Economics / Markets

Japan could need up to five years to recover from up to $235bn (£145bn) worth of damage from the Tohoku earthquake, according to the World Bank.

Europe's biggest banks must fully disclose their exposure to sovereign debts, as part of a new round of stricter stress tests.

The G7 nations are intervening in currency markets for the first time since 2000, on fears a crippled Japanese economy and political upheaval in the Middle East could combine to derail the global recovery.

Riskier assets are delivering a rebound on hopes the Japanese authorities are taking control of the crisis hit country, countering renewed concern about Libya which is again boosting the oil price.

Global markets are continuing to fight back with all the leading indices trading in the black after G7 finance ministers agreed to cool the soaring yen.

UK banks have about £136bn of exposure to crisis-struck Japan, but it is "too soon" to judge the full hit to Britain's financial sector, the FSA says.

The Dow Jones posted strong gains in early trading on Thursday as a cooling operation at the tsunami-hit Fukushima Daiichi nuclear plant eased investor fears.

Consumers are increasingly pessimistic about the Bank of England's ability to control high inflation, but few have a plan to move their savings out of banks and building societies to seek higher returns.

The FTSE ticked 40 points higher in early trade on Thursday as investors paused for breath following days of volatility as a result of the nuclear crisis in Japan.

RBS chief executive Stephen Hester has told MPs he considers his remuneration package to be low by industry standards.