UK’s Defence Secretary Philip Hammond announced that 17 units are to be axed from the British army as part of sweeping reforms that will reduce its overall strength by 20,000 posts.
The chastened former head of Barclays apologized for the "reprehensible" behavior of his traders who fixed interest rates, but told British lawmakers today his bank had been unfairly singled out after coming forward to admit wrongdoing.
European stocks ended slightly lower todasy in extremely thin trading volumes as US markets remained closed for a holiday, with investors taking a breather after a sharp three-day rally and ahead of the European Central Bank policy meeting
Iran has threatened to destroy US military bases across the Middle East and target Israel within minutes of being attacked, Iranian media reported, as Revolutionary Guards extended test-firing of ballistic missiles into a third day.
A consortium led by Malaysia's SP Setia Bhd has bought London's iconic Battersea power station for 400 million pounds ($623 million) and will redevelop the site into homes, offices and shops, the agents managing the sale said.
A Spanish court opened a fraud case against former executives of lender Bankia on Wednesday amid mounting public anger against the state-rescued bank.
Barclays chief executive Bob Diamond suddenly quit over an interest rate-rigging scandal that threatens to drag in a dozen more major lenders but suggested the Bank of England had encouraged his bank to manipulate the figures.
Euro zone factory prices fell more than expected in May as the cost of energy dropped sharply, reinforcing the case for an ECB interest rate cut as early as this week to aid the region's stagnant economy.
Sergio Pininfarina, whose family company designed almost every Ferrari since the 1950s and whose name is still synonymous with some of the world's most glamorous cars, has died aged 85.