Wall Street edges higher on tech hopes
US shares overcame a swathe of gloomy economy news to advance in early trading on Tuesday (January 6th), with investors hoping that president-elect Barack Obama's anticipated economic stimulus plan will boost the technology sector.
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More than 1 in 8 'seek debt advice'
There was further evidence of the biting recession today with new research from MoneyExpert.com showing that 13 per cent of UK adults have sought advice on controlling their debts in the face of mounting economic pressures.
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Mortgage lenders 'bottom out' on rate cuts
The number of mortgage lenders passing on interest rate cuts to their customers continues to "dwindle", with many showing signs that they are as low as they are prepared to go.
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Fall in rates gap 'raises hopes for lending'
The gap between inter-bank lending rates and the Bank of England's base rate has fallen to its lowest level since March, sparking hopes that the credit markets may be on the way to thawing out.
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UK pension funds record negative returns
Pension funds in the UK have recorded their first negative annual returns since the recession of the early 1990s, according to new data from the Bank of New York Mellon Asset Servicing.
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Blocked fund withdrawals 'make bad situation worse'
Hedge funds' limits on investor withdrawals are exacerbating the difficult conditions facing the industry and could eventually threaten the future of the asset class, an expert has claimed.
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Service sector unemployment 'rises at record pace'
Service industries in the UK experienced a sharp decline in business activity during December, as staff lay-offs reached a record pace.
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Sterling "still falling - but undervalued"
Sterling endured a tough 2008 against both the dollar and the euro but after a year of being the market's punch bag, the currency is now looking "chronically undervalued", a currency specialist has said.
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House prices record biggest-ever fall
House prices crashed by 2.5 per cent in December to record their biggest ever annual rate of decline, according to a new report from Nationwide.
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Parties clash over savings proposals
The three main political parties have clashed over their approaches to the economic downturn after Conservative leader David Cameron unveiled plans to cut the duty on savings income for all basic-rate taxpayers.
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FSA to lift short selling ban
An emergency ban on the short selling of UK financial stocks could be lifted later this month under new proposals from the Financial Services Authority (FSA).
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Japanese market closes at two-month high
Rising optimism that the incoming administration of US president-elect Barack Obama will enact a new round of economic stimulus measures triggered a wave of buying on Japan's major stock market, with the benchmark Nikkei 225 hitting a two-month closing high on Tuesday (January 6th).
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Concerns over car sales hit US shares
Wall Street kicked off the first full week of trading in 2009 with early losses as investors braced themselves for what are expected to be weak end-of-year sales figures from the automotive industry, according to reports.
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Survey: 91% of DB pension schemes closed to new members
A new survey report published by the Association of Consulting Actuaries (ACA) has revealed that small firms have closed some 91 per cent of defined benefit (DB) pension schemes to new members.
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Neglecting rent insurance protection "a gamble"
Landlords who fail to take out rent insurance protection may be taking "a gamble", according to the managing director of Let Insurance Services.
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Easing costs could boost saving, says NS&I
People may find they are able to save more money as costs continue to ease, according to a spokesman for National Savings and Investments (NS&I).
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Rapid fall in property values presents "good opportunity" for buyers
The rapid decline in house prices over the past few months has presented first-time buyers with a "good opportunity" to get on the property ladder, an expert has said.
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UK personal debt tops ?1.45trn
Total personal debt in the UK topped £1.456 billion in November 2008, rising by £56 billion in a year - or around £1 million every ten minutes, according to the latest figures from Credit Action.
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Falling oil prices a "double-edged sword" for economy
Plummeting global oil prices could provide a vital boost to the UK economy over the next three years, but their decline may still prove a "double-edged sword", a new report has warned.
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"Bleak" year ahead for mutual funds
Mutual funds face an uphill battle in 2009 as investors continue to withdraw their assets, more investment pools close and new launches slow to a "crawl", industry observers have warned.
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US lawmakers 'to grill regulator over Madoff scandal'
The US market regulator, the Securities and Exchange Commission (SEC), is expected to "come under fire" from lawmakers in Washington over its handling of the Bernard Madoff investment scandal later today (January 5th).
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Brown 'not considering new bank bailout'
The government is working on new ways to increase banks' lending to businesses and individuals but it is not considering a second "bailout" of industry using taxpayers' money, the prime minister has said.
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New year hopes send Nikkei to 2-month high
Japan's Nikkei 225 closed at a two-month high on Monday (January 5th), reflecting investors' hopes that the benchmark index can put 2008's worst-ever annual performance behind it and advance on the back of new economic stimulus plans.
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Households 'should not wait' for suppliers to cut energy prices
Households should not count on "rumours of price cuts tomorrow" when they can take their own steps to cut bills today, the independent comparison service uSwitch.com has said.
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Britons "reluctant" to take out income insurance
Despite the rising cost of living and increasing economic instability posing a threat to jobs, two-thirds of Britons are "reluctant" to insure themselves against a potential loss of income.
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New year will "change perceptions" about property market
The arrival of the new year will bring with it a change in people's perceptions about the property market, helping to arrest the sector's decline ahead of a spring recovery, an expert has said.
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Building societies see drop in mortgage lending
A depressed housing market kept many buyers away in November, with gross mortgage lending from building societies tipping £2.59 billion, according to new figures.
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State pension 'needs doubling'
The basic state pension will need to double if Britons are to achieve the "comfortable retirement" they aspire to, a new survey has found.
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No public disclosure for Madoff assets
The US Securities and Exchange Commission is to withhold public access to files detailing the assets of Wall Street broker and alleged fraudster Bernard Madoff, it has been reported.
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One in ten face unemployment in 2009, says BCC
Unemployment will peak at 3.1 million over the next two years as the recession bites and one in ten of the British workforce face redundancy, the British Chambers of Commerce (BCC) has said.
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Gloomy economists warn Treasury "too optimistic" on recovery
The Treasury's projections for the UK's recovery from the current downturn are "too optimistic" and Britain faces a prolonged and painful recession into 2010, a new survey of economists has warned.
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Hang Seng opens 2009 on positive note
Hong Kong's Hang Seng index started the new year with a positive performance, climbing to a two-week high as investors found fresh hopes for another round of aid for the global economy.
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UK consumers 'planning to save more'
Britons are planning to save more next year, the findings of a new study reveal.
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State pensions 'should not be relied on'
The Basic state pension is not sufficient to support retirees, it has been suggested.
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Poor travel insurance selling techniques identified
Consumers are still falling victim to "underhand and misleading" sales tactics employed by some travel insurance providers.
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PPI proposals 'may put customers off'
Consumers may be put off purchasing payment protection insurance (PPI) as a result of recently issued guidelines, according to new research.
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House prices 'more affordable for FTBs'
The affordability of properties of first-time buyers (FTBs) has improved over the course of 2008, new figures suggest.
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Economy 'will improve' in 2010
The economic slump is likely to last for another one or two years, according to the executive chairman of business networking site Talkbiznow.com.
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Multiple car households 'can save on insurance'
Households with more than one car could save money on their insurance by opting for a multicar policy, it has been claimed.
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Banks dominate shares trades in 2008
Banking shares dominated the top ten trades for this year, according to new figures released by TD Waterhouse.
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TUC warns of rising unemployment
The next 12 months will be a "grim" period for the economy, with unemployment rising steadily, it has been claimed.
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Pensions 'no longer prioritised by people looking for jobs'
People looking for jobs are no longer prioritising pensions, it has been suggested.
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Property price falls 'more pronounced in London'
House price declines were more pronounced in London than in any other part of the UK this year, new figures indicate.
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Start of 2009 'will see consumers move between credit cards'
In excess of three million UK consumers will shift money between credit cards in the first three months of 2009, it has been suggested.
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New Year 'is ideal time to plan savings'
The beginning of a new year is a good time to plan savings, according to one industry practitioner.
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Cautious funds 'popular in 2008'
The last 12 months have been described as the "year of living cautiously" in terms of funds.
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Four in ten Brits want pensions advice
New research by Halifax has suggested that 40 per cent of Britons are looking for advice on pension investments and other finance-related issues.
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Pensions 'should be reviewed'
Pension investments must be reviewed to ensure they will still be able to perform well amid the current economic climate, it has been advised.
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Housing market bounceback 'could be as pronounced as the fall'
The bounceback in the UK property market could be as marked as the decline in prices over the last 12 months, it has been claimed.
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Credit card spending 'on the rise'
Credit card spending is on the rise among UK consumers, it has been suggested.
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Boat owners should not allow insurance to lapse, firm warns
Despite the current economic difficulties effecting UK consumers, boat owners in the UK should not allow their insurance policies to lapse.
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NYU sues over Madoff debacle
New York University (NYU) has launched legal action against hedge fund executive Ezra Merkin for his part in the Bernard Madoff case.
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Public sector pensions to rise at five times inflation rate
Public sector pensions are to increase by 4.8 per cent in April next year, almost five times the rate of inflation of around one per cent.
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Turn cigarettes into savings, parents urged
Parents are being urged to stub out their cigarettes and turn them into savings for their children in 2009.
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Hong Kong shares break four-day slide
Hong Kong's Hang Seng index broke a four-day streak of losses to close one per cent higher on Monday (December 29th) boosted by rising oil and gold prices.
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Wall Street up in shortened holiday session
US markets edged up on Wednesday (December 24th) in shortened trading sessions ahead of the Christmas holiday.
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M&A cancellations hit record high in 2008
Cancellations of mergers and acquisitions (M&A) deals hit a record high in 2008 as the stumbling economy and stock market turmoil saw takeovers fall by more than a third.
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CBI urges reforms to keep DB pension schemes open
The Confederation of British Industry (CBI) has called for a reform of the defined benefit (DB) pensions industry after the latest Purple Book report on the sector showed a rise in the number of schemes that have closed their doors to new members.
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ETFs 'grow in popularity' as financial storm batters funds
Exchange-traded funds (ETFs) are not just weathering the current financial storm - some are actively gaining in popularity while other types of funds face a crisis, a new report has claimed.
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Fund manager hit by Madoff scandal 'commits suicide'
The co-founder of a hedge fund management firm facing losses of up to $1.4 billion (£952 million) from the Bernard Madoff scandal has been found dead at the company's headquarters in New York, according to reports.
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Property prices 'to fall further in 2009'
House prices will decline by another ten per cent in 2009 as tight mortgage lending and a deteriorating economy continue to make life difficult for the housing market, a new report has claimed.
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Consumers 'get set for January sales'
In potentially good news for the battered retail sector, 48 per cent of British consumers have said they plan to go shopping in the January sales.
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Insurance fraud on the rise, warns ABI
Credit crunched consumers could be turning to fraud to try and get a cheaper deal on their insurance - but in doing so are jeopardising their cover.
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Credit card market to tighten in 2009
Access to the UK credit card market will significantly tighten next year, with only those possessing "excellent" credit histories able to obtain the leading cards, an expert has said.
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VAT cut not a good idea, says IMF economist
The International Monetary Fund's (IMF) chief economist has said the UK's temporary 2.5 per cent cut in VAT does not seem to be "a good idea" as consumers do not see it as a real incentive to spend.
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Decline of economy 'worse than previously thought'
The British economy contracted at a faster rate in the third quarter of the year than previously thought, official figures have shown.
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HBOS, RBS 'came close to collapse'
HBOS and the Royal Bank of Scotland came close to outright collapse in October, convincing the government that it had to sanction a taxpayer-funded bailout of the banking sector, it has been claimed.
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Nikkei down 2.4% on Toyota losses
The Nikkei 225 slid 2.4 per cent on Wednesday (December 24th) as investors dropped shares in the world's biggest carmaker, Toyota, after it projected its first-ever annual operating loss, according to reports.
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Economic gloom dampens Wall Street rally
More dismal news from the US housing market and continuing worries about consumer spending and the future of America's big carmakers dampened spirits in Tuesday's (December 23rd) early trading on Wall Street.
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Oil futures dip under $40 a barrel on demand fears
Oil prices have continued to slide as concerns grow that the deepening worldwide recession will further constrict demand.
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Borrowers face tough year ahead
Borrowers could face a tough year in 2009 as banks continue to keep a tight grip on lending and rising unemployment tests more people's ability to repay outstanding debts, analysts have said.
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Savers 'must be on lookout' for best headline rates
Savings security will be an integral element of consumers' decision making next year as people look for the best place to keep their hard-earned money in a low-rate environment, one expert has predicted.
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Manufacturing failures to rise by 37% in 2008
Manufacturing failures will increase considerably during 2008, a new report has predicted.
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Open pension schemes continue to decline
The number of pension schemes that remain open to new members has continued to fall in 2008, according to the latest report from the Pensions Regulator and the Pension Protection Fund (PPF).
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2009 to offer "compelling opportunities" for private equity
Dented confidence and low company valuations could give private equity funds some "compelling opportunities" for strong returns on investments in 2009, an industry group has claimed.
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High street retailers face "appalling" 2009
The last-minute rush in Christmas shopping represents a "last hurrah" for high street retailers rather than an 11th hour recovery and the sector faces an "appalling" 2009, it has been claimed.
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Britons ditch supermarkets but hold on to favourite brands
Approximately half of British adults - around 22 million people - have switched which supermarket they use to save money during the credit crunch but many cannot face giving up their favourite brands, a new report has found.
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Mortgage lending growth stalls in November
The monthly growth in net mortgage lending fell in November, declining from October's figure of £3.3 billion to £2.9 billion, according to the latest figures from the British Bankers Association (BBA).
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US hedge fund sued over Madoff investments
A New York-based hedge fund manager that invested more than $7.5 billion (£5 billion) with Wall Street broker Bernard Madoff is being sued by investors who claim it failed to adequately protect their assets.
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Hang Seng falls on 'disappointing' rate cut
The Hang Seng index closed down for the third straight day on Tuesday (December 23rd) as investors reacted with disappointment to the latest interest rate cut by the People's Bank of China.
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US markets 'largely flat' as bargain hunters bide time
Monday (December 22nd) opened with largely flat trading on all three major US indices as many investors' minds apparently turned to the festive season.
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Savings rates in end-of-year crunch
Many savings providers blitzed their rates in November and December, with reductions outpacing cuts in the base rate set by the Bank of England.
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US private equity firms mull reinsurance move
Many private equity firms in the United States are considering a move into the reinsurance sector after a busy hurricane season and financial storms that have weakened or wiped out much of the competition.
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Housing price stability 'top of investor wish list'
Greater stability in house prices and access to a wider range of mortgage products have topped this year's buy-to-let investors' Christmas wish list.
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Tackling debt tops new year's resolutions
Getting to grips with personal finances and paying down debt top the nation's list of new year's resolutions for 2009, according to new research from Gocompare.com.
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DC funds 'to move towards target date funds'
The UK's defined contribution (DC) pension schemes will increasingly shift towards a target date fund model over the coming year, placing greater emphasis on member engagement, a new report has claimed.
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New "irregularities" could increase Madoff losses
Investigators examining the records of Bernard Madoff's broker-dealer firm have uncovered new "irregularities" that could send potential losses from the alleged fraud to new levels.
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"Hundreds" of retailers face nightmare on high street
Despite a last-minute festive shopping spree, high street retailers face a wave of bankruptcies in 2009 that will see "hundreds" of companies collapse, an expert has warned.
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Bank did not understand scale of crisis, says Gieve
The Bank of England underestimated the scale and severity of economic problems building up before the current financial crisis, according to its deputy governor.
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Hedge fund industry 'won't be same again'
Hedge funds have been "battered and bruised" during 2008 and those that survive into the new year must accept that the industry will not be the same again, an expert has said.
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Nikkei up on stimulus news but Hang Seng slides to 2-week low
Tokyo's Nikkei 225 hit its highest close in more than a month on Monday (December 22nd) as optimism over government support for the economy and the US auto bailout overcame reports that Toyota is preparing to announce its first-ever operating loss.
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Households look to cap Xmas spending
A new study from Halifax reveals that households across the UK are planning to cap their Christmas spending in a bid to save money against a backdrop of global economic turbulence.
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Wall Street slides as confidence in bailout fades
US shares rose in early trading after the White House announced plans to support the automotive industry with loans package worth up to $17.4 billion (£11.7 billion) before sliding back amid concerns that it may be too little, too late for Detroit's Big Three.
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Government 'must do more' to support mortgage lending
There remains a shortage of funding in the mortgage market and more government action is needed to incentivise new lending, it has been claimed.
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Rate cuts aimed at "discouraging" savers
Recent interest rate cuts by the Bank of England and the US Federal Reserve were aimed at making saving "less attractive" in order to kick-start spending, one analyst has said.
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Economic worries 'overtake crime and immigration'
The condition of the UK economy and the impact of the downturn on personal finances have displaced issued such as crime, immigration and health as Britons' top concerns, a new survey has claimed.
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Investor sentiment 'steps back from the brink'
Investor sentiment has stepped back from the "brink of despair" and over one-quarter of fund managers now believe the economy will recover in 2009, according to a new poll.
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Hedge fund closures set record high in Q3
Hedge fund liquidations hit a record high in the third quarter of the year, with 344 investment pools going under, new figures show.
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CML: Half a million households to face mortgage arrears in 2009
The UK's mortgage market faces a "very tough" 2009, with the number of households whose loans are more than three months in arrears likely to hit half a million by the end of next December.
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Employers 'must consult on pension fund changes'
The Pensions Regulator has reminded employers of their duty to consult scheme members before making any changes to certain areas of pension fund arrangements.
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Consumer confidence rises but outlook remains grim
Consumer confidence has increased this month thanks to a rise in the number of people who think now is a good time to make a major purchase - however, confidence about the state of the economy and the outlook for next year continued to fall.
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Companies cut investment as recession bites
There was further evidence of the biting recession today when figures from the Office of National Statistics (ONS) showed business investment fell by more than expected in the third quarter of the year.
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Short selling ban had little impact, study claims
Emergency short selling bans introduced by a number of countries in response to the financial crisis had little or no impact on the behaviour of stock returns, a new study has claimed.
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Asian markets end week on down note
Japan's benchmark Nikkei 225 index and Hong Kong's Hang Seng both closed down on Friday (December 19th) as continuing economic worries outweighed positive news on interest rates and fuel prices.
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Mixed morning for US stocks
There were cautious gains but also slight falls for US stock markets in early trading on Thursday as investors weighed up a mixed bag of economic data.
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Recession will not sink pensions lifeboat, says PPF chief
There is "categorically no chance" that the economic downturn will force the Pensions Protection Fund (PPF) to cut its members' benefits, the organisation's chief executive has claimed.
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Over 2m 'mull mortgage payment holiday'
Some 18 per cent of the 11.74 million mortgage holders are considering applying for a payment holiday on their home loan to help them cope with the financial pressure and the rising cost of living, uSwitch.com has said.
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Survey: 13.5m failed to save in 2008
The effects of a rollercoaster financial year on British savings has been highlighted by a new survey that found over a quarter (28 per cent) of adults have failed to put a penny away over the last 12 months.
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Sterling takes a pounding to hit record low against euro
The pound hit its ninth-straight record low against the euro today (December 18th) as speculation mounted that the Bank of England will follow the US Federal Reserve and introduce an aggressive interest rates cut in January.
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Jaguar bailout talks confirmed
The business secretary Lord Mandelson has held talks with Jaguar Land Rover over a possible taxpayer bailout of the car manufacturer - although he warned the government does not have "an open chequebook".
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Madoff scandal could burn investors who withdrew early
Investors who withdrew their investments from Bernard Madoff's firm years before his alleged $50 billion (£32.4 billion) fraud was uncovered could still be forced to pay some of their money back under US bankruptcy law, legal experts have warned.
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Fund managers see US leading recovery in 2009
The majority of fund managers believe the markets will recover next year, with the US most likely to lead the way back to growth, according to the Association of Investment Companies (AIC).
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Broadband customers "ripped off" by charges hidden in small print
Broadband companies earned more than £160 million in revenue over the last year through hidden charges, a new study has shown.
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House prices "plummet" in end-of-year slowdown
The average price of a house in the UK fell again between October and November, new figures have revealed.
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Mortgage lending declines 22% in November
Mortgage lending continued to fall during November, according to the latest statistics from the Council of Mortgage Lenders (CML).
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Anticipation of BOJ cut helps Nikkei higher
Growing expectations that the Bank of Japan (BOJ) will follow the US Federal Reserve's interest rate cut with some pruning of its own helped the benchmark Nikkei average higher on Thursday (December 18th), despite lingering worries about the state of the worldwide car industry.
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After Fed cut party, Wall Street wakes to hangover
Yesterday's (December 16th) surge on US markets sparked by the Federal Reserve's decision to slash its interest rate target gave way to a "hangover" early on Thursday, with more gloomy data bringing the parlous state of the economy into sharp relief.
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Survey: 30% fear unemployment will bring "meltdown"
With new figures showing unemployment rose by 137,000 in the three months to October, 30 per cent of adults have said their finances would go into "meltdown" if they lost their job.
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1 in 4 Brits to swap socks for stocks
With Christmas around the corner, approximately one in four Britons are thinking of swapping the trusty pair of festive socks for stock certificates.
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Downturn forces 36m to put life "on hold"
With the global economic crisis increasingly encroaching on everyday life, a new survey has found that 36 million people - or three out of four adults - are postponing "key life plans" because of financial worries.
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Christmas cheer for property sellers despite 'looming' recession fears
New figures from the Building Societies Association (BSA) have offered Christmas cheer to property sellers with signs that househunters are becoming increasingly optimistic about entering the property market.
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PPF expands with fund transfer
The Pensions Protection Fund (PPF) has expanded its membership with the transfer of the Bonas Group Pension Scheme into the "lifeboat" compensation body, it has been announced.
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Pre-Christmas sales slide as retailers predict grim January
Retail sales have fallen for the ninth consecutive month, with a record number of retailers reporting a drop in business from last year during the crucial run-up to Christmas.
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Funds brace for "firestorm" of legal actions
Investment funds whose clients have been burned by the $50 billion (£32.4 billion) Madoff affair are bracing themselves for a "firestorm" of legal actions for recommending investments with the Wall Street broker's firm, according to reports.
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Unemployment breaks 1m mark
The total number of people claiming unemployment benefits passed the one million mark in the three months to October, rising 75,700 to hit 1.07 million, according to official figures.
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US regulator launches probe into Madoff case "failures"
The Securities and Exchange Commission (SEC) is to hold an internal inquiry into why its staff did not formally investigate "credible and specific" allegations against Wall Street broker Bernard L Madoff dating back to 1999.
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Asian markets rise on rates cut
Asian stock markets closed higher on Wednesday (December 17th) after the Federal Reserve's aggressive interest rates cut boosted investors' outlooks.
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Wall Street surges as Fed cuts target rate to historic low
The Federal Reserve's decision to cut its target interest rate to a record low of between zero and 0.25 per cent sent shares soaring on Wall Street yesterday (December 16th) as investors backed the latest efforts to kick-start the US economy.
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Wall Street sees silver lining on Goldman loss
It is perhaps a sign of troubled times when a $2.12 billion (£1.38 billion) loss for Goldman Sachs is seen as good news but Wall Street was nevertheless cheered in early trading today (December 16th) when the firm's first negative figures since going public were not as bad as expected.
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$57.3bn flows out of hedge funds in November
Global hedge funds saw $57.3 billion (£37.3 billion) flow out of the sector in November as the industry experienced another "harsh month".
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Falling rates make "strong" case for fixed-rate savings
Growing expectations that the Bank of England will cut interest rates in January means there is a "strong" case for savers to put their money into fixed-rate products, it has been claimed.
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Survey: 4.5m still paying for last Christmas
With less than ten days to go until Christmas, a new survey has found that as many as 4.5 million Britons are still paying off the bills for last year's festivities.
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Ofgem turns up heat on energy suppliers
Ofgem has turned up the heat on Britain's biggest energy suppliers, saying that while they have reduced unfair premiums charged to the poorest households by around £300 million, the pace of change has not been fast enough.
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CML welcomes changes to Credit Guarantee Scheme
The Council of Mortgage Lenders (CML) has welcomed the Treasury's move to amend the government's Credit Guarantee Scheme as an acknowledgment that banks and building societies "cannot realistically deliver" increased lending under current circumstances.
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Treasury looks to extend credit guarantees
New proposals have been put forward by the Treasury to cut the cost of the government's Credit Guarantee Scheme in order to provide greater support for banks and building societies and encourage greater lending.
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Public sector pensioners face future cuts after being 'overpaid'
Some 95,000 people with public sector pensions could face future cuts to their benefits after it was revealed that administrative errors over the past 30 years have led to them being overpaid.
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Inflation drops to 4.1%
Consumer Price Index (CPI) annual inflation dropped to 4.1 per cent last month, down from 4.5 per cent in October, according to official figures.
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IMF chief: Improve efforts on downturn or risk social unrest
The managing director of the International Monetary Fund (IMF) has described the global response to the current financial crisis as insufficient and urged governments to step up their recovery efforts in order to avoid a prolonged recession and the possibility of violent unrest in the streets.
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Asian investors "trapped between hope and fear"
Stock exchanges in Tokyo and Hong Kong experienced mixed fortunes on Tuesday (December 16th) with investors "trapped between hope and fear" over the state of the global economy.
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Madoff fraud probe expands as shockwaves continue
Investigators in the United States have launched a criminal probe into the auditing firm that worked with Bernard L Madoff's investment company amid suspicions that other parties may have been involved in the Wall Street broker's alleged $50 billion (£32.8 billion) fraud.
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Markets fall as Wall Street wracked with worry
US shares slid lower in early trading on Monday (December 15th) as worries mounted up over weak consumer spending, potential losses for some of the country's big investment banks and the ongoing uncertainty surrounding the future of the car industry.
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F&C chief tips US for recovery, UK outlook "bleak"
The US will be the first market to recover from the global economic downturn but the UK faces a "debilitating" recession that could rival the slump seen during the 1990s, the fund manager of Foreign & Colonial (F&C) Investment Trust has said.
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Thorn agrees record ?1bn buyout with PIC
The Thorn pension fund has completed its record £1 billion buyout transaction with the Pension Insurance Corporation (PIC), according to reports.
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PATC calls for apology, compensation over Equitable Life
The Commons' public administration select committee (PATC) has called on public bodies found guilty of maladministration in connection with failures at Equitable Life during 1990s to apologise to policyholders and provide compensation after fully backing an ombudsman's report.
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Equity release 'to double by 2013'
The UK equity release market will double over the next five years as high street names enter the sector and new products become available, Norwich Union has said.
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SFO urges City workers to come forward over fraud
The Serious Fraud Office (SFO) is urging investment fund workers, banking staff and shareholders to come forward if they have information on incidents of identity frauds linked to the credit crunch.
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Pound 'set for parity' against euro
Analysts have warned that the pound could hit parity with the euro after sterling slid to another record low on Monday (December 15th), breaking the 90 pence per euro barrier, reports say.
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Barclays chief: Property prices to drop 15% in 2009
House prices could fall by up to 15 per cent in the coming year, according to the head of Barclays Bank.
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Over 7.5m 'prefer credit cards to cash for everyday transactions'
Some 7.55 million Brits claim they prefer using their credit card to a debit card or cash for inexpensive purchases of less than £20, according to new research from Sainsbury's Credit Cards.
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Government 'must come clean' on public sector pensions cost
The Confederation of British Industry (CBI) has called for the government to be honest about the increasing costs of public sector pensions, which it claims are placing a burden on taxpayers.
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UK banks and funds exposed to alleged Madoff fraud
UK banks and investment companies including the Royal Bank of Scotland (RBS), HSBC and Bramdean Asset Management (BAM) are among the firms with exposure to the alleged $50 billion (£33.3 billion) fraud involving the Wall Street broker Bernard L Madoff.
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Renewed hope for carmakers lifts Asian markets
Fresh hopes that the Bush administration will find alternative funding to support the US automotive industry helped to boost markets in Tokyo and Hong Kong on Monday (December 15th), lifting the Nikkei 225 by more than five per cent.
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Wall Street pares losses on renewed bailout hopes
Wall Street took an early dive on Friday (December 12th) following the demise of the automotive bailout deal but cut its losses in later trading amid renewed optimism that the White House will step in with alternative support.
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Buy-to-let investors must manage risk during recession, says expert
Property investors in the buy-to-let market must "manage their risk" during the financial downturn and take precautions against the potential consequences of recession, an expert has warned.
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Government unveils ?4bn pensions package
The government will increase the state pension by five per cent in April 2009, taking the weekly income for those with full entitlements from £90.70 to £95.25, the Department for Work and Pensions (DWP) has said.
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45% of Brits 'less likely to save' in 2009
Despite the credit crunch, the number of Britons saving regularly has remained largely unchanged - but approximately half of consumers say they are less likely to keep setting money aside in 2009, according to the latest research from National Savings & Investments (NS&I).
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"Overwhelming" support for HBOS-Lloyds TSB deal
HBOS shareholders have given "overwhelming" support to the proposed merger of the group with Lloyds TSB, according to early indications.
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27m consumers 'missing out' on reduced borrowing rates
Despite recent moves by credit card providers to introduce fairer lending practices for consumers, up to 27 million could be paying more interest than necessary on their debts because they think Annual Percentage Rates (APRs) are "set in stone".
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Pound falls to new low against euro
The pound hit its fifth record low against the euro in as many days on Friday (December 12th) as sterling was battered by more bad tidings.
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Investors face hit as hedge funds 'block the exits'
Investors could lose up to 15 per cent of their original commitment if they attempt to withdraw from hedge funds as investment managers become increasingly determined to block damaging pull-outs, a new academic paper has claimed.
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EU leaders 'agree ?178bn stimulus package'
The heads of European Union member states have agreed a £178 billion stimulus package designed to kick-start the bloc's economies, according to reports.
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HBOS reveals ?3.2bn losses ahead of takeover vote
Banking group HBOS sent "shockwaves" through the sector ahead of a shareholder vote on its future by revealing it has been forced to write off a further £3.2 billion in losses related to the credit crisis since September.
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Prominent US broker charged over "epic" $50bn fraud
A prominent US broker who once headed Nasdaq's trading committee and served as vice-chairman of the National Association of Securities Dealers has been charged with securities fraud after regulators said they uncovered an "epic" deception that has cost investors at least $50 billion (£33.5 billion).
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World markets down as car industry bailout crashes in Senate
Stock markets have fallen around the world on the news that the US Senate has rejected the government's $14 billion (£9.36 billion) bailout plan for the nation's carmakers.
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US markets fight back from early slide
Bullish projections for future oil demand helped Wall Street overcome early losses on Thursday (December 11th).
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Inexperienced online shoppers 'at greater risk of fraud'
With more and more shoppers turning to the internet in the hunt for Christmas bargains, less web-savvy consumers could fall prey to experienced online fraudsters, an expert has warned.
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Insurance firm warns over December drink-driving
Motorists have been warned ahead of the Christmas party season that gambling with drinking and driving can affect more than their insurance premiums.
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ACA criticises government "timidity" over risk-based pensions
The Association of Consulting Actuaries (ACA) has criticised the government's "timidity" over workplace pensions after it said it would not be introducing new legislation allowing more risk-based schemes.
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New year 'to bring property market revival'
The housing market has "plateaued out" and will rebound next year with rising prices and higher levels of activity, according to one estate agent.
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Pensions Regulator sees "positive trends" in addressing deficits
The Pensions Regulator's (TPR) latest report on pension funds with recovery plans in place has uncovered "positive tends" towards addressing the issue of deficits.
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Economist sees light at the end of the tunnel for sterling
After a rough end to the 2008, there is "light at the end of the tunnel" for sterling and the currency will rebound well to have a good 2009, an expert has claimed.
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Last-ditch HBOS challenge dismissed
An 11th hour legal challenge to the proposed takeover of HBOS by Lloyds TSB has been dismissed by the Competition Appeal Tribunal (CAT).
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Economy will recover in 2009, says MPC's Barker
The UK economy remains "very weak" but it will start to recovery by the end of next year, according to a member of the Bank of England's monetary policy committee (MPC).
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Nikkei extends positive run
Japan's Nikkei 225 extended its rally to a 4th day on Thursday (December 11th) overcoming worries about the prospects of the US automakers bailout plan amid expectations that a new round of economic stimulus packages are in the pipeline.
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Bailout boosts Wall St despite fresh profit warnings
US markets rose in early trading on Wednesday (December 10th) as investors grew increasingly confident that the federal government will deliver a $15 billion (£10 billion) rescue package for the country's carmakers.
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Britons turning to the web for savings advice
The credit crunch has pushed saving up the financial agenda for many households and the majority now look to the internet for advice and guidance on the best deals, a new survey has found.
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Darling 'considering extension of loan guarantees'
The chancellor Alistair Darling is mulling an extension of credit guarantee rules in a bid to kick-start lending, according to reports.
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UK output 'could continue falling into 2010'
The UK recession could be deeper and more severe than previously thought, with output continuing to decline into 2010, the National Institute of Economic and Social Research (NIESR) has warned.
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Government 'on target' for red tape reduction
The government is on course to hit its target of reducing the cost of regulation by 25 per cent by 2010, according to the latest report from the Department for Business, Enterprise and Regulatory Reform (BERR).
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Pension deficits hit ?136bn, says PPF
The total deficit of the UK's private sector defined benefit (DB) pension schemes rose from £97.3 billion at the end of October to hit £136 billion last month, according to the latest figures from the Pension Protection Fund (PPF).
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Hedge funds drop $64bn in November
The global hedge fund industry's assets declined by around $64 billion (£43.2 billion) last month, marking the sixth straight month that the sector has recorded a loss.
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"Dismal" output figures underline need for rate cut, says BCC
The continuing deterioration of economic and trade conditions in the UK during October underlines the case for another interest rate cut in January, the British Chambers of Commerce has said.
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Families reluctant to discuss Christmas spending with grandparents
While some parents would prefer their children's grandparents to make a contribution to their child trust fund and give a smaller gift this Christmas, many are uncomfortable bringing up the subject.
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Relief over auto bailout drives Nikkei higher
News that US lawmakers have agreed in principle a $15 billion (£10.1 billion) rescue package for the country's beleaguered car industry triggered a wave of relief that helped to drive Japan's Nikkei average to its highest close in a month.
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Consumers holding on to money, says BRC
UK consumers are nervous about their job security and the current housing market and are reluctant to spend money, according to a spokesman from the British Retail Consortium (BRC).
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Ross steps down from Olympics roles as FSA launches probe
David Ross, the entrepreneur who resigned from Carphone Warehouse on Monday (December 8th) after failing to disclose his use of company shares as collateral for personal loans, has resigned from his roles linked to the London 2012 Olympics, according to reports.
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Mixed fortunes on Wall Street as 'calm' descends
Calmer investors were cited as the main reason for Wall Street's "quiet" early movements on Wednesday (December 9th), as despite a raft of profit warnings and growing speculation over the auto industry bailout, the markets experienced mostly modest adjustments.
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China rising as global fund investors pull out of India
Global investors have turned their back on India-focussed investment funds, pulling around $14 million (£9.4 million) out of the region and switching their attention to vehicles targeting China's economy, Citigroup has said.
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Retail sales record first-ever 2-month decline
Total retail sales declined for two consecutive months for the first time on record last month, with all sectors apart from food and drink sliding against year-on-year figures, according to a new survey.
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Estate agent property sales fall to record low
House sales declined in November, with the average number of transactions per estate agency dropping to its lowest level on record, according to new figures from the Royal Institute of Chartered Surveys (Rics).
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Hedge funds 'shelve launch plans'
Global hedge funds are mothballing their plans for new launches in the face of turbulent market conditions and tighter regulatory environments, it has been claimed.
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"Horror story" figures spark new recession fears
The UK's recession could be worse than previously thought after new data from the Office for National Statistics showed a collapse in industrial output during October, according to reports.
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Strong yen stifles Nikkei gains
The Nikkei index rose 0.8 per cent in Tuesday (December 9th) trading, despite the continued strength of the yen against the dollar stifling some parts of the market, according to reports.
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Stimulus, bailout hopes drive Wall Street higher
Wall Street kicked off the week on a high note on the back of president-elect Barack Obama's pledge to create 2.5 million jobs by ramping up public works spending and increasing speculation that the federal government will ride to the rescue of Detroit's Big Three.
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OFT warns of Christmas "scams"
With many households facing increased financial pressure this Christmas, the Office of Fair Trading (OFT) has warned consumers to be on the lookout for scams that promise "quick and easy cash rewards" but often deliver devastation to their victims.
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Britons 'unwilling to give up holidays'
Despite the financial downturn hitting households across the land, many Britons remain unlikely to give up their overseas holidays, regarding the sunshine breaks as an "essential rather than a luxury", the Association of British Travel Agents (Abta) has said.
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FSA: 11,000 shareholders on fraud database
The personal details of around 11,000 UK-based shareholders are on included on a database used by fraudsters running so-called boiler room share scams, the Financial Services Authority (FSA) has said.
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Rates cut triggers "distinctive shift" in savings
Despite falling interest rates leading to reduced standard variable rates on many savings accounts, the recent cuts have actually increased the number of people putting money away regularly, Nationwide has claimed.
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Britons stashing ?5.4 billion in the home
Worries over the precarious state of the financial sector have led British adults to stash a total of £5.4 billion in their homes, according to a new survey.
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Buy-to-let market 'no armchair investment'
Purchasing and running properties in the buy-to-let market can generate a "good income over a long period of time" but the sector requires more work than ever before and should not be seen as an "armchair investment", an industry expert has said.
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Cost of borrowing increases for 30% of small firms, says FSB
Despite pledges on fairer lending practices, the cost of borrowing has increased for 30 per cent of small businesses over the past two months, according to a new survey.
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"Unfair" investment rules leave CIC unwilling to help West
China's state-backed sovereign wealth fund, the China Investment Corp (CIC), has "little willingness" to actively support financial and energy companies in the West because of unfair investment rules imposed by the US government, it has been claimed.
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Worst 'could be over' for US shares as investors bet market has bottomed out
Friday's (December 5th) rally by the Dow Jones Industrial Average despite US job losses hitting a 34-year high earlier in the day has led a number of "high profile" investors to predict that the worst market turbulence could now be over, it has been reported.
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Nikkei rises 5.2% as investors sense bottoming out
The Nikkei index of shares rose 5.2 per cent on Monday (December 8th) as speculation over a new round of economic stimulus packages and rising hopes for America's Big Three car manufacturers sparked a wave of buying, according to reports.
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Job losses to rise as downturn decimates service sector
Jobs losses are expected to accelerate in the UK's service sector after a new report found that some parts of the industry are already experiencing record falls in business volumes, profitability and employment.
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