Clothing giant Gap has dumped chief executive Paul Pressler after a year of broken promises that culminated in a dismal Christmas shopping season.

US stocks fell sharply again today, with the Dow ones industrial average losing more than 123 points after a surprisingly weak reading on the service sector raised concerns about the continuing impact of higher energy prices.

Scientists said they have discovered at least half-a-dozen new insect species in Southern California, including the largest bug ever found in the region.