currency fund, managed by Pharo Global Advisors.

GLG Partners has extended its '1 and 20' charging structure to include its Global Emerging Markets fund.