Patrick Evershed's legal battle with New Star is unlikely to be completed this week, with the hearing potentially dragging on until January, the chair of the court announced yesterday.

Patrick Evershed lost his cool on his last day at New Star, attacking the firm's CIO for preventing him topping up a position in HBOS, an employment tribunal heard today.

Patrick Evershed's case against former employers New Star took another turn today after it was revealed he signed an agreement to keep his fund open despite its increase in size.

Greece has scrapped plans to hold a referendum on the European debt deal thrashed out by ministers last week after the country's opposition leader publicly backed the proposals.

The European Central Bank has made the unexpected move to cut interest rates by 25 basis points from 1.5% to 1.25%, as new president Mario Draghi moves to combat the crisis in Europe.

The Dow Jones shed almost 300 points in yesterday's session with sentiment knocked following Greek plans to hold a referendum on the European bailout plan agreed last week.

The UK economy grew at 0.5% in the third quarter, beating market expectations, the Office for National Statistics has said.

The Dow Jones and S&P 500 surged yesterday as market sentiment was lifted by US growth almost doubling in Q3.

Economist Nouriel Roubini believes the unresolved debt crisis in Europe has resulted in more than a 50% chance of a worldwide recession.

Sherborne Investors' Edward Bramson's eagerly-awaited strategic review into F&C has laid out plans to cut costs, leading to staff redundancies.