Aviva Investors is shutting its Absolute Tactical Asset Allocation fund range on 11 July as a result of sub-scale net asset value.

The Serious Fraud Office (SFO) will launch a criminal investigation into the manipulation of the benchmark lending rate.

Scottish Widows Investment Partnership (SWIP) has outlined the shape of its restructured equities offering.

Barclays' record FSA penalty for LIBOR manipulation will be superseded by other banks' fines as the investigation deepens, according to Schroders' Richard Buxton.

Cyprus has told European authorities it intends to apply for a bailout, making the country the fifth eurozone country to request international aid.

World markets including the FTSE fell in early trading as weak economic data and Moody's downgrade of 15 banks unnerved investors.

Royal Bank of Scotland, Barclays and HSBC were among the list of the world's biggest banks to be downgraded by Credit rating agency Moody's last night.

The UK's inflation rate posted another surprise drop in May, falling to 2.8%, as the lack of activity in the UK continues to bring prices down sharply.

UK bank shares have jumped following last night's announcement of a £100bn stimulus package for the UK economy.

Investment veteran Warren Buffett has said the chances of the US slipping back into recession are very low, despite fears over the fiscal cliff facing the country at the end of the year.