The Financial Services Authority(FSA) has launched a crackdown on ACDs operating in the UK in the wake of the Arch cru scandal, as one major player confirms it is pulling back from the market.

China's inflation level fell to a 30-month low of 1.8% in July, continuing to tumble as the global slowdown takes hold.

UK-listed banking giant Standard Chartered saw its UK share price fall by almost a quarter in early morning trading following allegations it assisted in a $250bn money laundering scheme.

Spanish stocks rallied sharply on Monday afternoon after a technical glitch shut down the country's blue chip index for almost five hours.

The UK's highly-prized AAA-credit rating should not be seen as the 'be all and end all' of government policy, Chief Secretary to the Treasury Danny Alexander has said.

RETURNS

Footballing giant Manchester United has said it plans to raise as much as $330m (£210m) in a share sale in New York, to help pay down its debts.

Capital Economics expects the Bank of England to cut the UK's base rate from 0.5% in an effort to stimulate growth, after last week's GDP figure showed the economy is shrinking faster than feared.

Business Secretary Vince Cable has thrown open a potential challenge to George Osborne's role as Chancellor of the Exchequer after claiming he would "make a good chancellor".

Global equity markets are tumbling this morning as the eurozone crisis once again takes centre stage, with Spain's debt costs leaping to a new record high and speculation returning Greece will exit the single currency.