Barack Obama formally tells Congress of proposals for a $1.2 trillion rise in borrowing, risking another battle with Republicans.

South Korea's antitrust regulator fines Samsung Electronics and LG Electronics for fixing the prices of some appliances.

David Cameron hints that the government could alter its controversial plans to scrap child benefit for some better-off families.

Fashion retailer Ted Baker reports rising sales over the Christmas trading period and says it is on target to meet profit forecasts.

China's official foreign currency reserves fell in the last three months of 2011, the first quarterly decline since 1998.

Shares in UK engineering firm Invensys dive 20% after it warns its 2011 operating profit will be "significantly below" that of the previous year.

The US takes sanctions against three oil firms, one of them run by the Chinese state, for trading with Iran.

Antonio Horta-Osorio, chief executive of Lloyds Banking Group, says he does not want to be considered for an annual bonus for 2011.