Madrid government forced to deny plan to bail out troubled bank with state cash

A hedge fund manager accused by the Financial Services Authority of lying to investors about "catastrophic losses" has been fined a record £3m by the watchdog.

A London hedge fund manager accused by the Financial Services Authority of lying to investors about "catastrophic losses" has been fined a record £3m by the watchdog.

A hedge fund boss who is accused of covering up losses of 390 million US dollars (£250 million) was facing a record £3 million fine from the City watchdog today.

Spain seemed to be moving closer to an official bailout yesterday as the country's borrowing costs soared and doubts over the ability of the Madrid government to prop up its ravaged banking sector multiplied.

Facebook investors rage at 18 per cent fall after some were not told of last-minute change to key projections

Voters in Greece and France have voted against austerity. Voters elsewhere in Europe will probably follow suit in time. Despite summits and communiqués, politicians and policy makers cannot miraculously create growth overnight. The only likely action in the short run will probably come from the European Central Bank (“ECB”).

The leading London hedge fund player Blaine Tomlinson was considerably better off yesterday after the firm he founded 21 years ago was bought by Man Group for up to $82.8m (£52.3m).

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The chief executive of Nasdaq said the stock exchange is “humbly embarrassed” by its bungling of Facebook's hugely anticipated debut as a public company on Friday.

Two women entrepreneurs confirmed their status heading one of Britain's fastest-growing online businesses yesterday when notonthehighstreet.com raised another £10m to fund expansion.

Spain and Italy saw their borrowing costs spike again yesterday as investor fears intensified that those two nations could be knocked sideways by a sudden Greek exit from the single currency.

Spanish markets faced more selling pressure today as investors fretted about the future of the euro amid increasing concerns over Greece's future in the single currency bloc.

A team of high-stakes traders, including one dubbed the London Whale, were today at the centre of an investigation over £1.2 billion losses at America's biggest bank.