The Russian central bank announces a huge rise in its key interest rate - to 17% from 10.5% - to try to stem the rouble's fall.

Retail guru Mary Portas accuses the government of making "token gestures" in response to her 2011 review into how to rejuvenate struggling High Streets.

National Australia Bank sells nearly $2bn of bad loans in the UK as part of a strategy to exit an unprofitable business.

China's factory activity is in contraction at the year-end, based on a private survey, reinforcing calls for more stimulus.

The Co-operative Bank has failed a "stress test" carried out by the Bank of England to assess major UK lenders' ability to withstand another financial crisis.

Asian markets extend losses, with the Nikkei closing down more than 2%, as falling oil prices heighten global growth fears.

The price of Brent crude drops below $60 a barrel for the first time in more than five years as oil prices continue to slide.

Energy shares pull the London market lower yet again, as the price of Brent crude oil drops below $60 a barrel.