CYPRUS - Cyprus is the latest nation to be slapped with a downgrade by Moody's, with its rating cut two notches over concerns the country is heading towards a bailout.

Threadneedle is preparing to take on the management of LV='s retail and institutional fund range.

Schroders' head of UK equities Richard Buxton said there are opportunities in the UK retail space despite the challenging year for the high street, thanks to depressed valuations.

GREECE - Standard & Poor's has slashed Greece's long term credit rating from B to CCC, amid fears private sector debt proposals will amount to a default.

US - Old Mutual Asset Managers' head of fixed income Stewart Cowley has slammed the US for failing to rein in its growing budget deficit, warning it risks ingraining inflation in the nation's psyche.

IRELAND - Moody's has slashed Ireland's sovereign debt rating by two notches, to BAA3 from BAA1, on its weak economic growth prospects.

EUROPE - Hedge fund guru George Soros has argued the European Financial Stability Facility (EFSF) must take control of Europe's banking system if it is to solve the sovereign debt crisis without causing another banking collapse.

GLOBAL - Markets are continuing to fight back with all the leading indices trading in the black after G7 finance ministers agreed to cool the soaring yen.

Schroders has hired Rob Hall from Russell Investments to work within the group's multi-asset team.

GLOBAL - China has eclipsed Japan as the world's second largest economy after posting GDP figures of $5.8trn for 2010, beating Japan's $5.474trn.