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The US shed 54,000 jobs in August as the government dismissed more temporary census workers, but a rise in private sector employment offered hope that the economy could fend off a second recession

Traders are piling into risky bets after a better than expected US labour market report reinforced hopes that the US economy can avoid sliding back into recession.

France and Britain have stepped up their talks about strengthening bilateral defence co-operation but ruled out the idea of sharing aircraft carriers as ‘utterly unrealistic’

China and the US stage near-simultaneous naval exercises this week in the oceans around the Yellow Sea in one of the most open displays of the rising competition between the two rival forces in north Asia

Wheat prices have risen further in the wake of Russia’s decision to extend its grain export ban by 12 months, raising fears about a return to the food shortages and riots of 2007-08

Service sector activity grew at the weakest pace in 16 months in August, heightening fears that the economy is beginning to stall

The oil group said the costs associated with the Gulf of Mexico oil spill have risen by $2bn in the last month to $8bn and that it expected the relief well currently under construction to be completed by mid-September

Warning given over British banks moving their headquarters abroad if UK government-appointed Commission on Banking were to decide that big groups should be broken up

Leading UK and continental European companies eschewing banks from Spain, Italy and even Germany because they do not believe the Europe-wide assessments gave a true picture of their financial health

Official borrowing costs in the eurozone have been left at record lows for the 16th consecutive month as the European Central Bank sticks to its cautious stance on the region’s economic prospects

European bourses are treading water as traders take a more critical view of the previous session, which saw US and China factory data power a move into risk

Foreign companies are losing market share in China across a broad range of industries because of discriminatory treatment by the government and regulators, according to the European Chamber of Commerce in China

A division of Italy’s Fiat group is recalling all 1,248 cars of the 458 Italia model after reports that five of the supercars caught fire because of glue in the wheel-arch leaking on to the exhaust

Royal Bank of Scotland is axing another 3,500 jobs, taking to almost 27,000 the number of staff cut since Stephen Hester took over as chief executive of the troubled UK bank

UK house prices fell in August for the second month in a row, marking the first back-to-back house price declines since February 2009, according to a closely watched index

The digital entertainment company made its most serious bid yet for the internet-connected television market, slashing the price and size of its AppleTV product by more than half

The US president declared that ‘the hard work is only beginning’ after he held one-on-one meetings with the Israeli and Palestinian leaders, as his administration embarked on its most concerted effort yet at brokering peace in the region

The former chancellor admitted that Britain’s levy on bonuses had failed to change banking behaviour over pay, as ‘imaginative’ financiers devised ways to avoid it

Blair and Brown may now have left the stage, but the argument between them has not been resolved, and whoever wins the party leadership cannot avoid it

William Hague issued a statement on Wednesday afternoon rejecting rumours about his sexuality as a special adviser resigned over “untrue and malicious” allegations about the two men