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The cost of insuring against a catastrophic US default jumped to its  highest level in more than two years today after talks to prevent a breach of the nation’s $16.7 trillion (£10.5 trillion) debt ceiling faltered.

American regulator investigates share sale by SocGen director

American regulators have begun inquiries into Société Gé*érale, the French bank caught up in an alleged €4.9bn (£3.7bn) rogue trading scandal, and a director who sold shares days before the losses were revealed.

Bouton wins unanimous vote to stay at SocGen

Daniel Bouton, the chairman and chief executive of Société Gé*érale, won a reprieve yesterday after the board of the beleaguered bank voted unanimously to keep him at the helm. This came as the bank announced it had set up an independent task force to investigate last week's €5bn (£3.7bn) trading scandal.

Pressure grows for a 'change of captain' at SocGen

The French finance minister, Christine Lagarde, joined politicians calling for the resignation of Société Gé*érale's chairman and chief executive, Daniel Bouton, yesterday as it emerged that one of the bank's directors had sold shares just before news of the rogue trading broke.

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Burgundy, the River Rhone & Provence – Five-star MS Swiss Corona 7 nights from £999pp
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