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Royal Bank of Scotland (RBS) today sold Angel Trains for £3.6bn to Babcock & Brown, the Australian investment group, The Times reports.

Demand from emerging markets is continuing to support the price of steel, according to Charlie Awdry, materials analyst and manager of the Gartmore China Opportunities fund.

Increasing numbers of people are taking out fixed-rate loans despite the price of application fees rising by over 60% since September 2006.

HBOS, the country's biggest lender, was last night desperately defending its fundraising plans after its shares slumped to record lows, putting its £4bn cash call under severe pressure, The Guardian reports.

Credit Suisse's Marcus Hankey has defended his underweight position in commodities, believing that firms are coming under increasing pressure from inflationary forces in both developed and emerging markets.

Gary Shaughnessy has been appointed as managing director of UK Retail at Fidelity International.

Mervyn King, the Governor of the Bank of England, gave a stark warning yesterday that the financial excesses of recent years will lead to misery for homeowners, The Independent reports.

The number of pensioners living in poverty is increasing, according to new figures from the DWP.

A surge in the number of high net worth individuals should stimulate wealth managers to transform their business model, according to the latest white paper from SEI.

Investors have bet the Bank of England will have to raise interest rates as many as three times before the end of the year, The Telegraph reports.