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EU loses AAA rating in S&P downgrade

500 Euro Note

Credit rating agency Standard & Poor's incited the ire of European Union officials on Friday when it snatched away the region's top AAA rating, citing tensions between member states and a deterioration in their overall financial health.

Bitcoin price halves as China clampdown escalates

Bitcoin and money

The price of bitcoin has plummeted by 50 percent since record highs in late November, with selling accelerating on Wednesday after reports that the People's Bank of China (PBoC) has ordered third-party payment providers to stop using the virtual currency.

Mark Carney stands by forward guidance policy

Mark Carney

The Bank of England governor, Mark Carney, has robustly defended his forward guidance policy in parliament against critics who argue it is confusing and has done little to persuade markets that an interest rate rise can be delayed for three years while the economy mends.