Bank of America has sold its wealth management business to Swiss money manager, Julius Baer, for about €715m.

THE new president of the European Central Bank, Jean-Claude Trichet, chairs his first meeting of policy-makers this week.

BOND investors, who little more than a month ago were predicting lower interest rates amid a growing risk of deflation to the global economy, now say the next move by the Federal Reserve, the European Central Bank and the Bank of England will be to increase interest rates.