Economics / Markets

The economy will grow by less than expected next year, but growth in 2012 will be better than predicted, the British Chambers of Commerce forecasts.

HSBC is being sued for $9bn by the trustee trying to recover money for the victims of Bernard Madoff's fraud.

The International Monetary Fund has called on the EU authorities to boost their rescue fund and step up bond purchases to insure against a fresh financial crisis in the eurozone periphery.

The European Central Bank has rebuffed calls for mass purchases of southern European bonds, despite growing pressure from Spain and Italy for dramatic action to buttress monetary union.

US markets closed 1% ahead yesterday on a buoyant day for global shares as fears around the European sovereign debt crisis eased.

England has missed out on hosting the 2018 World Cup, after FIFA awarded the prestigious prize to Russia.

British banks borrowed more than $1trn (£640bn) from the Federal Reserve during the financial crisis, led by Barclays following its swoop on the US business of Lehman Brothers.

Global stocks are continuing to surge today on expectations the ECB will step up its government bond purchases to ease pressure on the ailing eurozone.

The FTSE 100 was up 1.09% or 60.17 to 5588.44 at 10.20am, shrugging off yesterday's dull showing after concerns over the eurozone debt left the index firmly in the red.

Mervyn King criticised David Cameron and George Osborne for their lack of experience in private conversations with the US Ambassador, new documents have revealed.