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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In this photo illustration a school student eats a hamburger as part of his lunch which was brought from a fast food shop near his school, on October 5, 2005 in London, England. The British government has announced plans to remove junk food from school lunches. From September 2006, food that is high in fat, sugar or salt will be banned from meals and removed from vending machines in schools across England. The move comes in response to a campaign by celebrity TV chef Jamie Oliver to improve school meals.
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'I’ll tell you what I would not serve - lamb and potatoes': US ambassador hits out at stodgy British food served at diplomatic dinners

'I’ll tell you what I would not serve - lamb and potatoes'

US ambassador hits out at stodgy British food
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Saudis risk new Muslim division with proposal to move Mohamed’s tomb

Saudis risk new Muslim division with proposal to move Mohamed’s tomb

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'I like Orwell's writing as much as the next talented mediocrity'

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Meet Afghanistan's middle-class paint-ballers

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Al Pacino wows Venice

Al Pacino wows Venice

Ham among the brilliance as actor premieres two films at festival
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Neil Lawson Baker interview

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The other Mugabe who is lining up for the Zimbabwean presidency

The other Mugabe who is lining up for the Zimbabwean presidency

Wife of President Robert Mugabe appears to have her sights set on succeeding her husband
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The model for a gadget launch

Cultivate an atmosphere of mystery and excitement to sell stuff people didn't realise they needed
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She's done pretty well, for a boffin without a beard

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Get well soon, Joan Rivers

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A fresh take on an old foe

Doctor Who Into the Dalek more than compensated for last week's nonsensical offering