S&P; cuts FGIC rating to junk
The challenges facing FGIC have deepened after Standard & Poor's cut the bond insurer's rating into junk territory and said the insurance provided by FGIC was now in effect worthless
Sovereign wealth funds grow 18%
Sovereign wealth funds grew 18 per cent last year as commodity prices surged and the foreign exchange reserves of some Asian countries continued to rise, according to research from a City of London think-tank
Swiss Islamic bank planned
The continued boom in bank products compliant with Islam has spurred plans to set up a new financial institution in Switzerland based on the tenets of the faith
Lehman set to sue Marubeni for Y35bn
Lehman Brothers plans to sue one of Japan's biggest trading firms for $352m after the US investment bank fell victim to an alleged fraud perpetrated by two former employees of Marubeni
Investors pull $100bn out of equity funds
Investors worldwide pulled close to $100bn (€63.3bn) out of equity funds in the first three months of this year – a record shift that accelerates a longer-term trend away from US and western European stock markets
Japan's regulators probe Cerberus and Aozora
Japanese regulators are examining the relationship between Cerberus Capital Management and Aozora Bank, in which the US financial firm is the largest shareholder.
Barclays plans private bank for India's elite
The wealth management division of Barclays is setting up a private bank in India to deal with wealthy entrepreneurs in what is seen as one of the most promising markets for global financial services groups
EADS demands evidence of wrongdoing
Louis Gallois, chief executive of EADS, has warned France's stock market authority that its investigation into alleged insider dealing at the Franco-German aerospace group could threaten the company's fragile recovery unless it turns up "clear evidence" of wrongdoing
StanLife prepares for CEO succession
Standard Life has begun preparations for identifying a replacement for Sandy Crombie, its chief executive, amid shareholder concern about leadership succession at the Edinburgh-based life assurer
Friends likely to reject fresh Flowers offer
Friends Provident, the embattled life assurer, is expected to reject a £3.5bn takeover approach by JC Flowers, the US private equity group
Deutsche Börse to lift gearing
Deutsche Börse is preparing to make good on a pledge to shareholders by paving the way to return more cash to them and gear up with more debt
Italian transport duo take on rivals
Two of Italy's biggest public transport operators are to merge to form a competitor for international transport contracts that will be Europe's ninth-biggest public transport operator by revenue
Thomson chairman quits after board dispute
Frank Dangeard, chairman of Thomson, is quitting the French media services and electronics group following a difficult two-day board meeting called to weigh the group's strategy in light of a flagging share price