Lloyds Banking Group chief executive António Horta-Osório said he will not take an annual bonus for 2011, a year in which the company's shares fell by 60%.

US indices have opened almost 2% higher on the first trading day of 2012 as risk appetite resumes across global markets.

Discretionary fund manager Saltus has launched a global equity fund in an extension of its IFA-focused offering.

Markets have struggled to gain further ground after the European Central Bank announced it had lent almost €500bn to banks in a three-year liquidity operation.

North Investment Partners has appointed three non-executive directors to its board as it seeks to strengthen its business ahead of RDR.

Lloyds Banking Group CEO António Horta-Osório is to return as group chief executive on 9 January 2012 after a period of medical leave.

UK CPI inflation fell from 5% to 4.8% in November, the Office for National Statistics has said, in line with economists' forecasts.

Shares in European financials have dropped in late trading as the latest European Banking Authority stress tests said the industry must raise €115bn in capital by June 2012.

Standard & Poor's has said it may downgrade the European Union's AAA rating and make further cuts to eurozone banks' credit ratings if a review of eurozone countries prompts mass sovereign downgrades.

Ashcourt Rowan chief executive Jonathan Polin has purchased 200,000 shares in the business as the company lists on AIM.