2010
The financial
year in review

Referring to 2010 as a turbulent year would be somewhat of an understatement - natural disasters, the UK general election, struggling EU economies and massive banking and health reforms in America contributed to a series of dramatic headlines.

Here we track the key financial and economical news that transpired over the course of the year. Click on any image or headline to see a summary of the story displayed in the box to the right. For in-depth information, click the 'read more' button to see coverage from the time of the event.

We'd like to thank the BBC, the Guardian, the Times, CNN and the Wall Street Journal whose resources were used in creating the money.co.uk 2010 Financial Year Review. Gratitude also goes to the financial bloggers referred to throughout, but do note we are not responsible for third party content.

• January 6th

  Greece addresses European commission with economic recovery plan as battle for stability continues

  Greek Prime Minister George Papandreou promised to slash the country's growing deficit and was expected to unveil new measures to tackle the crisis ahead of a visit from EU finance officials. Many parties, including Germany, warned Greece against accepting money from the IMF in an effort to protect its reputation, while the European Central Bank stated that Greece had no right to claim fiscal support from other EU member states and added that "its debt problems were of its own making, not due to the global financial crisis."

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• January 9th

  Peter Robinson, Northern Ireland's first minister, faces inquiry over £50,000 loan to wife's lover

  Controversy flared in Northern Ireland's parliament as the DUP leader and First Minister faced investigations over a loan obtained by his wife but subsequently given to her young lover. The £50,000 ($80,000) sum, given to the 19-year-old to open a café, was not declared to the authorities as required by law. After the information came to light during a BBC Spotlight programme, it was revealed that Mrs. Robinson had attempted suicide following the affai and is currently undergoing psychiatric treatment. Speculation as to how much Mr. Robinson knew about the money continues and he is under increasing pressure to resign.

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• January 12th

  A massive earthquake claims the lives of over 250,000 in Haiti, donations and aid immediately pour in from around the world

  A 7.0 magnitude earthquake obliterated Haiti; estimates suggest over 300,000 people were killed and over three million affected in the aftermath. Haiti's capital, Port-au-Prince, saw significant damage and many countries around the world responded with aid and financial donations in an effort to help rebuild the stricken country. Many countries waived Haiti's debt repayments and governments promised hundreds of millions of dollars in aid in addition to private donations.

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• January 13th

  Top US banking executives admit to mistakes in front of panel set up by Congress

  An investigative panel comprising ten members was created following a law signed by President Obama. In their first review the Financial Crisis Inquiry Commission put top executives at many of the US's major banking institutions under scrutiny, including Lloyd Blankfein (Goldman Sachs), Jamie Dimon (JP Morgan Chase), John Mack (Morgan Stanley) and Brian Moynihan (Bank of America).

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• January 19th

  UK-based confectionary company Cadbury finally agrees to a takeover offer from Kraft for £11.5bn ($18.5bn)

  After many back-and-forths between food giant Kraft Foods and UK confectioner Cadbury, the latter finally agreed to a takeover offer of £11.5 billion ($18.4 billion), up from Kraft's opening bid of £10 billion ($16 billion). The deal had already come under fire from Britons, who felt it was another in a long line of instances where large (and historic) British brands are bought by foreign companies. Cadbury had enjoyed a near-200 year history of chocolate production in the UK, and job losses following the takeover were feared.

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• January 21st

  US President Barack Obama proposes limits on bank sizes and the amount of risk such institutions can take on

  President Obama announced intentions to bring in measures which would limit the size of banks and stop them becoming "too big to fail". While the proposals needed to be passed by Congress, the stock market took a nosedive with the Dow Jones index dropping 213 points and the NASDAQ falling by 25. If the legislation was passed, the Obama administration hoped it would protect tax payers by reducing the amount of risk financial institutions could take on.

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• January 24th

  Radiohead's Ed O'Brien speaks out against the music industry, claiming financial pressure is destroying creativity

  Ed O'Brien, guitarist for indie rock band Radiohead, slammed what he dubbed as a money-obsessed music business. Speaking at a music conference in Cannes, he claimed that "the creativity has gone out of the industry<85> I think the problem is that in the last 10-15 years it's become about money." A few days earlier, Radiohead held an auction for tickets to a limited show and raised £357,048 ($572,774) for Haiti aid, with some tickets selling for over £600 ($1000) each.

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• January 26th

  James Cameron's Avatar claims the title of highest grossing movie worldwide after only 41 days of screening

  Beating the long-standing record of Cameron's previous box-office smash, his new 3D epic Avatar became the highest grossing movie of all time (as well as breaking numerous other ticket records). While production costs were kept confidential, it is also possible that Avatar was the most expensive film ever produced. Cinema fans have been quick to point out however that films such as Gone With the Wind may have grossed more if inflation is taken into account, and certainly sold more physical tickets.

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• January 27th

  Apple reveals latest product, the anticipated iPad, at a conference in San Francisco

  Apple put an end to weeks of speculation by unveiling its tablet device, which it has called the iPad. Steve Jobs, Apple's chief executive unveiled the touchscreen device at an event in San Francisco. Jobs described the tablet, initially planned to sell for between £311 ($499) and £516 ($829) in the US, as a "third category" between smartphones and laptops. The device, which looks like a large iPhone, can be used to watch films, play games and browse the web - while similar tablets exist on the market and have done for some time, analysts predicted the iPad to perform well due to Apple's loyal fanbase.

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• January 28th

  Gap between UK's rich and poor is wider than it was four decades ago

  A government commissioned report showed that the austerity divide in the UK is even bigger than it was during the 70s, and that average weekly earnings for females are over £100 less than for males. The report further highlighted the economic inequality by pointing out that half of those who have worked in top professions have net assets worth more than £900,000 ($1.4 million), while a 10th of those who have had unskilled jobs have property, savings and possessions worth less than £8,000 ($12,000).

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• February 1st

  Germany to purchase a list of supposed tax evaders hiding money in Switzerland

  Angela Merkel, German Chancellor, stated she would purchase a list of alleged tax evaders said to be hiding money in Swiss bank accounts, but only if the data was legitimate. Up to 1,500 German nationals were alleged to have hidden millions of dollars in secretive bank accounts across the border. The Financial Times Deutschland reported that the data was being put up for sale by an IT specialist and former employee of HSBC in Geneva, who was asking for £2.1 million ($3.5 million) for the data.

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• February 3rd

  Toyota recalls millions of vehicles due to widespread problem with faulty break pedals

  Toyota came under fire when it was forced to recall around 2 million cars from the European market. An accelerator fault affected 8 models, including the Aygo, Yaris and Avensis, and caused the vehicles to become "incredibly dangerous" according to the RAC. It was recommended that owners have their vehicles checked at a garage immediately. Reports of the accelerator pedal sticking whilst the cars were being driven had become widespread, and there were calls for Toyota to explain why the problems weren't noticed sooner.

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• February 5th

  British prosecutors announce criminal charges against four MPs in the expenses scandal

  Keir Starmer, the Director of Public Prosecutions, announced three Labour ministers and one Conservative peer were due to face criminal charges in court over their expenses. The four - Elliot Morley, Jim Devine, David Chaytor and Lord Hanningfield - were to be charged under the Theft Act. Each of the politicians denied any charges and said they would oppose them strongly in court. The MP expenses scandal had erupted in May 2009 and led to police launching an investigation into a small number of cases.

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• February 10th

  Actor Bill Nighy joins over 20 UK charities, unions and national organisations in campaign for a "Robin Hood" tax

  A coalition of faith groups, development agencies, charities and unions launched a campaign calling on political parties in the UK to back a financial transactions tax on the banks. More than 20 organisations backed the plan, including the TUC, the Salvation Army, Oxfam, ActionAid and Barnardos. They claimed a levy of 0.05% could raise billions of pounds which could be used to plug the hole in public sector finances, protect public services and jobs, fight poverty at home and abroad, and help protect against future climate change. Director Richard Curtis made a short film starring Bill Nighy to publicise the campaign.

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• February 11th

  Market fears as jobless rate in Greece hits 10% - EU leaders meet to discuss emergency aid

  Unemployment in Greece soared to 10% as a result of the recession, and the country experienced a plummeting economy. EU leaders met in Brussels to discuss methods of rescuing Greece and curtail any financial crisis which could threaten to undermine the Euro. The meeting did not produce any set-in-stone plans for the country, but talk of a bail-out was high on the agenda. The Greek deficit rose to 12.7%, some four times more than the level officially permitted for Eurozone members.

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• February 13th

  Barclays set to pay around £2bn ($3.2bn) in bonuses following large profits in 2009; Royal Bank of Scotland to pay £1.3bn

  In a report by the BBC, Barclays looked set to pay bonuses of more than £2 billion ($3.2 billion) to its employees. The bank, which did not take any direct state help during the financial crisis, was expected to announce large profits for 2009. On the other hand, the part-nationalised Royal Bank of Scotland (RBS) was expected to pay out £1.3 billion ($2 billion) in bonuses despite receiving massive financial aid during the global recession and posting losses on the last financial year.

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• February 16th

  Credit card interest rates in the UK reach a 12-year high according to research

  Interest rates on UK credit cards reached their highest level for 12 years, according to research by Moneyfacts. The financial information service said that the average rate had risen steadily to 18.8% in February, despite the Bank of England's base rate remaining at 0.5%. Card providers pushed up rates as a result of fears that borrowers were more likely to default. The Bank of England's figures were at odds with the report however, suggesting that rates were only at a three-year high following the global recession.

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• February 18th

  UK government borrows a further £4.3bn ($6.9bn) in an attempt to fix further deteriorating finances

  According to the Office for National Statistics, the UK government borrowed a further £4.3 billion ($6.9 billion) in January to fill the growing hole in the country's finances. It was the first time the government had borrowed money in January since records began in 1993, as finances were usually bolstered by an influx of tax receipts. The UK's total borrowing for the financial year now totals more than £122 billion ($195 billion) which came as a surprise to economical analysts, who expected to see a surplus in January's budget.

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• February 24th

  Hong Kong's economy is set to grow between 4% and 5% over the course of the year

  Hong Kong's economy will grow by between 4% and 5% this year, Financial Secretary John Tsang said in his annual budget speech. Gross domestic product (GDP) shrank by 2.7% in 2009, far less than the 3.3% contraction the territory's government had last predicted in November. Hong Kong's economy, which relies on the financial sector and exports, was battered by the global economic crisis. It emerged from recession in the second quarter of last year.

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• February 25th

  The International Monetary Fund (IMF) loans £2.1bn ($3.6bn) to Iraq, its largest loan to date

  Iraq were given a £2.1 billion ($3.6 billion) loan by the International Monetary Fund - the largest ever given to the country at the time. The aid was intended to help the troubled country rebuild its tattered infrastructure. The IMF had lent smaller amounts in the past in loans that came with the conditions of removing subsidies from manufacturers and farmers. Iraq's revenue was being harmed from a low oil price and it was facing a funding gap of close to £3.1 billion ($5 billion) until the end of 2011.

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• March 1st

  Shroud of secrecy lifted on tax status of Lord Ashcroft, believed to use his non-dom status to avoid multi-million UK tax bill

  Conservative donor and deputy chairman Lord Ashcroft admitted he did not pay UK tax on earnings made outside of the British Isles. His announcement ended years of questions from critics about whether he was "non-domiciled" in the UK for tax. Ashcroft said he agreed with Tory leader David Cameron's call for anyone in the Lords to be "resident and domiciled". Labour's Jack Straw accused the Tories of concealing the truth for 10 years, and the Lib Dem party stated the Tories had been "bought like a banana republic".

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• March 2nd

  The BBC announces axing of popular 6 Music service as part of a cost-cutting review

  After it transpired that only one in five UK residents were aware that the BBC 6 Music station existed, the corporation leaked rumours that it may axe the service in its cost-cutting measures. A large-scale campaign to save the station was launched by many celebrities and groups on social networking sites; the supporting Facebook group quickly gained around 180,000 members. The Sunday Times reported that 6 Music may be rebranded as Radio 2 Extra but only broadcast for 12 hours a day.

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• March 6th

  Court battle involving copyright of the iconic image of Che Guevara is launched by photographer's daughter

  The iconic photo of Ernesto "Che" Guevara became the subject of a number of legal battles launched by the photographer's daughter, Diana Diaz. While her father, Alberto Diaz "Korda" Gutierrez, died in 2001 many companies and advertising campaigns had used the famous image in their own work without paying copyright fees since it was first taken over 50 years ago. Korda himself successfully sued Smirnoff Vodka after they used the Guevara photo in a case which re-established his copyright.

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• March 12th

  EU agrees to bailout Greece with rescue package in an attempt to save Euro

  Members of the EU agreed to a multibillion-euro bail-out for the stricken Greek economy as part of a measure to save the single currency in the midst of further financial crisis. Senior sources at the Brussels meeting stated that Berlin agreed to the aid package despite strong resistance in Germany, and that the finance ministers of the "eurozone" - the 16 member states including Greece who use the euro - were to finalise the bail-out plan in the coming week. The Euros rulebook was also to be revised to ensure greater fiscal discipline among members.

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• March 13th

  Bob Geldof sparks row with BBC, demanding proof of the news organisation's claims that Ethiopian aid money was spent on weapons

  Bob Geldof reacted angrily to claims broadcasted on the BBC that millions of dollars raised by Band Aid were diverted to Ethiopian rebels. The allegations that 95% of the aid money donated to help victims of the 1985 Ethiopian famine were siphoned off were made in a BBC radio programme broadcasted on the 11 March 2010. Geldof told The Times that "it would be a ... tragedy" if the British people stopped giving to charity because of allegations made by the same broadcaster that inspired him to fight poverty and hunger in Africa.

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• March 16th

  European Monetary Fund proposed by Germany in wake of Greece's economic turbulence

  The European Commission confirmed that it may set up a version of the International Monetary Fund to bolster the eurozone's financial stability - dubbed in the press as the 'EMF'. Germany and France are leading the move, part of a series of initiatives aimed at avoiding a repeat of the sort of financial crisis engulfing Greece. The German Chancellor Angela Merkel expressed cautious support for the plan while France and Germany as a whole resisted IMF involvement in Greece's financial troubles.

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• March 17th

  Japan's central bank doubles its stimulus package to £136bn ($220bn) in an attempt to boost bank lending

  Japan's central bank increased a stimulus measure aimed at encouraging financial institutions to lend more. It doubled the amount of short-term loans available to banks to 20 trillion yen (£137 billion or $220 billion). The scheme, which lends money at a rate of 0.1%, was introduced in December to try to tackle the deflation that was threatening Japan's economic recovery. The Bank also voted to hold interest rates at 0.1% - the level at which they had been since December 2008.

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• March 22nd

  Barack Obama signs healthcare reform package into law

  President Barack Obama pushed the controversial health reform bill through Congress, widely heralded as the biggest triumph of his presidency to date. House Speaker Nancy Peolsi announced that the bill was passed by 219 votes against 212. The reform is set to cost an estimated £585 billion ($940 billion) over the next decade, giving an extra 32 million Americans access to health provision and bringing the total amount of the country health coverage to 95%.

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• March 23rd

  Astonishing case of four elderly investors who kidnapped and threatened a US financial adviser unfurls in court

  Four pensioners appeared in a German court charged with kidnapping a financial adviser they accused of making bad US property investments. The pensioners, two married couples aged between 63 and 79, and a suspected accomplice aged 60, were claimed to have taken him from his home in western Germany and driven him 280 miles to southern Bavaria in an attempt to get a refund of £2.1 million ($3.3 million). The adviser succeeded in sending a message to the police, who stormed the house four months into the saga.

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• March 26th

  Billionaire Alexander Lebedev buys UK's Independent newspaper for a mere £1

  A former KGB spy and his 29-year-old son bought The Independent newspaper titles on the 25th March 2010 for £1 ($1.6) - the same price as a copy of the failing paper. Alexander and Evgeny Lebedev purchased the loss-making Independent and Independent on Sunday from Independent News & Media (IN&M) for the same amount that they paid for the Evening Standard last year. IN&M will pay the Lebedevs £9.25 million ($14.9 million) to take over the titles, which lost £12.4 million ($19.9 million) in 2009.

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• April 2nd

  New figures reveal that the top 25 hedge fund managers each earned over $1bn in 2009 despite the credit crunch

  Research by the BBC showed that the top 25 hedge fund managers, including those that have been slammed for their involvement in banking malpractise, earned more than a £0.6 billion ($1 billion) each last year in spite of the global financial crisis. David Tepper earned over £2.3 billion ($4 billion), a record so far. In total, the managers made over £16 billion ($26 billion) between them during one of the worst fiscal crises in the last few decades. As the news broke, further investigations were being made into discrepancies and alleged profiteering from the mass bank bail-outs across the world.

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• April 6th

  UK Prime Minister Gordon Brown dissolves parliament ahead of one-month election campaign during critical economic period

  Political leaders took off on the campaign trail after Prime Minister Gordon Brown announced that the UK general election would be held on 6th May. He said he would seek a "clear" mandate to continue the "road to recovery", as Labour anticipated a fourth term. David Cameron, whose Conservative Party had been ahead in the polls, said they offered "hope" and a "fresh start". Nick Clegg, leader of the UK's third biggest party, the Liberal Democrats, said only they offered "real change".

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• April 12th

  Financial markets give widespread approval to EU's £24.7bn ($40bn) lifeline deal to Greece

  In a desperate measure to halt the financial crisis which devastated the single currency, fellow eurozone governments offered Greece a financial lifeline in order to help its failing economy, saying they would make £25 billion ($40 billion) in loans available in 2010 but would only pay out if Athens asked for the money. The International Monetary Fund (IMF) also stated its willing to contribute another £8.4 billion ($13.5 billion), according to Olli Rehn, the EU monetary affairs chief.

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• April 13th

  Two former directors of Northern Rock, the collapsed building society which burdened the UK economy, are fined and banned

  Two ex-Northern Rock directors were fined by the Financial Services Authority (FSA) and banned from working for a regulated financial firm in the future. The London financial regulator fined former deputy chief executive David Baker, £504,000 ($809,000) for misreporting mortgage arrears data. The second, former credit director Richard Barclay was fined £140,000 ($224,000) for also failing to provide up-to-date financial information. The FSA said the two had admitted their failings and were handed reduced fines as a result of their co-operation.

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• April 15th

  BP overcomes shareholder protests on Canadian oil project during a vote at the oil giant's AGM

  The oil giant BP looked to have beaten a shareholder rebellion over financial and environmental concerns connected to its project in Canada's oil sand reserves. Some 140 investors were expected to back a resolution at the oil giant's AGM calling for a review of the plans. But advance votes cast before the meeting showed that 85% had voted against the resolution. Advance votes make up about 59% of total shares. BP plan to make a final decision on the venture by the end of the year.

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• April 17th

  Iceland's Eyjafjallajokull volcano erupts, causing mass disruption for Europe's air industry

  Many thousands of travellers were left stranded across Europe as the drifting ash cloud from Iceland's volcano spread rapidly south-east across the continent and caused the biggest shutdown of the continent's airspace since the September 11th atrocities. Eurocontrol, the intergovernmental air control agency, said it expected 11,000 flights to take place across all of Europe's airspace, compared with an average of about 28,000. Many authorities declared their sky routes closed until further notice.

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• April 19th

  Indian financial markets are thrown into turmoil as two large regulators lock horns

  In an attempt to help individual investors, capital market regulator the Securities & Exchange Board of India banned new issuance of a popular insurance product. ULIPs are a combination of investment and life insurance, and in recent years have been the best-selling insurance product in the market. This is partly because these products pay hefty commissions to sales people of as much as 40% in the first year. SEBI, which regulates mutual funds, wanted to be able to regulate ULIPs as well because it believes the investment portion of ULIPs function just like a mutual fund.

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• April 20th

  An explosion on board the Deepwater Horizon drilling rig in the Gulf of Mexico kills eleven and sparks massive environmental and economical concerns

  An explosion on the Deepwater Horizon oil rig in the Gulf of Mexico, set the entire rig ablaze. 11 workers were killed in the explosion out of the 126 on board. The rig was evacuated soon after as the Deepwater Horizon began to tilt into the sea, finally sinking two days later. The resulting oil spill caused alarm in the international community as it was reminiscent of the previous Exxon Valdez disaster which caused vast ecological damage as well as economical repercussions.

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• April 22nd

  MGM halts production of next Bond film indefinitely in the face of seemingly insurmountable $4bn debts

  The new James Bond film, due for release by 2012, was cancelled due to a cash crisis. Production crew were told that the planned multi-million dollar movie with Daniel Craig reprising his role as Bond had been postponed due to "financial problems" at the struggling studio Metro Goldwyn Meyer, which was in charge of co-funding the film. MGM has since admitted that filming of the 23rd Bond film has been cancelled entirely, and it could be years before the project gets the green-light once more. American Beauty director Sam Mendes had been lined up to direct the twenty-third film in the franchise.

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• April 27th

  Goldman Sachs faces strong scrutiny following charges of fraud and accusations of profiteering from the recession

  US bank Goldman Sachs enjoyed a near-doubling of its profit for the first quarter of 2010. The bank posted net earnings of £2.15 billion ($3.46 billion) for the first three months of the year leading up to March compared with $1.8 billion in the year previous. The bank also revealed that it paid its staff around £3.4 billion ($5.5billion) in compensation, working out at 43% of its revenue. In other news the UK's Financial Services Authority (FSA) began a formal enforcement investigation into Goldman Sachs following recent fraud allegations.

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• May 2nd

  EU's three-year rescue package for Greece is finally agreed following months of talks, set at £92bn ($149bn)

  EU countries and the IMF approved a £92 billion ($149 billion) bail-out package spread over three years in an attempt to rescue the failing Greek economy. As part of the agreement, Greece promised to adhere to strict austerity cuts which Prime Minister George Papandreou stated involved "great sacrifices". EU members agreed to give £67 billion ($108 billion or 80 billion Euro) in financial aid with the rest coming from the International Monetary Fund (IMF). It is hoped that the deal will stop Greece from defaulting on its growing debts, though it is still undergoing final approval.

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• May 5th

  Charges of financial wrongdoing against Nigeria's former anti-corruption agent are dropped after four years of exile

  Nigerian State authorities dropped charges against the former boss of the country's anti-corruption agency. Nuhu Ribadu was accused of not declaring his assets whilst in political power and subsequently went into self-exile in the US. He was named head of the Economic and Financial Crimes Commission (EFCC), designed to combat corruption, by ex-President Olusegun Obasanjo, but was kicked out of office in 2007 for being accused of criminal charges. In a statement from the US, Ribadu declared that he was delighted at the decision and claimed that "justice has been done".

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• May 6th

  Britain's election day arrives and a hung parliament looks likely as votes are counted

  With voting in the UK general election coming to an end, millions of people across the country had already cast their ballots. Polling stations opened in 649 constituencies at 0700 BST and were shut at 2200 BST. According to official statistics, over 44 million people were registered to vote in the election and there were just under 4,150 candidates standing for election across the UK. Press coverage of the election had been intense during the run up to the 6th of May election day and drama had punctuated the leading parties' campaigns along the way.

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• May 10th

  EU's newly unveiled 750 billion euros of stability funding intended to calm financial instability, but creates nervousness in US trade

  Shock plans were announced for the future of European finances - the 27 countries of the European Union will be expected to contribute £422 billion ($679 billion) towards what has been dubbed the "financial safety net", along with an extra £211 billion ($339 billion) which will be provided by the International Monetary Fund (IMF). Stock markets around the world stalled upon the announcement of plans, with the Dow Jones index down 0.34% in a single day.

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• May 13th

  Coalition government comprised of two of Britain's main political parties takes up office

  The UK's new leader, Conservative David Cameron, began the process of shaping the new coalition government by welcoming Lib Dem leader Nick Clegg to Downing Street in the official role of Deputy Prime Minister. Cameron stated that his "historic" Conservative-led coalition government would be united and give the country "strong and stable" leadership. It is the first time the Conservatives and Liberal Democrats have engaged in a power-sharing deal at Westminster, and the first time a coalition government has been in force since the Second World War.

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• May 18th

  Johnny Cameron, former senior executive of Royal Bank of Scotland, is given banking ban by the UK's Financial Services Authority

  A former senior executive at the UK's Royal Bank of Scotland (RBS) was ordered never to take up any senior or full-time work in the financial services industry. The agreement between Johnny Cameron and the Financial Services Authority (FSA) came after an investigation was held into the managerial practices conducted at the bank. Cameron was chairman of its investment banking arm during the period in which RBS was bailed out by the UK taxpayer in 2008.

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• May 19th

  Air France-KLM reports the worst annual losses on record at £1.3bn ($2bn)

  Air France-KLM released figures showing an annual net loss of £1.3 billion ($2 billion), a record for the company. A drop in air traffic, particularly for cargo and freight, heightened fuel prices and the fatal Rio-Paris air crash a year earlier contributed to the poor performance. Air France's CEO, Pierre-Henri Gourgeon, said that the 2009-10 financial year would go down as the company's "annus horribilis". The loss topped the £1 billion ($1.7 billion) which the airline lost in the 1993 financial year and is double the £684 million ($1 billion) loss reported for 2008.

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• May 20th

  A haul of paintings including masterpieces by Picasso and Matisse are stolen from the Paris Museum of Modern Art

  French police hunt the thief, or group of thieves, who stole a number of paintings by Picasso, Matisse and other great artists from a Paris museum. Authorities admitted the Museum of Modern Art's security system had not been working properly for some time before the theft. A single masked intruder was picked up by security cameras entering the building through a broken window having cut a padlock to get through the main gate. The paintings are estimated to be worth just under £83 million ($135 million). But experts say the thieves would struggle to sell the paintings on the open market because they are so well known.

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• May 26th

  Donald Trump's proposed golf resort in Scotland meets hostility as campaigners buy land en masse

  A campaign committed to stopping Donald Trump's golf project in Scotland claimed to have put a stumbling block in the way of the bid to buy additional land for the resort. The group, going by the name of Tripping Up Trump, purchased some of the land belonging to Scottish resident Michael Forbes, one of the landowners who had refused to sell. The Trump Organisation stated that the move would not have any impact on the project.

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• May 28th

  Reports surface of a number of suicides and poor working conditions in Chinese manufacturing plant Foxconn, makers of Apple, Dell and Sony products

  A string of suicides at a factory in China owned by Taiwan firm Foxconn highlighted what some said was a stressful working environment for migrant workers. Foxconn set out intentions to employ trained counsellors and install more leisure facilities at the factory in Shenzhen to help its staff, as well as increase salaries to boost morale. Reports indicated that eighteen workers had attempted suicide and four had succeeded, resulting in great media interest in the plant.

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• June 5th

  Largest release of governmental data shows massive scale of UK government's bad debts in 2009

  Figures released from the UK Treasury spending database, Coins (an acronym for Combined Online Information System) tracking the 2009 financial year revealed the Labour government was owed close to £372 million ($600 million) in bad debt, much of it coming from student loans which had gone unpaid and errors resulting in an overpayment of benefits. The Guardian was the first to pick up on the figures, and noted that "many labels on spending in the database are vague - for instance, £6.8 million ($10.9 million) was spent on goods and services alone for members of European parliament... but does not specify what these were".

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• June 12th

  Massive scale of damage on Louisiana's ecosystem due to the BP oil spill gradually being felt

  The Deepwater Horizon oil spill heavily affected the ecology of the Gulf of Mexico and the shoreline of Louisiana in the months following the disaster. Pelicans, turtles and around 34,000 species of bird were among the animals endangered by the pollution and fishing in the area was limited severely, adding extra economical pressure on workers in Louisiana and surrounding states which rely on the marine life for income. Efforts to plug the oil well and stem the oil leak remained ongoing.

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• June 13th

  In a rare interview, Venezuelan president Hugo Chávez slams western capitalism

  Capitalism is destroying the world according to the president of Venezuela Hugo Chavez, who promised to inject new urgency into his revolution, based on socialism and anti-imperialism. The leader, who rarely gives interviews to the media outside of Venezuela, gave an hour-long interview with BBC journalist Stephen Sackur in light of the Oliver Stone film South of the Border, which portrays leftist extremism transforming Latin America. Chavez attended the film's premiere and arrived at the red carpet with Stone.

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• June 16th

  UK regulatory body FSA (Financial Services Authority) set to be stripped of most of its powers which will be given to the Bank of England

  UK Chancellor George Osborne confirmed earlier rumours of his intention to hand powers over to the Bank of England and give it the main role as regulator of the UK financial sector. In his first Mansion House speech, Osborne spelled out the end for the current Financial Services Authority in London as it would be "abolished", adding the FSA will "cease to exist in its current form". It was also confirmed that the chief executive of the FSA, Hector Sants, would still have a job and would be in charge of overseeing the transition.

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• June 20th

  BP accused of being "grossly incompetent" and lying to congress in an attempt to dodge liabilities in the Deepwater Horizon disaster

  A BP document showed the oil giant's estimates that 100,000 barrels of oil a day could, hypothetically, flow from the ruptured Deepwater Horizon well. The document was part of an undated internal document released by US Congressman Ed Markey, with the figure highlighted standing at nearly twice the US estimate of the leak. Ed Markey, the Democratic head of the House sub-committee on energy and the environment, stated that the document raised worrying questions about what BP knew about the size of the spill and when they knew it, declaring "either [BP are] lying or grossly incompetent".

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• June 22nd

  Chancellor George Osbourne announces £40bn ($65bn) of emergency tax increases for Britain in UK budget plans

  The UK austerity budget includes some of the most dramatic proposals in the last two decades. VAT is set to rise to 20% in the hopes of raising £2.9 billion ($4.6 billion) for the coalition government over the course of the tax year and £13.5 billion by the 2014-15 financial year. The rise in personal tax allowance is to be increased by £1,000 ($1,600), but the Low Incomes Tax Reform Group claim that the poorest earners will not benefit enough from the increase to justify the negative effect this will have on benefit payments, especially when the tax credit changes come into effect.

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• June 24th

  Apple releases the long awaited iPhone 4 but is initially dogged by criticism of technical problems

  Apple's latest incarnation of the hugely popular iPhone went on sale, with hundreds of people queuing outside Apple's flagship store in central London for the launch. However, many new customers complained of issues relating to a large drop in signal strength when the device is held. The casing of Apple's latest phone is made of stainless steel, which also serves as its antenna. When Steve Jobs unveiled the iPhone earlier in the year he called the integrated antenna "really cool engineering", but the complaints flooded in since the release.

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• June 27th

  President Barack Obama and UK Prime Minister David Cameron meet to discuss the BP oil spill disaster

  The UK and US came together to announce that they want a "strong and stable" BP to follow in the wake of the Deepwater Horizon disaster and oil leak. The leaders of both countries discussed BP's growing problems and criticisms at the G20 summit in Canada, and agreed that there was a strong need for BP to fulfill its obligations to clean up the spill, but also that it was in the economical interest of all that the company remained a viable business. At the same time, BP hoped the talks put an end to political attacks on the company.

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• June 29th

  British oil trader banned by Financial Services Authority after buying 7 million barrels of oil while drunk

  Steven Perkins, an oil trader who purchased seven million barrels of oil following a weekend of heavy drinking, was prohibited from trading in the future by the UK regulators FSA. Perkins made the trade, which resulted in the price of Brent crude oil jumping to an "abnormal level", in the early hours of Monday morning after a weekend of "excessive" drinking. According to the FSA this was tantamount to market abuse - as a result Perkins received a fine of £72,000 ($115,000) and a ban from working in the financial services industry for five years.

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• June 30th

  President Nicolas Sarkozy cracks down on luxury, taxpayer-funded expenses made by French ministers

  The French President, Nicolas Sarkozy, cancelled his own summer party and declared that other ministers must put an end to their string of over-zealous expense claims on items such as luxury hotels and private jets. Following the UK's expenses scandals and the announcement of austerity measures across Europe, Sarkozy warned in a letter to the Prime Minister that any officials going against his advice to cut back on expenses would face "punishment". The warning came after a string of controversial expense claims made by French politicians, including a £10,000 ($16,000 or 12,000 Euro) claim on Cuban cigars over a 10-month period made by a single minister.

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• July 1st

  Fiery court case erupts in France over photographer's alleged swindle of 1 billion euros from L'Oréal heiress Liliane Bettencourt

  Lawyers exchanged bitter insults in the controversial L'Oreal trial which saw artist Francois-Marie Banier accused of taking as much as 1 billion from the cosmetic heiress. Liliane Bettencourt is frequently referred to as the most wealthy woman in Europe, and her daughter brought the case against Banier who she believes took advantage of her 87-year old mother's frail mental state. The courtroom drama came as arguments over whether secretly made audiotapes of conversations between Bettencourt and Banier should be admissible as evidence.

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• July 11th

  Spain enjoy their first ever World Cup win with a 1-0 victory against Holland, netting the team £18.5m ($30m)

  In the 2010 FIFA World Cup final, Spain, the European champions, defeated third-time finalists the Netherlands 1-0 after extra time, with Andrés Iniesta's goal in the 116th minute giving Spain their first world title. It is the first time that a European nation has won the tournament outside of its home continent. Host nation South Africa, 2006 world champions Italy and 2006 runners-up France were eliminated in the first round of the tournament and England was lambasted following its poor performance in the competition.

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• July 16th

  Goldman Sachs agree to £340m ($550m) fine, the largest ever handed out to an American bank

  Goldman Sachs, a big player in the global recession, were issued the biggest fine ever imposed on an American banking institution. The fine concerned Goldman Sachs' marketing and management of mortgage investments as the US housing market faltered. The US finance watchdog, Securities and Exchange Commission, confirmed that the charge was the biggest it had ever handed out to date and added that the settlement would be "a stark reminder that there will be a heavy price to be paid if firms violate the principles fundamental to the securities laws."

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• July 20th

  Amazon's growing ebook sales in the US outpace hardback books for the first time

  Online book giant Amazon claimed to have sold 143 digital books for its popular e-reader, the Kindle, for every 100 hardback books over the three months leading up to July. It also claimed that the paradigm shift is speeding up considerably - in the most recent month, the rate reached 180 ebooks for every 100 hardbacks sold. Amazon's founder, Jeff Bezos, stated that sales of the Kindle and ebooks had reached a "tipping point", with five authors including Steig Larsson and Stephenie Meyer, who penned the Twilight series, each selling over 500,000 digital books.

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• July 21st

  eBay reports a 26% rise in profits over the last three months, largely attributed to increased PayPal use

  Auction site operator eBay reported a 26% rise in profits for the last three months thanks largely to increased use of its PayPal service. Profits for the quarter totalled £272 million ($412 million) the company said, up from £203 million ($327 million) a year ago. Sales were up 20% internationally, but rose only 2% in the US, demonstrating its reliance on international growth. eBay's online payments business, which includes PayPal, saw revenues rise by 22%. "We are not satisfied with our US results," said John Donahoe, eBay's chief executive, in a conference call with investors. He said the strengthening dollar was also a concern, reducing the value of sales made abroad.

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• July 22nd

  91 EU banks undergo stress tests to assess ability to survive credit-crunch style scenarios, 7 fail

  7 of the 91 European banks that underwent stress tests failed the health checks designed to stop a repeat of the recent global recession, the Committee of European Banking Supervisors (CEBS) said. The tests assessed banking institutions' ability to weather future economic crises. "The failed banks will have to agree with their respective supervisors a plan over a given time period which will explain how this weakness will be resolved," CEBS chairman Giovanni Carosio said.

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• July 25th

  A group of Benedictine nuns dating back to the 6th century join Lady Gaga's label, Universal Music, for record deal

  An order of Benedictine nuns signed a major record deal with the company behind Lady Gaga, it was revealed. The Nuns of the Abbaye de Notre-Dame de l'Annonciation, from France, won a global search of more than 70 convents across Europe, the US and Africa. The reclusive order, based near Avignon, were deemed to have the finest Gregorian Chant singers. They signed a deal with Decca Records, part of Universal Music, which counts Lady Gaga and U2 among its acts. The nuns' ancient order dates back to the 6th Century and they follow a tradition of leading a hidden life behind closed doors. The Reverend Mother Abbess said: "We never sought this, it came looking for us."

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• July 27th

  Total cost of BP oil spill estimated to be over £20bn ($32bn) by analysts, CEO Tony Hayward resigns

  The outgoing boss of BP believes he was "demonised and vilified" over the firm's Gulf of Mexico oil spill crisis. But chief executive Tony Hayward - who was to leave the top job in October - accepted that the firm could not move on with him at the helm. His departure was confirmed as BP reported a record £10 billion ($17 billion) loss, having set aside £19 billion ($32 billion) to cover the costs of the spill. "This is a very sad day for me personally," Mr Hayward told reporters. "Whether it is fair or unfair is not the point."

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• July 28th

  23-year-old hacker behind virus which infected and took financial information from 12.7 million computers is arrested

  A computer hacker known as Iserdo was arrested in Slovenia and is believed to be the 23-year-old who wrote the program behind the mariposa virus, also known as butterfly. The botnet, one of the world's largest, was dismantled earlier in 2010 after infecting 12.7 million computers. It was designed to steal personal financial details and was also found in the PCs of banks and major companies. Officials from around the world had been chasing the cyber criminals. In December 2009, three people believed to have been running it were arrested in Spain.

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• July 30th

  Federal Reserve NY reports paper profits on AIG and Bear Stearns bail-outs

  Assets bought by the US to bail out AIG and Bear Stearns showed a paper profit for the first time, the Federal Reserve Bank of New York reported. This increased the likelihood that US taxpayers will get repaid the tens of billions of dollars used to stop the major financial banking institutions going bust, though only when the assets held by the bank are sold will any profit be realised. Ben Bernanke, chairman of Federal Reserve, continued to maintain that bail-out money would be given back to the taxpayers.

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• August 8th

  Plans to abolish the UK Film Council are revealed by culture secretary Jeremy Hunt, actors meet the news with dismay

  Jeremy Hunt, the UK's culture secretary, announced plans to axe funding to the UK Film Council which promotes and supports the film industry in the UK, and associated archives and museums. Many actors appealed against the decision including Clint Eastwood, Bill Nighy and James McAvoy, but Hunt defended his position by claiming eight of the council's executives unjustly receive more than £100,000 ($160,000) a year and "stopping money being spent on a film quango is not the same as stopping money being spent on a film".

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• August 11th

  UK, France and Germany oppose the idea of EU levying taxes directly, while Austria and Belgium react positively

  France and Germany joined the UK in rejecting the idea of the EU levying taxes directly. However, officials in Austria and Belgium took a positive view of the EU budget commissioner's idea. Belgium's budget minister Melchior Wathelet stated that the EU having its own income would be "fairer". In contrast, France's Europe minister Pierre Lellouche called the EU tax idea "perfectly ill-timed" and added that he felt the EU ought to be planning cutbacks immediately.

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• August 16th

  Japan's economy grows only 0.1% in second quarter and is about to be overtaken by China as world's second largest economy

  Economic growth in Japan weakened significantly in the last financial quarter, official figures showed. Between April and June the country's GDP grew by just 0.1%, much lower than expected. Analysts said the country's export-led recovery appeared to be faltering as the value of the yen appreciated. World Bank figures showed that in the first eight years of this century Japan's economy expanded by just 5% while China's grew by 261%. The GDP figures gave further credibility to the widely held belief that China will soon overtake Japan as the world's second biggest economy.

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• August 18th

  News America Inc, the Rupert Murdoch-owned parent company of Fox News, gives Republicans £600,000 ($1m)

  Rupert Murdoch's News America Inc donated £621,000 ($1 million) to the Republican Governors Association ahead of November's US mid-term elections. The donation from the parent company of Fox News helped the RGA more than double its fundraising in the second quarter of 2010. The association helps elect Republican candidates to US governorships. Democrats said the donation meant Fox News had "crossed a bright line" regarding impartiality, and "can no longer pretend that it is a fair and balanced news organisation."

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• August 23rd

  South Sudan in dispute with the north over foreign-currency sales of oil reserves

  South Sudan accused the north of switching payments of oil revenue from US dollars to the local currency in violation of their peace accord. The switch short-changed the south of its major source of foreign currency and massively restricted the goods it can import, since the Bank of Southern Sudan is not able to supply foreign currency within its local market. North and south Sudan agreed to share the oil revenues equally when they signed the peace agreement in 2005, ending decades of civil war.

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• August 24th

  Pakistan discusses £6.8bn ($11bn) loan package repayments with IMF following the country's devastating floods

  Officials from Pakistan held talks with the International Monetary Fund to discuss its £6 billion ($11 billion) loan package in the wake of the devastating floods which claimed the lives of many and caused widespread destruction throughout the country. The UN described the humanitarian situation as critical, and many millions were required in emergency aid. Pakistan hoped to renegotiate and lower fiscal targets related to the IMF loan, meaning that it would have a greater ability to succeed in an emergency aid application.

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• August 25th

  Publisher Bloomsbury suffers large losses in first half of year and hopes re-release of Harry Potter novels will recoup shortfall

  UK Publisher Bloomsbury announced a re-release of the Harry Potter series of books, hoping it would offer a fresh revenue stream after profits dropped dramatically in the first six months of 2010. The books - complete with new dust jackets - were to be published in November to coincide with the first half of the final movie - Harry Potter and the Deathly Hallows. Bloomsbury's profit stood at £949,000 ($1.5 million) for the first half of 2010, down 48% from £1.8 million ($2.8 million) in the same period of 2009

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• August 26th

  Asil Nadir, former boss of collapsed Polly Peck enterprise, returns to UK after 17 years to answer fraud charges

  Fugitive tycoon Asil Nadir flew back to the UK, after evading trial since 1993. Nadir, now 69, arrived from his home in northern Cyprus to face fraud charges relating to the folding of his Polly Peck business empire two decades earlier. In a statement to the BBC, Nadir explained that he had left Britain after battling "with immense injustice and tremendous abuse of power". It is unsure as to how likely a successful prosecution will be due to the amount of time lapsed and the poor record keeping surrounding the original case.

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• August 27th

  A businessman in China purchases a £9,100 ($14,700) van using only pocket change saved over years

  Chinese state television reported that a man paid for a van in China with 100,000 yuan (£9,100 or $14,700) in pocket change collected over years, with none of the notes worth over 1 yuan or $0.15. Mr. Zhao, a businessman, purchased the van at the dealership in Jining in northern Shandong province. According to the dealership, extra staff had to be brought in to work shifts and count the notes. "I held onto the money waiting to see if they would accept it so that I could buy the car. The manager of this dealership decided to accept my cash, so that was really helpful to me," said Mr. Zhao.

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• August 30th

  Pakistan cricket team is questioned by Scotland Yard following allegations of a betting scandal during a Lord's test match.

  Investigators from Pakistan flew to London to examine allegations that some of its cricketers were involved in a betting scam. The Federal Investigation Agency team were sent to study claims that two players deliberately bowled no-balls during the final test against England at Lord's. Former International Cricket Council chief Malcolm Speed said there was a "fairly compelling case" for Pakistan's suspension from world cricket. Police questioned four players involved in the match.

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• September 1st

  Tony Blair's A Journey is published and becomes fastest selling autobiography of all time

  A Journey, memoirs of former UK Prime Minister Tony Blair, went on sale and quickly became the fastest-selling autobiography of all time in one chain of high street book stores. Tabloids almost instantly began pouring over every detail of the book, particularly his scathing remarks and strained relationship with Gordon Brown. Blair was reported to have given his £4.6 million ($7.4 million) advance, and all subsequent royalties, to the Royal British Legion charity.

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• September 2nd

  The Stig, the anonymous driver of BBC's Top Gear show, is revealed to be Ben Collins following a court battle to ban the unveiling

  The BBC lost a legal fight to stop publication of a book which reveals the identity of Top Gear's driver The Stig. The High Court in London refused to grant the BBC an injunction blocking the publication by HarperCollins of an autobiography of former Formula Three driver Ben Collins. The book, called The Man In The White Suit, claims Mr Collins is the mystery driver on the BBC Two show - however, the BBC said it wouldn't confirm or deny that Ben Collins either was or remains The Stig.

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• September 9th

  Burger King chain sold off to private equity firm for £2.01bn ($3.26bn)

  Burger King was sold to buy-out firm 3G Capital in a deal valued at £2.1 billion ($3.26 billion). The fast food chain, with 12,100 outlets worldwide, had been the subject of takeover rumours for days. Burger King floated on Wall Street in 2006, four years after being purchased by a group of private equity firms. The group of firms - TPG Capital, Bain Capital and Goldman Sachs Funds - still own 31% of the shares in the Burger King chain.

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• September 13th

  US Congress is set to approve the largest arms deal in US history in a £37bn ($60bn) arms deal with Saudi Arabia

  US officials revealed The Pentagon notified Congress of a £37 billion ($60 billion) weapons deal with Saudi Arabia. The deal to sell advanced military aircraft such as Black Hawk Helicopters to the Middle Eastern kingdom was intended to shore up an Arab ally against Iran, the Wall Street Journal reported. The arms deal, which will support around 75,000 US jobs, was among the largest ever conducted.

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• September 19th

  The leaking well at the heart of the BP oil disaster in the Gulf of Mexico is finally plugged

  The ruptured well in the Gulf of Mexico that ejected millions of barrels of oil into the sea was finally plugged according to US officials. A series of pressure tests showed that a cement plug put in place by the BP oil giant to permanently "kill" the well was holding. President Barack Obama hailed the news, vowing to continue to help those affected. The worst offshore oil spill in US history began after the Deepwater Horizon rig blew up on 20 April, killing 11 workers and later sinking.

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• September 22nd

  Preparations for the Delhi Commonwealth Games run short of time and money as the Athlete's village is in utter chaos

  Severe doubts were cast over Delhi's hosting of the Commonwealth Games after two athletes withdrew and others postponed travel to the event. Following reports of chaos at the site, The Scottish team said they would not travel until the site was "secure", while two athletes from England and Australia both pulled out citing security concerns. Officials from numerous countries criticised the facilities, stating that they were dirty and far from ready, but Indian authorities promised the site would be ready on time.

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• September 24th

  Brazil's state oil company, Petrobas, raises £43bn ($70bn) in the world's largest public share offering

  Petrobas, Brazil's state oil company, raised £43 billion ($70 billion) in what is recorded as the largest public share offering ever conducted. The offer was oversubscribed, with an influx of sovereign wealth funds from Asia and the Middle East. 1.87 billion shares were sold and it is expected that the money will be used to fund the development of recently-discovered oil reserves off the coast of Rio de Janeiro.

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• September 25th

  Chilean courts freeze assets of San Esteban, the company which owns the mine where 33 men remain trapped

  A court in Chile froze the assets of the company which owns the mine where 33 men had been trapped for 50 days. The action was urged by the Chilean government, which wanted the company to repay the cost of the miners' rescue. The San Esteban mining company was in financial trouble even before the main access tunnel to its copper and gold mine collapsed and the rescue operation added millions of dollars to the debt pile. The company reportedly owes creditors more than £6 million ($10 million).

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• September 29th

  Iceland parliament votes to send former PM Geir Haarde to court over his role in the financial crisis

  Iceland's former Prime Minister Geir Haarde was referred to a special court in a move that could make him the first world leader to be charged in connection with the global financial crisis. The Icelandic parliament voted 33 to 30 to begin the procedure, which would decide whether Mr Haarde should be charged with alleged negligence. If charged, he could face up to two years in prison; his supporters claimed that the move was essentially 'political persecution'.

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• September 30th

  American International Group, which received $182bn from the US government, promises to pay back American taxpayers

  Bailed-out insurer AIG planned to proceed with the process of paying back US taxpayer cash, more than two years after it was saved from collapse. AIG is 80%-owned by the US government after it was bailed out for £113 billion ($182 billion) during the financial crisis. The AIG plan would see the Federal Reserve Bank of New York get repaid its full £12 billion ($20 billion) and end involvement in AIG - once the sum is repaid, the insurer would then only have dealings with the Treasury Department.

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• October 4th

  George Osbourne withdraws child benefits from 1.2 million families in Britain to the outcry of many

  UK Chancellor George Osborne announced plans for a maximum limit of £500 ($804) per week for the amount of benefits one family can claim. Speaking at a conference he said the cap would be set at the amount "the average family gets for going out to work", which is about £26,000 ($41,000) a year and claimed that 85% of families which are on the benefit will be unaffected. The controversial move will apply to the combined income from benefits, with the total judged on like jobseekers allowance, housing benefit and council tax breaks.

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• October 5th

  Rogue trader Jérôme Kerviel fined 4.9 billion Euros and sentenced to court in shock ruling

  Former Societe Generale trader Jerome Kerviel fases three years in jail after being convicted by a Paris court. Kerviel was told he must also repay damages of £4.1 billion ($6.6 billion or 4.9 billion Euro), an announcement met with gasps from many in the courtroom, which the bank said it lost through his risky trades. Charges included forgery, unauthorised computer use and breach of trust. The total sentence given was five years in prison, with two years suspended.

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• October 12th

  Row over UK university tuition is sparked after coalition government looks to double the £3,000 ($4,800) per year cap

  Anger was directed towards UK's Deputy Prime Minister Nick Clegg, who promised not to raise tuition fees if he came into power earlier in the year. It came to light the Government were considering recommendations for a lifting of the cap on what universities in England can charge. Students warned the poor would be priced out of university if proposals to lift the approx. £3,000 ($4,800) a year cap were passed and many marched in protest of the proposals.

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• October 15th

  Deal about to be finalised on Liverpool FC, Boston Red Sox management named as new owners in £300m ($482m) transaction

  The bitter legal fight over the future of Liverpool Football Club looked set to finally end with the owners of the Boston Red Sox taking control in a £300 million ($482 million) deal. Liverpool's co-owners, Tom Hicks and George Gillett, removed the restraining order preventing the club's sale, and negotiations of a deal with US hedge fund Mill Financial were also carried out. A deal to sell the club needed to be signed in order to meet a deadline from Royal Bank of Scotland to pay back debts of £240 million ($386 million), at which point the Red Sox managers would officially take over.

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• October 19th

  Apple profits still ahead of expectations despite disappointing iPad sales

  Apple continued to stun investors and beat expectations with profits of £2.6 billion ($4.3 billion) from July to the end of September thanks to a dramatic 91% upsurge in iPhone sales. However, the 4.2 million iPad units sold fell short of the 5 million expected by analysts - the company claimed it would have hit this target if it was able to meet demand.

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• October 20th

  The scale of Britain's deficit-reducing measures are revealed with £81bn ($131bn) in cuts planned

  A wave of concern and dismay swept over the UK as Chancellor George Osborne presented the eagerly anticipated Spending Review, unveiling the biggest programme of public spending cuts in the UK for decades. The spending cuts will affect welfare, councils and police budgets, and the UK workforce will also have to work for longer after the pension age was raised sooner than expected, and some incapacity benefits will be time limited. Mainstream benefit shake-ups were also proposed.

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• October 22nd

  Plans for a 100 story, £1bn ($1.6bn) skyscraper in Malaysia's capital faces a hostile reaction

  The Malaysian government were urged to scrap plans for a new 100 story skyscraper in the capital city, Kuala Lumpur after proposals were met with anger. Opponents claimed the £993 million ($1.6 billion) building would be an unnecessary luxury at a time of economic downturn and rising prices. However, Prime Minister Najib Razak insisted the privately financed building would bolster the city's worsening economy.

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• October 25th

  Singapore stock exchange attempts to take over Australian ASX in £5.1bn ($8.3bn) takeover deal

  The Singapore stock exchange (SGX) announced a multi-billion dollar bid for the management company which owns Sydney's ASX (the Australian Stock Exchange). Should the deal go through, the £5.1 billion ($8.3 billion) transaction would mark the first stock exchange merger in the Asia Pacific region. It is hoped that the deal would see Singapore become a major financial hub in the region and benefit Australian investors by giving them greater freedom to trade on Asian markets.

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• October 27th

  Airport operator BAA has posted massive reduction in losses for the year so far despite upsurge in passenger numbers

  BAA reported a large drop in profit losses for the year despite experiencing a growth in the number of passengers flying from its airports. Pre-tax losses were announced at £192.6 million ($310 million), down from £784.7 million ($1.2 billion) in the same period in 2009. Revenue was up 4.4% and stood at £1.55 billion ($2.5 billion). BAA reported "record passenger traffic" between July and September, though earlier in the month they lost an appeal hearing against a court order that ordered them to sell Stansted airport and either Glasgow or Edinburgh.

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• October 28th

  Microsoft announce gigantic growth with first-quarter profits of £3.34bn ($5.4bn), a 51% rise on the previous year

  Computer giant Microsoft announced a 51% jump in first-quarter profits, largely owing to higher sales of its flagship Windows and Office products. Net profit for the three months to September came in at £3.3 billion ($5.4 billion) and revenues increased by 25% to £10 billion ($16.2 billion) - a company record for the first quarter. However, the company stated that in the same quarter of 2009 it had deferred some revenue from Windows sales. Had it not done so, its net profit would have been only 16% higher in comparison.

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• November 5th

  China, South Africa and Germany express doubts over American stimulus plan

  Germany, China, Brazil and South Africa criticised US plans to inject £372 billion ($600 billion) into the US economy. German Finance Minister Wolfgang Schaeuble said the US policy was "clueless" and would create "extra problems for the world", adding that the US Federal Reserve could weaken the US dollar and hurt exports to America. China's Central Bank head, Zhou Xiaochuan, joined Schaeuble in urging global currency reforms, and South Africa claimed that developing countries would be the worst off.

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• November 10th

  The first of a series of protests over the potential tripling of tuition fees is underway as 52,000 students hit the streets of London

  Approximately 52,000 students marched through the city of London in protest at proposals to increase tuition fees by as much as £6,000 ($9,600) per year at the same time as cutting state funding for university teaching. Around 200 people from the demonstration flooded around the campaign headquarters for the Conservative party, and a battle with authorities took place. Police in riot gear clashed with protesters who had smashed windows and mounted the roof of the building, and 35 arrests were made.

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• November 11th

  The first instalment of the final Harry Potter movie is released, marking the beginning of the end for the lucrative franchise

  Harry Potter fans camped out in the rain in Leicester Square, London ahead of the premiere of the second from last film of the series. The cast, including the main stars Daniel Radcliffe, Emma Watson and Rupert Grint, were in attendance as the film adaptation of JK Rowling's hugely successful book series neared its end. The second half of The Deathly Hallows is scheduled for release in July 2011, with Potter actor Daniel Radcliffe claiming that he is ready to move on.

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• November 15th

  British couple Paul and Rachel Chandler are released unharmed after over a year of being hostage to Somali pirates after paying a ransom

  Freed British couple Paul and Rachel Chandler had been held hostage by Somali pirates. The couple, whose yacht was boarded off the Seychelles in October 2009, said they would return home "very soon". Paul, 60, and Rachel Chandler, 56, from Tunbridge Wells, Kent, were with the British High Commission in Nairobi when they learned that his father had died while they were capitive. They asked for privacy as they "adjust to the situation" and "came to terms" with their loss. An unknown ransom figure was paid for their release.

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• November 16th

  The royal marriage between Prince William and Kate Middleton is announced after much media speculation

  Prince William spoke of his and fiancee Kate Middleton's happiness, as the newly-engaged couple faced the cameras for the first time. The couple, both 28, will marry in 2011 after he proposed while on holiday in Kenya in October. The prince said: "The timing is right now." His brother Harry said he would be gaining a sister. William gave Kate his mother's engagement ring, saying: "It was right to put the two together."

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• November 18th

  Susan Boyle's album reaches the #1 spot in the US and UK charts and has garnered 400 million views on Youtube

  Singer Susan Boyle, discovered on the UK talent show Britain's Got Talent, saw her latest album reach the top spot in the US as well as the UK. According to her record label, the Scottish star is only the third act to achieve that feat twice within a year. Only the Monkees, in 1967, and the Beatles, in 1969, have simultaneously topped both charts twice in the same 12 months, Columbia Records said. Boyle's The Gift sold 318,000 copies in the US on its first week on release.

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• November 22nd

  An international bailout is agreed for Ireland to the tune of 90 billion Euros, other EU countries are likely to follow suit

  Irish PM Brian Cowen confirmed the Republic of Ireland and the EU agreed a financial rescue package, and that the amount and terms would be negotiated with both the EU and the IMF. Irish Finance Minister Brian Lenihan said the amount would be less than 100 billion euros. The UK and Sweden also offered direct loans and it was hoped the aid would save the Irish economy. The crisis was brought on by the recession and the almost total collapse of Ireland's banks, analysts said.

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• November 27th

  Snow storms and severe freezing weather hit the British Isles for the second time, causing a near economic stand-still and widespread chaos

  Severe weather warnings were put in place for parts of the UK as heavy snow hit many areas. In north-east England, 35cm (14in) fell overnight and police warned people only to go out in emergencies. Scotland was also severely hit by the icy weather, and Northern Ireland. Norwich, Inverness, Newcastle, Luton and Durham-Tees Valley airports experienced massive disruption to flights. The snowfall in the UK was the earliest widespread snowfall for 17 years and temperatures plunged to -10 degrees Celsius.

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• November 29th

  O3b, a communications specialist, has secured £743m ($1.2bn) to finance a series of satellites to support fast broadband in Africa

  The financing for one of the most ambitious commercial space projects of the decade was secured - O3b Networks raised £744 million ($1.2 billion) in funding for a series of satellites to support super-fast broadband connections to Africa and other emerging markets. The spacecraft is intended to act as a backhaul, linking the traffic of local telecoms and internet service providers to the global fibre infrastructure and greatly improving communications on the continent.

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• November 30th

  Mass flooding in Pakistan causes a spike in food prices for the stricken country

  The UN's agriculture body, the Food and Agriculture Organization (FAO), said food prices in Pakistan had risen 10% since floods hit the country in August and wiped out much of its produce. The United Nations had also warned that its supply of emergency food aid was running out and would not last beyond the next month. It added that around six million people in the country rely on the aid every month, and seven million do not have adequate shelter in the run up to winter.

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• December 2nd

  Russia is named by FIFA as the 2018 World Cup hosts to the disappointment of England and other losing countries

  People in English cities that would have hosted World Cup games in 2018 expressed their disappointment at the bid's failure, which took years of planning and lobbying. FIFA chose Russia to host the 2018 tournament and Qatar as host for 2022. Twelve places across England had been short listed as host cities and fans had been looking forward to attending matches in their home country. England and other countries continue to question the methodology, and suitability, of the winning choices.

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• December 8th

  Supporters of the controversial WikiLeaks site cease web attack on Amazon, switching attention to PayPal

  Pro-Wikileaks activists axed plans to bring down the website of book sellers Amazon, and switched their attention and resources back to PayPal. The Internet group Anonymous promised to attack the site at 1600 GMT, but later changed their pledge, stating they did not have the "forces". The site was targeted because it withdrew services from whistle-blowing website Wikileaks. In the Netherlands a teenager was arrested over similar attacks on Visa and MasterCard.

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• December 14th

  Kosovo's prime minister implicated as leader of Albanian drugs, arms and human organ smuggling during 1999 Kosovo conflict

  A report suggested that Kosovo's prime minister was once the boss of a criminal underworld behind organ and drug trafficking. The Kosovo government reacted angrily to allegations that serving leaders were responsible for the crimes, calling them "baseless and defamatory". Dick Marty conducted a two-year investigation for the Council of Europe resulting in an extensive report into the Kosovo smuggling business. PM Hashim Thaci was named 27 times in the document.

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• December 15th

  Social networking site Twitter raises £124m ($200m) in new finance from capital firm and investors

  Twitter raised £124 million ($200 million) in new finance in a deal that valued the social networking service at £2.3 billion ($3.7 billion). It said the investment came from venture capital firm Kleiner Perkins Caufield Byers, and existing investors. Twitter also added two new board members, including David Rosenblatt, boss of digital advertising group DoubleClick. The moves came two months after the US firm said it was increasing efforts to make itself more profitable.

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• December 17th

  British Prime Minister David Cameron promises taxpayers the UK will not bail out eurozone countries

  British Prime Minister David Cameron praised the EU's agreement on a support mechanism for eurozone members but insisted that the UK will not be responsible for bailing out eurozone countries in financial difficulty. Speaking from the EU summit in Brussels Mr Cameron also said his refusal to agree to a six percent budget increase had saved British taxpayers "several hundred million pounds".

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• December 19th

  Fresh snowstorms bring much of Europe to standstill, giving rise to fears for low pre-Christmas retail and online sales in the UK

  There was a sharp drop in the number of people at the shops as a result of the heavy snow in the UK, figures showed. Retail researchers Synovate found footfall was down 24.3% for the day compared with 2009. The worst affected areas were the West Midlands and South East, down 30% year-on-year, with Scotland, badly hit the previous Saturday, down 4%. The survey was based on a sample of 6,000 retail outlets, excluding supermarkets.

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• December 22nd

  Ernst & Young sued in New York over Lehman Brothers Collapse

  Accountancy giant Ernst & Young was sued by New York's attorney general over its role in the collapse of Lehman Brothers during the financial crisis in 2008. Andrew Cuomo claimed the firm was complicit in a "massive accounting fraud" perpetrated by Lehman. Ernst & Young said that it would "vigorously defend" itself, adding "there is no factual or legal basis for a claim to be brought against an auditor in this context."

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• December 26th

  Bestselling authors including Philip Pullman call out UK government over free book funding U-turn

  The government were accused of performing a partial U-turn over funding for a charity that gives free books to children. Booktrust had been told it would lose all £13 million ($20 million) funding for its book gifting programmes in England, but ministers said funding will continue. Labour leader Ed Miliband accused the government of presiding over a "fiasco" and called for clarification. Some writers, including Philip Pullman and Ian McEwan, were angered by fears that the charity may be unable to continue.

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• December 27th

  Russian court finds Mikhail Khodorkovsky guilty in second landmark fraud trail

  Mikhail Khodorkovsky, who was once the richest man in Russia, was found guilty of embezzlement. It was the second case against the former oil tycoon, who has been in jail since he was convicted of tax evasion in 2005. Mr Khodorkovsky's supporters said the charges were politically motivated in order to keep a potential rival of Vladimir Putin behind bars. The US and Germany both aired concerns about the fairness of the verdict.

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• December 30th

  Northern Ireland faces public health emergency as large areas are left without water following freeze-thaw of pipes

  Northern Ireland's water service saw 40,000 people off supply at the peak of the crisis, with some cut off for nearly two weeks. It led to Northern Ireland being compared to a "third world country". Northern Ireland Water, the government-owned body that is the sole provider of water and sewerage services in Northern Ireland, bore the brunt of public anger. It blamed the rapid thaw after a period of record low temperatures for causing an unprecedented amount of burst pipes in the system.

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