The UK economy contracted 2.4% in the first quarter of 2009, a decline not exceeded in 51 years, according to the latest official data. The decline was more severe than the earlier estimate of a 1.9% fall, and worse than analyst expectations. The Office for National Statistics (ONS) blamed the sharp revision

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Serious Fraud Office has said it has frozen $100m (£60m) of assets in London in connection with Sir Allen Stanford’s alleged $7bn fraud. Following a request from the US Department of Justice, the SFO froze a number of accounts held “at certain London financial institutions”.

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Lloyds Banking Group has announced it is to cut a further 2,100 jobs over the next three years. This will be mitigated by the creation of 350 new roles, Lloyds said. The Unite union was “astonished” by the scale of the cuts, which it said brought total job losses at the group since January to [...]

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Japanese industrial output increased 5.9% in May compared with the month before, the third consecutive monthly climb, according to official data. The rise last month was the same as April’s revised figure, though less than analysts’ forecasts of 6.9%. The output of cars, mobile phones and electronic

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