Federal Reserve

Clive Cowdery, the self-made insurance tycoon who gives away much of his wealth, is considering a surprise bid for the 630 bank branches being sold by Lloyds Banking Group.

The Federal Reserve chairman Ben Bernanke has ramped up pressure on Congress to agree on its debt ceiling level, in light of rating agencies S&P's and Moody's threats to cut the US' AAA debt rating.

Ratings agency Moody's has said it may cut the US AAA debt rating, citing the "rising possibility" the US will default on its debt obligations.

A single British ticket holder has scooped the biggest ever lottery jackpot in Europe, winning a staggering £161m in the Euromillions draw.

Thursday newspaper round-up: Lehman Brothers secretly borrowed billions of dollars from the US Federal Reserve months before the investment bank filed for bankruptcy, it has emerged.

The FTSE 100 was down more than 1.3% in early afternoon trading as weak data from China and ongoing fears for the US economy hit risk assets.

The FTSE has opened in negative territory after a gloomy assessment of the US economy pushed European shares lower.

The Federal Reserve has scaled down its growth forecast for the US in the face of higher energy costs and weak manufacturing data.

Veteran investor Jim Rogers has warned the US is nearing a financial crisis which will be worse than 2008, unless the government initiates draconian cuts.

Federal Reserve chairman Ben Bernanke has warned of a Lehman-style meltdown if the US Congress uses the national debt limit as a "bargaining chip".