EU leaders have agreed a further €109bn (£96bn) bailout for Greece, one-third of which will come from private sector bondholders.

Castlestone Management has released a statement saying it continues to operate as normal despite a visit to its offices yesterday by FSA enforcement officers.

The FSA has confirmed it has today executed search warrants on the Castlestone Management's premises in London and Chichester, as a fourth member of staff leaves the group.

UK banks were not among the eight institutions to fail the European stress tests on the sector.

Shares in BSkyB have rebounded after a 3% fall this afternoon as Rupert Murdoch bowed to pressure to withdraw his bid for the remaining 61% of the broadcaster.

Threadneedle is preparing to take on the management of LV='s retail fund range.

Vanguard has launched the LifeStrategy range, a suite of five fund of index funds with low annual management charges.

The Federal Reserve has scaled down its growth forecast for the US in the face of higher energy costs and weak manufacturing data.

News the EU and IMF have reached a deal on Greece which should prevent a default have failed to calm markets, as the beleagured nation faces a new round of austerity measures and a government reshuffle.

Warren Buffett's annual charity lunch auction raised a record $2.63m, following a week of bidding after the winner offered extra cash to break the record.