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Britain's economy shrank by more than expected in the last three months of 2011 than previously thought, driven down by a weaker services sector, official data showed on Wednesday.

Britain's economy shrank by more than expected in the last three months of 2011 than previously thought, driven down by a weaker services sector, official

Figures from industry analysts Experian Catalist showed drivers were paying an average £1.42 a liter, as fears over Iranian supplies have seen the price of crude oil soar more than 12 percent since January.

Spike in public borrowing will test Chancellor's resolve as he prepares make-or-break budget statement

Back in late 2010, billionaire hedge fund manager John Paulson told “a standing-room-only crowd at New York’s University Club” that US inflation could hit double-digits in 2012. His forecast on gold and inflation, however, haven’t panned out so far in 2012.

British factory output rebounds in first quarter and economy shows signs of recovery, according to survey by trade body EEF.

Central bankers around the world took their foot off the loose monetary policy throttle Thursday and kept benchmark interest rates steady on inflation concerns and the lack of new threats to gross domestic product growth.

The European Central Bank signaled its policy course was slowly turning on Thursday, delivering a surprise warning on inflation and calling governments and banks to build on its recent blitz of radical support measures to foster a full crisis recovery.

Wall Street opened higher on Thursday as strong uptake by investors in Greece's debt swap fed optimism a deal could be completed by a deadline later in the day, staving off a messy default.

Two of Europe's main central banks announced Thursday they would be keeping their benchmark interbank lending rates unchanged, in an expected move that analysts see as an acknowledgement of creeping inflation and policy exhaustion.

The Bank of England left its monetary policy unchanged on Thursday, deciding that February's extra 50 billion pounds ($79 billion) of quantitative easing was enough for now to support the economy through a period of fitful recovery.

The Bank of England left its monetary policy unchanged on Thursday, sticking with February's decision to do an extra 50 billion pounds of quantitative easing to support the economy through a period of fitful recovery.

Britain will avoid recession and Bank of England will not need to inject any more stimulus but the recovery will be weak, says British Chambers of Commerce.

Japan's Nikkei share average extended its rally and rose to a 6-1/2-month high on Friday above 9,600, heading for its best February performance in two decades.

The UK economy is under significant pressure in the shadow of uncertainty cast by the eurozone debt crisis which is resulting in its losing the momentum of recovery.

The plans underscore concerns in the eurozone about debt and a potential relapse into recession.

European stock markets opened with gains Thursday as investors anticipate a successful resolution to the Greek debt deal that would allow the eurozone country to avoid a default.

The rally in the euro and European shares advanced on Thursday as Greece edged closer to a bailout deal and on expectations the Bank of England and the European Central Bank will maintain support for the move into riskier assets.

Asian shares struggled but the euro recovered on Thursday, as markets were left without a clear direction after Greek political leaders failed again to conclude a deal for a bailout package, which Athens needs to avoid a messy debt default.

Asian shares and the euro struggled Thursday, as sentiment grew cautious after Greek political leaders failed to conclude a deal for a bailout package crucial to avoiding a messy debt default.

U.S. stocks ended slightly higher on Monday in a light-volume session, as investors stayed cautious ahead of corporate earnings and key auctions for European debt this week.

Stocks ended slightly higher on Monday in a light-volume session as investors stayed cautious ahead of corporate earnings and key auctions for European debt this week.

In the past few months, but particularly in the last few days, the British Chancellor of the Exchequer and the Governor of the Bank of England, roughly British equivalents to the American Treasury Secretary and Fed Chairman, have become the bane of the English banking system's existence. Other British government officials have also joined the fray.

As macroeconomic developments helped boost stock prices on the one hand, comments from central bankers, politicians and others, on the other hand, dampened the party in the equities market.

German Chancellor Angela Merkel called on Friday for rapid EU treaty change to remedy the root causes of the euro zone's debt crisis but warned that Europeans faced a long, hard marathon to restore lost credibility.

Banks' contribution to the economy may be hugely overstated, underscoring anger about the scale of taxpayer rescues and resultant government cutbacks, but a sharp retreat of banking worldwide looks painful for all and needs calibrating.

Europe has still not found a solution to its sovereign debt crisis that would restore investor confidence, European Commission President Jose Manuel Barroso said on Friday, advocating greater integration as the way to move forward.

A disastrous German bond sale on Wednesday sparked fears that Europe's debt crisis was even beginning to threaten Berlin, with the leaders of the euro zone's two strongest economies still firmly at odds over a longer-term structural solution.

Banks in London, already on high alert for how to deal with a break-up of the euro zone, will on Tuesday be tested to see how they would cope with a cyber attack on their operations.