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.

Financial Disasters Of Our Time: The Collapse Of Barings

IT IS difficult for anyone to hear the story of Barings without feeling a wicked twinge of satisfaction at the manner in which Britain's oldest merchant bank was brought to its knees and, just for once, the upper classes got their come-uppance.

ING Barings chief quits after only five months

THE CHIEF executive of ING Barings, the investment banking arm of Dutch financial services group ING, quit yesterday after only five months in the job. The bank, which has been hit by recent high-level defections from its corporate finance department, said ING chairman Marinus Minderhoud would take over responsibility for the investment bank until a replacement was found for Arjun Mathrani, who joined from Chase Manhattan.

Turning point in Far East?

Sark is such a wonderful island. The tranquil atmosphere delivers such a restful frame of mind that you become totally detached from the world. It was not surprising when, after a mere five days, I had forgotten that there had ever been an Asian crisis. Until President Suharto resigned, of course. But does this change at the top really make any difference?

New group joins the Euro giants

THE $85bn (pounds 50m) merger of Citicorp and Travelers will create a commercial and investment bank in Europe that dominates currency trading and is one of the top 10 managers of Eurobond sales.

Barings men quit in strategy row

TWO senior directors at ING Barings have quit following disagreement with the bank's Dutch parent over strategic direction.

Citicorp and Travelers in $155bn merger

Weill creates largest financial supermarket in the world

Banks learn to think smaller

Expand in haste, retrench even faster is the lesson of investment banking. David Callaway reports

Barings shake-up may hit 200 jobs

ING Barings is to close its emerging markets equity derivatives division. The division employs around 200 people, most of whom are based in London.

Roland Shaw plans comeback with stock market oil float

Roland Shaw, one of the great swashbucklers of the early North Sea oil boom, is set to make a comeback to the stock market with a flotation of Burren Energy that could value the company at more than pounds 80m.

British firm sells to Bosnia

A British company is playing a leading role in resurfacing the runway of Sarajevo airport, symbol of the country's struggle to recover from the devastating civil war.

City & Business: BZW back to the future

Barclay's decision to fold its cards in the merchant banking game highlights Factor One in the global financial services industry: The industry is rationalising, and particularly so in Europe.

Market Report: Pundits prepare for fierce takeover battle at T&N

The stock market is convinced the T&N vehicle components group will soon become the subject of a fierce takeover battle.

Banks circle over Dalgety

As many as six merchant banks have compiled break-up plans for Dalgety, the beleaguered Felix and Winalot pet food company whose shares have been hit by two profits warnings in three months.

US investment bank to merge with Warburgs

Swiss Bank Corporation snapped up US investment bank Dillon Read yesterday in a $600m (pounds 366m) deal that confirmed the high prices being paid for a slice of Wall Street's corporate finance and advisory work. The acquisition followed hot on the heels of the collapse of talks between Dillon and its former 40 per cent shareholder, ING, the Dutch financial services group that owns Barings.

Takeover claim

Takeover claim
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