The next archbishop of Canterbury, a former oil executive, is a trenchant critic of the excesses of capitalism who will keep his place on the parliamentary inquiry into banking ethics, the FT has learnt.
Insurers have complained that they face billions of dollars of extra losses after U.S. authorities declared Superstorm Sandy a post-tropical cyclone rather than a hurricane.
The Bank of England suspended its emergency bond-purchasing programme on Thursday, raising doubts about whether quantitative easing has lost its power to boost the economy.
Britain's prison privatisation programme was left in tatters on Thursday after the government decided to keep four out of nine prisons due to be outsourced in state hands and put the rest of the rollout on hold.
Efforts to avert the fiscal cliff gathered momentum as a senior ally of U.S. President Barack Obama called on business leaders to urge Republicans to make concessions to stave off the looming budget crisis threatening the global economy.
Britain is warning other EU countries that it will block a single eurozone banking supervisor unless those outside the system win more safeguards, as London expresses growing frustration that its demands are being left to last.
France and Belgium are to bail out Dexia, once the world's largest municipal lender, for the third time in four years, after agreeing to inject an extra 5.5 billion euros ($7 billion) into the bank.
Chipmaker Intel was on Thursday overtaken briefly in market value by rival Qualcomm in a sign of the rapidly changing fortunes of the smartphone and personal computer industries.
Siemens plans to save 6 billion euros by 2014 in response to decline in both profitability and orders that has left the German engineering conglomerate trailing rivals such as General Electric.
Foreign banks are failing to make headway in China and will not create profitable mainland businesses just through riding the expected growth in the markets, according to a study by consultancy Oliver Wyman.