US - President Barack Obama has announced a deal to end the US debt crisis, which will raise the nation's debt ceiling by at least $2.1trn and cut the federal deficit by as much as $2.5trn over a decade.
The US President last night said leaders of both parties in the US House and Senate had approved the agreement, which must now be sold to Congress by 2 August, according to Bloomberg.
"This compromise does make a serious down payment on the deficit-reduction we need. Most importantly it will allow us to avoid default," Obama said.
A raise in the debt ceiling by at least $2.1trn would serve the nation's needs into 2013.
The deal includes a cut in spending over a decade of $917bn.
Initially the debt limit would be raised by $900bn, and then a special committee would be tasked with finding another $1.5trn in deficit savings by the end of the year.
Congress is expected to agree the deal.
The dollar and oil prices climbed, and gold fell last night on the news. US currency rose 1.3% to 77.79 yen and 0.2% to $1.4376 per euro before 10am in Tokyo.
Gold slid 1.1% to $1,610.7 an ounce. Crude oil for September delivery rose 1.6% to $97.19 a barrel on the New York Mercantile Exchange.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.