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.
Reports say Barclay's chairman Marcus Agius will step down soon. CNN's Richard Quest has more.
George Osborne on Thursday night announced plans for a £100bn support programme for the British economy, as he battened down the hatches for a worsening "eurozone debt storm".
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.
Great Britain struggles with huge debt and shrinking employment figures. CNN's Emily Reuben reports.
CNN's Richard Quest talks to British PM David Cameron about the challenging economic climate in the eurozone.
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.
Douglas J. Elliott, who worked as an investment banker for two decades, is a fellow at the Brookings Institution.
Early Friday morning, a group of European politicians issued a statement, and knees jerked in financial markets around the world.
As European leaders unveil their latest plan to solve the debt crisis, economists and market experts aren't convinced they'll actually be successful.
Standard and Poor's timing for its downgrade warning to the eurozone is no coincidence.
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.
Europe's big banks will be forced to find ?108bn ($150bn) of fresh capital over the next six to nine months under a deal to strengthen the banking system agreed by European Union finance ministers.
Unemployment in the UK has risen by 114,000 to 2.57m, its highest level for 17 years, as the country's painfully slow recovery from recession takes its toll on the labour market.
U.S. stocks were set to open higher Thursday, as investors took in the latest interest rate decisions from the Bank of England and European Central Bank.
Europe's top banking regulator has started to re-examine the strength of the region's banks, modelling a big writedown of all peripheral eurozone sovereign debt.
CNN's Becky Anderson explains the Euro bailout fund and who pays what by using mugs of beer.
European markets plunged Monday amid continuing concerns that Greece might default on its loans and Moody's Investors Service might downgrade a number of French banks.
U.S. stocks were set to edge higher Thursday, after the European Central Bank raised its key interest rates by a quarter point and initial claims for unemployment showed improvement.
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.
Geopolitical analyst Marko Papic discusses Germany's role in the Eurozone bailouts.
Gold prices climbed to yet another record Friday, continuing a week-long rally fueled by uncertainty over the global economy.
CNNMoney: Stocks set to sinkupdated: Wed Aug 11 2010 09:05:00
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.
While Washington moves ahead on reforming the nation's financial system, bank lending appears to be going nowhere fast.
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.
Oil prices fell below $75 Tuesday as concerns about global economic growth overshadowed a rebound in U.S. stock markets.
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.
The dollar rose against rival currencies Tuesday as weakness in global stock markets and concerns about the banking sector boosted demand for the greenback as a safe haven.
Figures out Friday show the UK is still in recession, but is it? CNN's Jim Boulden explores.
Britain's gross domestic product suffered another decline in the third quarter of 2009, figures showed Friday, meaning the country remains mired in recession.
Currency investors continue to remain concerned that the U.S. Federal Reserve will hold rates near zero and that the dollar could lose its place as the world's dominant reserve currency.
Britain's finance minister believes the UK economy will emerge from recession within the next few months.
Stocks closed sharply lower Thursday as optimism about a global economic recovery was tempered by mixed data and a potential downgrade of the United Kingdom's credit rating.
Government debt prices turned sharply lower Thursday after the Treasury announced more than $100 billion worth of new issuance headed to market.
Treasurys were mixed Monday as signs the economy may be stabilizing outweighed concerns about the record amounts of debt coming to the market this week.
Police and protesters skirmished around the Bank of England on Wednesday as world leaders gathered for the G-20 summit.
A broad variety of protest groups stormed the streets of London ahead of the G-20.
Authorities were investigating a suspicious package that was found Tuesday in the vicinity of the Bank of England, just two days before world leaders meet in London at the G-20 Summit.
CNN's Paula Newton reports from London, where a suspect package was found outside the Bank of England.
CNN's Charles Hodson asks what this week's G-20 meeting will likely achieve.
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.
Treasury prices fell Wednesday after another big auction raised concerns that the supply of U.S. debt securities could outweigh demand.
CNN's Richard Quest talks with Russell Jones about the decision by central banks in Europe to lower interest rates further.
The British economy is officially in a recession, according to GDP numbers released Friday.
The Bank of England cuts UK interest rates to an all-time low as recession bites. Financial analyst Todd Benjamin explains.
The dollar rose against the pound Tuesday after a report showed the U.K. economy marching toward recession.
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.
Three European central banks slashed key interest rates Thursday in attempts to stem the recession.
The dollar soared to a 6-year high against the British pound Wednesday on concern that the Bank of England may make aggressive cuts to a key interest rate to combat a deepening recession.
The dollar fell against the euro Friday after a dismal unemployment report increased the likelihood that the Federal Reserve would cut its key interest rate to 0.5% in order to bolster the economy.
Europe's stock markets opened modestly higher after solid gains in Asia and amid mounting expectations that the European Central Bank and the Bank of England will aggressively cut borrowing costs
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