Economics / Markets

The Chancellor has launched a £5bn tax raid on Britons keeping money in Swiss bank accounts, who he has labelled as bad as benefits cheats.

The Dow Jones has regained some of the ground lost yesterday as positive export data boosted the market.

All criminal charges against former IMF head Dominique Strauss-Kahn were dropped in a New York court on Tuesday, following accusations of a sexual attack on a hotel maid.

Credit rating agency Moody's has downgraded Japan's sovereign debt rating by one notch, saying weak political leadership has hampered growth.

Spain has put in place a public sector borrowing cap in an effort to ease its debt burden.

Deven Sharma, the man who oversaw the downgrade of the US' credit rating earlier this month, is stepping down as president of Standard & Poor's.

10am: Global markets are continuing to trade in positive territory, building on yesterday's gains, with investors eyeing up value in depressed banking stocks which have been heavily sold off.

Britain has underperformed all the world's leading economies over the past year except tsunami-hit Japan, figures from the Organisation for Economic Co-operation and Development (OECD) show.

Gold soared above $1,900 for the first time overnight as investors continue to flock to the precious metal amid ongoing turmoil in financial markets.

Oil prices fell by more than $3 a barrel yesterday as Libyan rebels gained more ground, lifting hopes that the source of Africa's biggest oil reserves could soon restart exports.