Moody's downgraded the bank's subordinated debt and junior subordinated debt - the bonds that will be "bailed in" to help fill a �1.5bn capital hole at the bank - ratings to Ca and Ca (hyb) from B2 and B3 (hyb) respectively with a negative outlook.

Bill Grimsey, the former chief executive of the DIY chain Wickes and Iceland stores, has attacked the retail expert Mary Portas for giving "false hope" to Britain's high streets.

Federal Reserve officials both expect and want inflation to be higher than it is. So far, that isn't happening. Consumer price data released Tuesday showed inflation rose a mere 1.4% in May from a year earlier.

Mark Carney, the governor-designate of the Bank of England, has made his first senior appointment, recruiting Charlotte Hogg, daughter of titans of the British establishment, as the central bank's first chief operating officer.

A call centre made famous by a BBC reality TV series has been fined �225,000 for harassing families with nuisance calls. The BBC has portrayed the company's millionaire boss 'Big Nev' Wilshire as a lovable rogue, a consumer champion and even a hero.