News

Istanbul aggressively increased its overnight lending rate to 12% from 7.75%

Leading article: A state-owned bank should be setting an ethical example

News that the Royal Bank of Scotland helped to raise bonds for Europe's last dictatorship earlier this year provides fresh, depressing confirmation of the curious ethics, or rather the lack of them, operating at the heart of what is in effect a state-owned bank. As this newspaper reports today, RBS has now agreed not to do any more deals aimed at alleviating the growing financial difficulties besetting the authoritarian regime of Alexander Lukashenko in Belarus. But this is cold comfort, as RBS has only budged in response to sustained pressure from human rights groups. In other words the bank appears to have been shamed into abandoning a policy it was otherwise content to continue with.

Market Report: Budget airlines tipped to fly whatever the weather

Things may have looked rather brighter on the blue-chip index last night after a volatile session finished with a major rally, but the possible effects of the worst-case scenario for the economy were still being mulled over in the City.

Firms chance their arm on two heads

Investors are wary, boards rarely go for it, but Deutsche Bank has hired joint CEOs. Nick Clark finds it may not be crazy

UBS to slash jobs in £1.5bn cost-cutting after profits nosedive

The European debt crisis dragged down investment banking profits at UBS and Deutsche Bank in the second quarter, forcing the Swiss bank to announce drastic cost cuts that will include significant job losses over the next three years and to scale back its longer-term profit expectations.

Deutsche Bank names new chief executives

Deutsche Bank has confirmed that Anshu Jain and Jürgen Fitschen will take over as co-chief executives at the bank when Josef Ackermann steps down next May.

Leo Kirch: Entrepreneur who built up one of Europe's largest media empires only to see it fall apart

From nothing Leo Kirch built up one of the largest film and television companies in Europe, employing nearly 10,000 people. Inevitably, he was compared to Rupert Murdoch and Silvio Berlusconi.

Rate rise before 2012 unlikely as inflation registers surprise fall

Inflation unexpectedly eased last month, reducing the chance of an interest-rate rise this year.

The Business On: Anshu Jain Head of Investment Banking, Deutsche Bank

In line for a promotion, we hear?

Investment Column: Results highlight Chemring's strengths

Safestore; Go-Ahead

Glencore disappoints despite rising profits

Glencore, the commodity-trading giant which began life as public company with a blockbuster listing last month, missed forecasts with its maiden results yesterday.

Business Diary: Deal or no deal gloom at LSE

Times are tough at the London Stock Exchange. A couple of months ago, the bourse thought it had pulled off a coup by announcing the takeover of TMX, the Canadian exchange. Within hours, the deal was left looking distinctly small fry after NYSE Euronext and Deutsche Bourse announced a mega merger, and now it looks as if it may not even get TMX thanks to a late bid from a rival in Canada. To add insult to injury, LSE officials were forced to spend the bank holiday weekend scrambling to deny rumours it is poised to do another deal following erroneous reports that it has bid for LCH Clearnet, the European clearing house.

Buyout firms pull float of vacuum firm Edwards due to market uncertainties

Edwards group, which supplies vacuum technology to a range of electronics and industrial groups, has pulled its float at the 11th hour, blaming uncertainty in the markets.

UK's soft bank rules 'dragging down' reform

Claims by British banking regulators that a lack of global agreement has prevented them from introducing tougher rules for the financial sector mask inaction that is dragging down standards in the rest of the world, a report warned today.

Business Diary: Turner hones his CV for Bank job

Adair Turner will be a busy Lord over the next couple of days. Tonight in a speech at Cass Business School, the chairman of the Financial Services Authority (FSA) is tackling the thorny issue of banks that are too big to fail and other challenges for financial stability. Tomorrow is his big set-piece event of the year, in which he sets out the FSA's views on macro-economic and financial trends. Come to think of it, these are just the mix of credentials you would need to become the next Bank of England Governor when Mervyn King steps down in 2013. The two-year job application starts here.

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Sarah Silverman (middle) with sister Reform Rabbi Susan Silverman (right) and sister actress Laura Silverman (left) at Jerusalem's Western Wall for feminist Hanuka candle-lighting ceremony
peopleControversial comedian stages pro-equality Hanukkah lighting during a protest at Jerusalem's Wailing Wall
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The Bach Choir has been crowned the inaugural winner of Sky Arts’ show The Great Culture Quiz
arts + ents140-year-old choir declared winner of Sky Arts' 'The Great Culture Quiz'
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Independent Travel
Burgundy, the River Rhone & Provence – Five-star MS Swiss Corona 7 nights from £999pp
Lake Como St Moritz & the Bernina Express 7 nights from £809pp
Vietnam
Lake Maggiore, Orta & the Matterhorn 7 nights from £939pp
South Africa
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Prices correct as of 19 December 2014
Homeless Veterans appeal: 'You look for someone who's an inspiration and try to be like them'

Homeless Veterans appeal

In 2010, Sgt Gary Jamieson stepped on an IED in Afghanistan and lost his legs and an arm. He reveals what, and who, helped him to make a remarkable recovery
Could cannabis oil reverse the effects of cancer?

Could cannabis oil reverse effects of cancer?

As a film following six patients receiving the controversial treatment is released, Kate Hilpern uncovers a very slippery issue
The Interview movie review: You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here

The Interview movie review

You can't see Seth Rogen and James Franco's Kim Jong Un assassination film, but you can read about it here
Serial mania has propelled podcasts into the cultural mainstream

How podcasts became mainstream

People have consumed gripping armchair investigation Serial with a relish typically reserved for box-set binges
Jesus Christ has become an unlikely pin-up for hipster marketing companies

Jesus Christ has become an unlikely pin-up

Kevin Lee Light, aka "Jesus", is the newest client of creative agency Mother while rival agency Anomaly has launched Sexy Jesus, depicting the Messiah in a series of Athena-style poses
Rosetta space mission voted most important scientific breakthrough of 2014

A memorable year for science – if not for mice

The most important scientific breakthroughs of 2014
Christmas cocktails to make you merry: From eggnog to Brown Betty and Rum Bumpo

Christmas cocktails to make you merry

Mulled wine is an essential seasonal treat. But now drinkers are rediscovering other traditional festive tipples. Angela Clutton raises a glass to Christmas cocktails
5 best activity trackers

Fitness technology: 5 best activity trackers

Up the ante in your regimen and change the habits of a lifetime with this wearable tech
Paul Scholes column: It's a little-known fact, but I have played one of the seven dwarves

Paul Scholes column

It's a little-known fact, but I have played one of the seven dwarves
Fifa's travelling circus once again steals limelight from real stars

Fifa's travelling circus once again steals limelight from real stars

Club World Cup kicked into the long grass by the continued farce surrounding Blatter, Garcia, Russia and Qatar
Frank Warren column: 2014 – boxing is back and winning new fans

Frank Warren: Boxing is back and winning new fans

2014 proves it's now one of sport's biggest hitters again
Jeb Bush vs Hillary Clinton: The power dynamics of the two first families

Jeb Bush vs Hillary Clinton

Karen Tumulty explores the power dynamics of the two first families
Stockholm is rivalling Silicon Valley with a hotbed of technology start-ups

Stockholm is rivalling Silicon Valley

The Swedish capital is home to two of the most popular video games in the world, as well as thousands of technology start-ups worth hundreds of millions of pounds – and it's all happened since 2009
Did Japanese workers really get their symbols mixed up and display Santa on a crucifix?

Crucified Santa: Urban myth refuses to die

The story goes that Japanese store workers created a life-size effigy of a smiling "Father Kurisumasu" attached to a facsimile of Our Lord's final instrument of torture
Jennifer Saunders and Kate Moss join David Walliams on set for TV adaptation of The Boy in the Dress

The Boy in the Dress: On set with the stars

Walliams' story about a boy who goes to school in a dress will be shown this Christmas