Jail-sentenced billionaire Mehmet Karamehmet is being sued for almost $10m (£6.6m) in the High Court over loans issued to Maltese shipping company Blue Shipping.

Bidders set for £100m battle over New Star

New Star Asset Management, the fund manager that controlled a tenth of the retail investment market as recently as two years ago, will be sold for a knock-down price by the end of the month.

German government injects €10bn into Commerzbank

State to take 25 per cent stake to preserve merger deal with Dresdner Bank

Sterling hits new record low against euro

Sterling hit a record low against the euro and a basket of currencies today as pessimism about the UK economy was reinforced by a think tank report showing a sharp contraction in growth.

New Starfalls back down to earth

The fund manager founded by John Duffield amid much fanfare in 2000 is in trouble after racking up debt now worth more than 10 times its falling market value. Mathieu Robbins reports

Japan the latest economy to fall into recession as exports drop off

Japan became the latest country yesterday to succumb to the disintegrating global markets and fall into recession, its first since the technology bubble burst seven years ago.

SocGen profits fall 84 per cent on Lehmans write-offs

The fallout from the collapse of Lehman Brothers continued yesterday, as two of Europe's biggest banks came clean on their exposure to the fourth-biggest US investment bank, which went bankrupt in September.

The great Wall St earthquake

The disappearance of two more giant investment banks will transform an industry whose business model has been broken on the wheel of the credit crunch. By Nick Clark

City braced for fresh round of banking job cuts

Commerzbank plans to shed 1,200 jobs in London as it agrees to buy out Dresdner for €8.8bn

Jeremy Warner's Outlook: The economy looks bad, but not nearly as bad as the blundering Government

Market moving business and economic news comes from the oddest of sources these days, and none more unexpected than The Guardian's Weekend magazine, home to lifestyle and celebrity tittle tattle.

Commerzbank set to seal deal on Dresdner takeover

Allianz, the giant German insurer, is expected to announce as early as tomorrow the sale of its retail and investment bank Dresdner to Commerzbank, with insiders expecting the takeover to be worth about €9bn (£7.2bn). Rumours earlier this year had linked Lloyds TSB with a possible rival bid.

FTSE 100 ends week in bear market territory

The benchmark FTSE 100 index of blue-chip shares closed in bear market territory for the first time since the dotcom crash after it plunged nearly 3 per cent at the end of another dire week for UK investors.

Santander considers making a move for Dresdner

Banco Santander, the Spanish group that owns Abbey, is considering a move to gatecrash the proposed merger between Commerzbank and Dresdner Bank, although insiders believe an all-German tie-up is already a "done deal".

Lloyds eyes German market for overseas expansion

Lloyds TSB is considering a bid for Deutsche Postbank, Germany's biggest retail bank, to put into action its long-held ambition to expand internationally.

Reassurances from Schwartz fail to clear the storm

Alan Schwartz went on television on Wednesday to try to dispel the rumours mounting over Bear Stearns for the previous 48 hours. Speaking from a conference in Florida, he painted a sunny picture of the bank's finances.

Mosul dam was retaken with the help of the US
voicesRobert Fisk: Barack Obama is following the jihadists’ script
Arts and Entertainment
Loaded weapon: drugs have surprise side effects for Scarlett Johansson in Luc Besson’s ‘Lucy’
filmReview: Lucy, Luc Besson's complex thriller
A cleaner prepares the red carpet for the opening night during the 59th International Cannes Film Festival May 17, 2006 in Cannes, France.
newsPowerful vacuum cleaners to be banned under EU regulations
A polar bear’s diet is rich in seal blubber and half of its own body weight is composed of fat
London is the most expensive city in Europe for cultural activities such as ballet
Flocking round: Beyoncé, Madame Tussauds' latest waxwork, looking fierce in the park
travelIn a digital age when we have more access than ever to the stars, why are waxworks still pulling in crowds?
Career Services

Day In a Page

Burgundy, the River Rhone & Provence – MS Swiss Corona - seven nights from £999pp
Lake Maggiore, Orta and the Matterhorn – seven nights from £899pp
Sicily – seven nights from £939pp
Pompeii, Capri and the Bay of Naples - seven nights from £799pp
Istanbul Ephesus & Troy – six nights from £859pp
Mary Rose – two nights from £319pp
Air strikes? Talk of God? Obama is following the jihadists’ script

Air strikes? Talk of God? Obama is following the jihadists’ script

The President came the nearest he has come yet to rivalling George W Bush’s gormless reaction to 9/11 , says Robert Fisk
Ebola outbreak: Billy Graham’s son declares righteous war on the virus

Billy Graham’s son declares righteous war on Ebola

A Christian charity’s efforts to save missionaries trapped in Africa by the crisis have been justifiably praised. But doubts remain about its evangelical motives
Jeremy Clarkson 'does not see a problem' with his racist language on Top Gear, says BBC

Not even Jeremy Clarkson is bigger than the BBC, says TV boss

Corporation’s head of television confirms ‘Top Gear’ host was warned about racist language
Nick Clegg the movie: Channel 4 to air Coalition drama showing Lib Dem leader's rise

Nick Clegg the movie

Channel 4 to air Coalition drama showing Lib Dem leader's rise
Philip Larkin: Misogynist, racist, miserable? Or caring, playful man who lived for others?

Philip Larkin: What will survive of him?

Larkin's reputation has taken a knocking. But a new book by James Booth argues that the poet was affectionate, witty, entertaining and kind, as hitherto unseen letters, sketches and 'selfies' reveal
Madame Tussauds has shown off its Beyoncé waxwork in Regent's Park - but why is the tourist attraction still pulling in the crowds?

Waxing lyrical

Madame Tussauds has shown off its Beyoncé waxwork in Regent's Park - but why is the tourist attraction still pulling in the crowds?
Texas forensic astronomer finally pinpoints the exact birth of impressionism

Revealed (to the minute)

The precise time when impressionism was born
From slow-roasted to sugar-cured: how to make the most of the British tomato season

Make the most of British tomatoes

The British crop is at its tastiest and most abundant. Sudi Pigott shares her favourite recipes
10 best men's skincare products

Face it: 10 best men's skincare products

Oscar Quine cleanses, tones and moisturises to find skin-savers blokes will be proud to display on the bathroom shelf
Malky Mackay allegations: Malky Mackay, Iain Moody and another grim day for English football

Mackay, Moody and another grim day for English football

The latest shocking claims do nothing to dispel the image that some in the game on these shores exist in a time warp, laments Sam Wallace
La Liga analysis: Will Barcelona's hopes go out of the window?

Will Barcelona's hopes go out of the window?

Pete Jenson starts his preview of the Spanish season, which begins on Saturday, by explaining how Fifa’s transfer ban will affect the Catalans
Middle East crisis: We know all too much about the cruelty of Isis – but all too little about who they are

We know all too much about the cruelty of Isis – but all too little about who they are

Now Obama has seen the next US reporter to be threatened with beheading, will he blink, asks Robert Fisk
Neanderthals lived alongside humans for centuries, latest study shows

Final resting place of our Neanderthal neighbours revealed

Bones dated to 40,000 years ago show species may have died out in Belgium species co-existed
Scottish independence: The new Scots who hold fate of the UK in their hands

The new Scots who hold fate of the UK in their hands

Scotland’s immigrants are as passionate about the future of their adopted nation as anyone else
Britain's ugliest buildings: Which monstrosities should be nominated for the Dead Prize?

Blight club: Britain's ugliest buildings

Following the architect Cameron Sinclair's introduction of the Dead Prize, an award for ugly buildings, John Rentoul reflects on some of the biggest blots on the UK landscape