Money Neil Woodford is bemused by the speed with which economic commentators have moved from doom to euphoria

The biggest fund manager story of 2013 was the resignation of Neil Woodford from Invesco Perpetual. As you will be aware, Mr Woodford will continue to manage the Invesco Perpetual Income and High Income Funds until he leaves at the end of April, following which he will set up his own company.

How boring old Lloyds turned the tables on its brash rival HBOS

Suddenly life is exciting for Lloyds TSB. For years, Britain's biggest current account provider was the poor relation of British banking as its pedestrian growth in UK retail and mid-level corporate banking was outshone by fast-growing rivals riding the wave of cheap credit and globalisation.

Bank of England surprises City by extending Special Liquidity Scheme

The Bank of England has announced a surprise extension to its Special Liquidity Scheme.

Demise of Lehman puts strain on market for credit default swaps

The collapse of Lehman Brothers is putting significant strain on the giant, opaque, market for credit default swaps, in which investors buy protection against the risk of corporate defaults, and reinvigorating longstanding calls for improved regulation of the markets.

Uncertainty for Manchester United sponsor amid Wall St troubles

The American insurance firm AIG, the principal sponsors of Manchester United, have fallen into a "liquidity crisis" and are seeking the help of the US Federal Reserve. It is, as yet, unclear how this will affect Manchester United, whose jersey carries the logo of AIG.

Jeremy Warner: US Treasury has run out of patience

Like the passing of the dinosaurs, the great beasts of Wall Street are dying off, extinguished by what is now unambiguously the worst financial crisis since the Great Depression.

Wine: Liquid assets

There's an old maxim in the wine trade that the best way to make a small fortune out of wine is to start with a larger one. Despite the occasional headline splash of untold riches made from fabulous rare bottles, like the 1811 Château d'Yquem which recently fetched £37,900, the mundane truth is that successful investing in wine requires a combination of caution, knowledge, experience and skill; and add a dose of luck for good measure.

Betfair faces criticism for massive rise in charges

Betfair, the betting exchange which holds a dominant position in the market, has dismayed its customers and delighted its rivals by hiking charges for the most successful punters from around five per cent to 20 per cent.

Market update - 9 September

The FTSE 100 was up 53 points at 5499.3 while the FTSE 250 was down 9.4 points at 9260.6 at 12.10pm today. The London market was busy as traders attempted to make up for last night, when technical errors at the exchange kept them for transacting business for almost seven hours.

Ministers mull new mortgage lending scheme

Banks under pressure as BoE's special lending scheme set to expire next month

Prom 60: Lang Lang, Royal Albert Hall, London

An intimate little affair after Beijing but the Royal Albert Hall could not have been fuller. The Lang Lang Olympics were about to commence. A little Sunday-afternoon Mozart – Piano Sonata in B-flat major – eased us into the first lap, articulated with such deftness that the idea of the piano as a percussive instrument seemed almost absurd. The slow movement took on a mystical quality, the dynamics so refined as to lend a whole new meaning to the term "Chinese whispers".

Brown given November deadline to save his job

Cabinet ministers will give Gordon Brown "one last chance" to save his premiership but will try to oust him by November if he fails to improve Labour's prospects.

Bovis cuts jobs and prices as sales dive

Bovis Homes has slashed its dividend and cut 400 jobs as it grapples with the deepening housebuilding slump. More big cuts in the price of its homes are also planned as it tries to tempt buyers.

Bovis profits dive in 'toughest' market

Housebuilder Bovis Homes said today it was braced for further tough conditions after reporting a 80 per cent slump in half-year profits.

Barclays sees light at the end of the tunnel

Barclays said yesterday that the worst stress of the financial crisis has passed as confidence and liquidity starts to return to the money markets.

Housing crisis to continue until 2011, Crosby warns

Sir James Crosby has no easy answers to the mortgage famine that has sent house prices tumbling and new Bank of England figures suggest no respite is in sight. By Sean O'Grady
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