The European Central Bank has increased eurozone interest rates by a quarter percentage point to 4.25 per cent, amid worrying signs that the oil price boom and the credit crunch are getting worse rather than better.

Could there be a worse time to be a property developer? On the face of it, building new temples of glass in London and elsewhere just as the UK teeters on the edge of recession looks a surefire way to lose a fortune. Yet the commercial property sector is pressing on regardless, with a string of astonishing construction projects around the country beginning to take shape.

Our view: Buy

Talk of a possible bid for Marks & Spencer sent shares in the struggling retailer soaring today after its recent steep falls.

Shares in Marks & Spencer jumped by more than 6 per cent yesterday ahead of what promises to be a stormy AGM today, after speculation that the retail giant might become a bid target.

Virgin Media today insisted they will not be prosecuting illegal file-sharers.

The Royal Bank of Scotland ended at second place on the FTSE 100 loser board yesterday after Cazenove said that, despite its £12bn rights issue, the bank remained challenged by its exposure to weakening corporate credit quality and the uncertainties of the acquired ABN Amro balance sheet.

Robert Dudley has survived an attempt led by four oligarchs to oust him as head of the Anglo-Russian oil firm TNK-BP, but could face legal action as the Russians continue to press their claims to remove the British chief executive.

London's FTSE 100 index briefly dipped into official bear market territory yesterday – defined as 20 per cent or more off the peak – and though it later came out of it again, few would bet on stocks staying out of trouble for long.

The offshore oil and gas industry has called on the Government to boost incentives for North Sea exploration so that up to 25 billion barrels of oil and gas can be recovered.

Barratt Developments is to axe 1,000 jobs, almost 15 per cent of its workforce, as the embattled builder attempts to slash its costs in the face of the housing crisis.

Taylor Nelson Sofres, the market research group, is right to reject Sir Martin Sorrell's latest takeover approach, despite the fact that in these markets, the mooted 260p a share might seem worth having. It's a big premium to where the shares were before the takeover spat began and to where they are likely to fall back to if Sir Martin decides to throw in the towel. Even capitalising the promised synergies, the board's preferred merger with GfK of Germany is in the short term unlikely to deliver as much value. So why do I say stick with TNS?