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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Ben Little, right, is a Labour supporter while Jonathan Rogers supports the Green Party
general election 2015
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The 91st Hakone Ekiden Qualifier at Showa Kinen Park, Tokyo, 2014
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Life and Style
Former helicopter pilot Major Tim Peake will become the first UK astronaut in space for over 20 years
food + drinkNothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
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Kim Wilde began gardening in the 1990s when she moved to the countryside
peopleThe singer is leading an appeal for the charity Thrive, which uses the therapy of horticulture
Sport
Alexis Sanchez celebrates scoring a second for Arsenal against Reading
football
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Voices
An easy-peel potato; Dave Hax has come up with an ingenious method in food preparation
voicesDave Hax's domestic tips are reminiscent of George Orwell's tea routine. The world might need revolution, but we like to sweat the small stuff, says DJ Taylor
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Japan's population is projected to fall dramatically in the next 50 years (Wikimedia)
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Life and Style
Buyers of secondhand cars are searching out shades last seen in cop show ‘The Sweeney’
motoringFlares and flounce are back on catwalks but a revival in ’70s car paintjobs was a stack-heeled step too far – until now
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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 17 April 2015
NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders
Heston Blumenthal to cook up a spice odyssey for British astronaut manning the International Space Station

UK's Major Tum to blast off on a spice odyssey

Nothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
John Harrison's 'longitude' clock sets new record - 300 years on

‘Longitude’ clock sets new record - 300 years on

Greenwich horologists celebrate as it keeps to within a second of real time over a 100-day test
Fears in the US of being outgunned in the vital propaganda wars by Russia, China - and even Isis - have prompted a rethink on overseas broadcasters

Let the propaganda wars begin - again

'Accurate, objective, comprehensive': that was Voice of America's creed, but now its masters want it to promote US policy, reports Rupert Cornwell
Why Japan's incredible long-distance runners will never win the London Marathon

Japan's incredible long-distance runners

Every year, Japanese long-distance runners post some of the world's fastest times – yet, come next weekend, not a single elite competitor from the country will be at the London Marathon
Why does Tom Drury remain the greatest writer you've never heard of?

Tom Drury: The quiet American

His debut was considered one of the finest novels of the past 50 years, and he is every bit the equal of his contemporaries, Jonathan Franzen, Dave Eggers and David Foster Wallace
You should judge a person by how they peel a potato

You should judge a person by how they peel a potato

Dave Hax's domestic tips are reminiscent of George Orwell's tea routine. The world might need revolution, but we like to sweat the small stuff, says DJ Taylor
Beige is back: The drab car colours of the 1970s are proving popular again

Beige to the future

Flares and flounce are back on catwalks but a revival in ’70s car paintjobs was a stack-heeled step too far – until now
Bill Granger recipes: Our chef's dishes highlight the delicate essence of fresh cheeses

Bill Granger cooks with fresh cheeses

More delicate on the palate, milder, fresh cheeses can also be kinder to the waistline
Aston Villa vs Liverpool: 'This FA Cup run has been wonderful,' says veteran Shay Given

Shay Given: 'This FA Cup run has been wonderful'

The Villa keeper has been overlooked for a long time and has unhappy memories of the national stadium – but he is savouring his chance to play at Wembley
Timeless drama of Championship race in league of its own - Michael Calvin

Michael Calvin's Last Word

Timeless drama of Championship race in league of its own