News US President Barack Obama pauses while making a statement about the death of former South African President Nelson Mandela in the briefing room of the White House

US politicians are closing in on a deal to ease the impact of spending cuts worth up to $200 billion (£122 billion) which are due to hit home next year, it emerged today.

Manufacturing production falls

Manufacturers suffered a blow today as official figures showed a return to falls for the sector.

Credit Crisis Diary: 16/05/2009

One return for us, another for the clients

The US hedge fund star James Simons, rarely puts a foot wrong, but he was certainly wrongfooted by some cross investors who used a conference call with the great man to ambush him.

Market Report: Lloyds retreats as investors bank gains

Lloyds Banking Group led UK-focused banks lower last night, falling behind as the FTSE 100 briefly turned positive for the year.

Germany bids to nationalise struggling Hypo Real Estate

Germany's government wants to buy Hypo Real Estate, the crisis-stricken lender, in what would be the country's first bank nationalisation since the 1930s. Soffin, the vehicle set up by the government to rescue banks, yesterday tabled a bid for Hypo, offering €1.39 a share for the bank, a 16 per cent premium to its value at the close of trading on Wednesday.

Market report: Capital fears weigh on L&G ahead of results

Legal & General was under pressure last night, with nervous investors banking profits ahead of the company's full-year figures, which are due this morning.

Renault welcome F1 cost cuts

Formula One's cost-cutting measures should secure Renault's future in the sport despite the departure of title sponsor ING, team boss Flavio Briatore said today.

Kaupthing Edge bank customers offered savings deal

Around 160,000 customers of failed Icelandic bank Kaupthing Edge have been offered a new savings deal by ING Direct.

Derek Pain: AIM low – but Alexander David spots a target

No Pain, No Gain

ING and Hypo Real Estate rack up eu3.6bn losses in third quarter

The latest round of banking pain continued its tour around Europe yesterday, with Dutch giant ING and Germany's Hypo Real Estate announcing a combined €3.6bn in third-quarter losses. Hypo said it will seek additional rescue funds after a bigger-than-expected third-quarter loss of Eu3.1bn.

ING taps Dutch state for €10bn of capital

ING, The Dutch financial services giant, last night became the latest large European bank to turn to its government for an injection of capital. The bank, the biggest in the Netherlands, announced it would sell an 8.5 per cent stake to the Dutch government for €10bn (£7.8bn), as it attempts to improve its capital funding.

Money markets ease again but recovery remains muted

Tensions in the money markets eased again yesterday, suggesting that the co-ordinated global attempts to tackle the credit crisis may finally be having some success though, as with world stock markets, the improvement was marginal.

Icelandic bank customers to receive payout

The Financial Services Compensation Scheme (FSCS) today confirmed it would be paying out to 180,000 customers of two Icelandic banks.

UK councils at risk in Icelandic bank failures

Dozens of local authorities are facing the prospect of losing hundreds of millions of pounds after it was revealed that many had sizeable deposits with the failed Icelandic banks Landsbanki and Kaupthing.

Big loss for Tchenguiz as Iceland crisis forces Sainsbury's share sale

Move follows sale of Iranian tycoon's shares in pub group Mitchells & Butlers

The Week Ahead: Thomas Cook and TUI travel with confidence

The FTSE 100-listed travel groups Thomas Cook and TUI Travel are due to update the market on Wednesday and Thursday respectively, and, despite concern about the state of consumer spending, analysts anticipate upbeat statements from both.

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Day In a Page

A
Independent Travel
Pompeii, Capri & the Bay of Naples
Seven Cities of Italy
Burgundy, the River Rhone & Provence
Prague, Budapest and Vienna
Lake Garda
Minoan Crete and Santorini
Prices correct as of 15 May 2015
The Greek referendum exposes a gaping hole at the heart of the European Union – its distinct lack of any genuine popular legitimacy

Gaping hole at the heart of the European Union

Treatment of Greece has shown up a lack of genuine legitimacy
Number of young homeless in Britain 'more than three times the official figures'

'Everything changed when I went to the hostel'

Number of young homeless people in Britain is 'more than three times the official figures'
Compton Cricket Club

Compton Cricket Club

Portraits of LA cricketers from notorious suburb to be displayed in London
London now the global money-laundering centre for the drug trade, says crime expert

Wlecome to London, drug money-laundering centre for the world

'Mexico is its heart and London is its head'
The Buddhist temple minutes from Centre Court that helps a winner keep on winning

The Buddhist temple minutes from Centre Court

It helps a winner keep on winning
Is this the future of flying: battery-powered planes made of plastic, and without flight decks?

Is this the future of flying?

Battery-powered planes made of plastic, and without flight decks
Isis are barbarians – but the Caliphate is a dream at the heart of all Muslim traditions

Isis are barbarians

but the Caliphate is an ancient Muslim ideal
The Brink's-Mat curse strikes again: three tons of stolen gold that brought only grief

Curse of Brink's Mat strikes again

Death of John 'Goldfinger' Palmer the latest killing related to 1983 heist
Greece debt crisis: 'The ministers talk to us about miracles' – why Greeks are cynical ahead of the bailout referendum

'The ministers talk to us about miracles'

Why Greeks are cynical ahead of the bailout referendum
Call of the wild: How science is learning to decode the way animals communicate

Call of the wild

How science is learning to decode the way animals communicate
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?

'The economic collapse has happened. What is at risk now is democracy...'

If it doesn’t work in Europe, how is it supposed to work in India or the Middle East, asks Robert Fisk
The science of swearing: What lies behind the use of four-letter words?

The science of swearing

What lies behind the use of four-letter words?
The Real Stories of Migrant Britain: Clive fled from Zimbabwe - now it won't have him back

The Real Stories of Migrant Britain

Clive fled from Zimbabwe - now it won’t have him back
Africa on the menu: Three foodie friends want to popularise dishes from the continent

Africa on the menu

Three foodie friends want to popularise dishes from the hot new continent
Donna Karan is stepping down after 30 years - so who will fill the DKNY creator's boots?

Who will fill Donna Karan's boots?

The designer is stepping down as Chief Designer of DKNY after 30 years. Alexander Fury looks back at the career of 'America's Chanel'