Marcus Agius will resign as chairman of Barclays on Monday, in the hope that his departure will take the sting out of mounting criticism from politicians and shareholders over the bank's role in the price-fixing of interbank lending rates.
Angela Merkel said a core group of states needed to press on with European integration to fight the eurozone crisis, a rebuke to David Cameron, UK prime minister, who has called for more short-term crisis measures.
The International Monetary Fund has called on the Bank of England to cut interest rates and resume printing money to boost demand in the economy. It has also asked the UK government to prepare a Plan B for deficit reduction if these measures do not work.
Moody's put the UK, France and Austria on negative outlook late on Monday night, raising the prospect that the three countries would lose their triple A ratings due to exposure to the eurozone debt crisis.
Prime Minister David Cameron acknowledged Thursday there had been no movement on renegotiating Britain's inclusion in a treaty thrashed out by European leaders last month in a bid to stave off a debt crisis.
German Chancellor Angela Merkel launched an outspoken defense of the European project on Wednesday, but warned that the bloc's richest nation would not make bailout promises to solve the eurozone crisis that it cannot keep.
The British economy shrank by an estimated 0.2% in the last quarter of 2011, the Office of National Statistics announced Wednesday, but the country is not yet in recession because growth was positive in the quarter before that.
The victory of the opposition Popular Party in Spain's general election means that seven leaders or governments around the Mediterranean have been thrown out within the last year, amid an explosion of popular protest. Several more are fighting for their survival. Places often perceived as the cradle of civilization have become bywords for political chaos. The causes are various, but there are common strands that suggest the fallout from 2011 will be with us for many years to come.
Stocks closed mixed Tuesday, after making a come-back in the final hour, as investors digested earnings results from a host of blue-chip companies, mixed reports on the U.S. economy and surprisingly slow growth in the United Kingdom.
U.S. stocks were headed for a sharply lower open Wednesday, after reports of slower growth in China and a downbeat outlook from the Bank of England rattled investors and sparked a selloff in world markets.
Toronto's downtown core has already been locked down at a cost of nearly $1 billion for this weekend's G8 and G20 summits, tightly scripted events that give face time to power brokers such as President Obama and Russian president Dmitry Medvedev. But while the streets resemble a northern version of Gitmo, the mood away from the chain link fences and security barriers has perhaps never been more ebullient.
The dollar was mixed against major currencies late Wednesday on speculation that the Bank of England will raise interest rates and after the Federal Reserve said economic activity is weak but improving.
British Prime Minister Gordon Brown said Monday he believed world leaders would "rise to the challenge" at this week's G-20 summit by agreeing firm measures to set about tackling the global financial crisis.
The dollar rose against the pound and yen Monday, but remained flat against the euro as investors weighed the possibility of further rate cuts from the Bank of England as well as market intervention by the Bank of Japan.