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.

Sacked Barings manager claims bonuses

One of Nick Leeson's former bosses is taking ING Barings to an industrial tribunal next week claiming pounds 500,000 in unpaid bonuses after being sacked over the affair.

De Benedetti reasserts grip on Olivetti

Carlo De Benedetti last night reasserted his grip on the crisis-hit Olivetti computer and media group, as one of his key lieutenants replaced Francesco Caio as chief executive.

Regulators approve Olivetti's results

Olivetti, the troubled computer giant, last night said that Italian stock market regulators had approved its half-year results after suspending shares in the group following allegations by a former top executive that its losses had been understated.

London funds hit as Olivetti teeters

Computer crash: Shares in Italian giant suspended as former top executive claims extent of company's losses were disguised

HSBC makes pounds 400m banking move in US

HSBC, the banking giant, yesterday restated its commitment to US retail banking by announcing that its US subsidiary Marine Midland is to buy the First Federal Savings and Loan Association in New York state for ($620m) pounds 400m.

Barings win right to sue auditors in UK

ING Barings has won the right to sue former auditors of its Singapore operation in the UK courts for S$41bn (pounds 460m) each. Liquidators working for ING Barings are suing the Singapore arms of Coopers & Lybrand and Deloitte & Touche, which oversaw the Barings Futures arm that brought down the bank last year.

Abbey wins settlement over Barings venture

Abbey National is believed to have won about pounds 40m in an out- of- court settlement with the Dutch bank ING and the administrators of Barings, in a dispute over a joint derivatives company.

Barings boss offered new job

Andrew Tuckey, deputy chairman of Barings when it crashed last year, is being asked to head up the investment banking arm of Credit Lyonnais.

Barings faces mass defections in equities

ING Barings, the merchant bank rescued after its collapse at the hands of rogue trader Nick Leeson, is facing the prospect of mass defections from its specialist equities teams following the recent recruitment of more than 50 staff by its rival Deutsche Morgan Grenfell.

pounds 1.3bn water war set to erupt as bidders move on Southern

A bidding war looked set to break out last night as Southern Water confirmed it had received approaches from two potential buyers, including ScottishPower, and was considering its options.

Comrade Alex opts for the inglenook

BUNHILL

Rentokil senses victory

RENTOKIL is expected to lift its pounds 1.26bn hostile bid for business services group BET this week to clinch victory in its bitter, two-month- long takeover battle.

SFA to face MPs' quiz over Barings

The Securities and Futures Authority, the City regulator headed by Richard Farrant, is to be summoned to appear within weeks before a committee of MPs to explain its decision to discipline a former Barings executive described as a "whistleblower".

Philips shares plunge after profits warning

Shares in Philips, the Dutch electronics giant, plunged 11 per cent yesterday after its president, Jan Timmer, gave an unexpected profits warning at the company's annual meeting.

SFA hands Barings pair virtual blackballing

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