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US benchmark borrowing costs plunged to levels last seen in 1946 and those for Germany and the UK hit all-time lows as investors took fright at what they see as a disjointed policy response to the debt crisis in Spain and Italy. In a striking sign of the flight to haven assets, German two-year bond yields fell to zero for the first time, below the equivalent rate for Japan, meaning investors are willing to lend to Berlin for no return. US 10-year yields fell as low as 1.62 per cent, a level last reached in March 1946, according to Global Financial Data. German benchmark yields reached 1.26 per cent while Denmark's came close to breaching the 1 per cent level, hitting 1.09 per cent. UK rates fell to 1.64 per cent, the lowest since records for benchmark borrowing costs began in 1703. "They are extreme levels because we are in an extremely perilous situation. People just want to put their money somewhere where they think they will get it back. People may soon be paying Germany or...

Property prices in the capital’s most sought-after postcodes have been driven up by investors moving funds out of assets held in euros to buy into what is seen as a “safe haven” alternative. Foreign money seeking a refuge from the wider economic turmoil accounted for 60pc of acquisitions of prime central London property between 2007 and 2011, according to a report by Fathom Consulting for Development Securities. If the shared currency broke up completely, London property would initially be boosted by the continued flight towards a safe haven, the report predicts. But, once the break-up had taken place, demand for these assets as an insurance against this event would start to ebb. “Although fears about a messy end to the euro debt crisis may account for much of the gain in prime central London (PCL) prices that has taken place over the past two years, we find that a break-up of the single currency area is also the single greatest threat to PCL,” said researc...

Up until now, Lord Justice Leveson has only held the future of the British press in his hands. Today, despite all his protests to the contrary, his inquiry may determine the fate of the culture secretary, Jeremy Hunt. The judge insists that it is not his job to put any minister in the dock and that he certainly will not be giving his verdict on whether there have been any breaches of the ministerial code. Nevertheless, the prime minister has made it clear that he sees today's hearing as the moment when Mr Hunt must defend his much criticised handling of News Corp's £8bn bid for total control of BSkyB. The culture secretary has, I'm told, submitted more than 160 pages of internal memos, emails and text message transcripts to the Leveson Inquiry. I understand that he will insist that, despite having originally been a cheerleader not just for Rupert Murdoch but also for his bid, he acted in ways which frustrated it rather than accelerated it once he was made the minister ...

David Cameron's former communications chief Andy Coulson has been charged over allegations he committed perjury during the trial of former MSP Tommy Sheridan. The 44-year-old was detained for questioning at Govan police station in Glasgow by officers from Strathclyde Police. More than six hours later, the force confirmed he had been arrested and charged with perjury. A report will be sent to the procurator fiscal which will decide if Coulson is to face court proceedings. The former News of the World editor gave evidence at Sheridan's perjury trial at the High Court in Glasgow in December 2010, while he was employed by Downing Street as director of communications. At the trial, he claimed he had no knowledge of illegal activities by reporters during the time that he was editor of the now-defunct newspaper. He said: "I don't accept there was a culture of phone hacking at the News of the World." Sheridan was ultimately jailed for three years in January last year afte...

Julian Assange's fight to evade extradition to Sweden appeared doomed today though he was given a stay of execution by the highest court in the land. His celebrity-endorsed legal battle trundled on without him as the self-proclaimed champion of truth and transparency remained stuck in London's notorious traffic, undoubtedly disappointing his legion of fans. While vastly diminished in number from the early days of the furore surrounding the WikiLeaks founder, they were as vociferous as ever, penned in outside the Supreme Court yesterday, carrying megaphones, guitars and banners proclaiming “Free Assange” and “God Save Julian”. Mr Assange, 40, had argued that an European Extradition Warrant from Sweden to face allegations of rape and sexual molestation was invalid as the public prosecutor who issued it did not constitute a “judicial authority”. He denies the accusations, insisting they are “politically motivated”. His case was partially ...

Andy Coulson has been arrested on suspicion of perjury. Picture: Getty FORMER Downing Street communications chief Andy Coulson has been arrested on suspicion of committing perjury during the Tommy Sheridan trial at the High Court in Glasgow, the Crown Office said today.   The 44-year-old was detained in London this morning by officers from Strathclyde Police.   Coulson gave evidence in Mr Sheridan’s perjury trial at the High Court in Glasgow in December 2010.   He was also arrested last year in relation to Scotland Yard’s long-running investigation into phone-hacking at the News of the World.   He was held in July on suspicion of conspiring to intercept communications and corruption and had his bail extended earlier this month.   A Strathclyde Police spokesman said: “Officers from Strathclyde Police Operation Rubicon detained a 44-year-old man in London this morning under section 14 of the Criminal Procedures Scotland Act on suspicion of commit...

  PR man: Andy Coulson was held today by Strathclyde Police,David Cameron’s former No 10 spin doctor Andy Coulson was arrested today on suspicion of committing perjury. Mr Coulson, 44, was detained at his home in Dulwich at 6.30am by seven officers from Strathclyde police and taken to Glasgow where he will be questioned. The case centres on claims that he misled a court about his knowledge of phone-hacking during a criminal trial in Glasgow. The former News of the World editor, hired by the Prime Minister as his director of communications, told a court in 2010 that he had no knowledge of illegal voicemail interception when in charge of the tabloid. During the perjury trial of former Scottish MP Tommy Sheridan, Mr Coulson said: “I don’t accept there was a culture of phone hacking at the News of the World.” He also denied knowing that the  newspaper paid corrupt police officers for tip-offs. Mr Cameron has faced questions over his decision to bring...

The 63-year-old singer, who had hits including Hot Stuff, Love to Love You, Baby and I Feel Love, died in Florida on Thursday morning. She had largely kept her battle with lung cancer out of the public eye. But the website TMZ reported that the singer had told friends she believed her illness was the result of inhaling toxic dust from the collapsed Twin Towers. On Thursday night tributes were paid to the singer, considered by many to be the voice of the 1970s. A statement released on behalf of her family — husband Bruce Sudano, their daughters Brooklyn and Amanda, her daughter, Mimi from a previous marriage and four grandchildren — read: “Early this morning, surrounded by family, we lost Donna Summer Sudano, a woman of many gifts, the greatest being her faith. "While we grieve her passing, we are at peace celebrating her extraordinary life and her continued legacy.

Grafitti saying 'Z 100%', referring to the Los Zetas cartel, near to where 49 mutilated bodies were found in Northern Mexico. Photograph: Miguel Sierra/EPA Investigators are questioning Mexico's former deputy defence minister and a top army general for suspected links to organised crime, in the highest level scandal to hit the military in the five-year-old drug war. Mexican soldiers on Tuesday detained retired general Tomás Angeles Dauahare and general Roberto Dawe González and turned them over to the country's organised crime unit, military and government officials said. Angeles Dauahare was number 2 in the armed forces under President Felipe Calderón and helped lead the government's crackdown on drug cartels after soldiers were deployed to the streets in late 2006. He retired in 2008. Dawe González, still an active duty general, led an elite army unit in the western state of Colima and local media said he previously held posts in the violent states of ...

The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses. When Jamie Dimon, JPMorgan’s chief executive, announced the losses last Thursday, he indicated they could double within the next few quarters. But that process has been compressed into four trading days as hedge funds and other investors take advantage of JPMorgan’s distress, fueling faster deterioration in the underlying credit market positions held by the bank. A spokeswoman for the bank declined to comment, although Mr. Dimon has said the total paper trading losses will be volatile depending on day-to-day market fluctuations. The Federal Reserve is examining the scope of the growing losses and the original bet, along with whether JPMorgan’s chief investment office took risks that were inappropriate for a federally insured depository institution, according to sever...

The former editor of the News of the World and the Sun is to be charged with five others, including her husband Charlie Brooks. Alison Levitt QC, principal legal adviser to the Director of Public Prosecutions, announced the decision at 10am, days after Mrs Brooks appeared at the Leveson inquiry into press ethics. Mr and Mrs Brooks said: "We deplore this weak and unjust decision. After the further unprecedented posturing of the CPS we will respond later today after our return from the police station." Rebekah Brooks arriving at the Leveson Inquiry

Jeremy Hunt, came under renewed pressure when the former News International chief executive Rebekah Brooks disclosed an email appearing to show he had sought the company's advice over how Downing Street should respond to the mounting phone-hacking scandal. The email, which also suggests Hunt sought to avoid a public inquiry into phone hacking, emerged on another day of extraordinary disclosures about the intimacy between Rupert Murdoch's company and government ministers. The email from News Corporation lobbyist Frédéric Michel written in June 2011 told Brooks that Hunt was poised to make an "extremely helpful" statement about the company's proposed acquisition of BSkyB, saying the takeover would be approved regardless of phone-hacking allegations. Michel also warned her, days before the Guardian revealed that murdered teenager Milly Dowler's voicemail had been targeted by the News of the World, that "JH [Jeremy Hunt] is now starting to looking into pho...

Rebekah Brooks has denied that The Sun hacked the medical records of Gordon Brown's four-year-old son - and refused to disclose the source of the information to the Leveson Inquiry She also insisted that the paper had permission from the former Prime Minister and his wife before publishing an article about the child's medical condition. Brooks said that she and Gordon's Brown wife Sarah "were good In a written response to the Inquiry's questions submitted in October last year Brooks set out a detailed description of safeguards put in place to check stories. The former tabloid editor and News International chief executive also denied commissioning any computer hacking or feeling any "negative pressure" from proprietor Rupert Murdoch. Much of the 12-page statement consists of explanations of the processes used to check accuracy and sources, train staff and decide whether to run a particular story. Despite those efforts, there were "failures from ...

David Cameron sent commiserations to Rebekah Brooks after she resigned as News International chief executive over the phone hacking scandal, the Leveson Inquiry has heard. Ms Brooks said the indirect messages from the Prime Minister were "along the lines" of "keep your head up" and had also expressed regret that he could not be more loyal in public. She also received sympathetic messages from other senior figures in 10 and 11 Downing Street, the Home Office, the Foreign Office and some Labour politicians, including Tony Blair. The glimpse of Ms Brooks's network of high-powered friends and contacts came as she took to the witness box, despite being under investigation by police. Ms Brooks said she only had access to around six weeks of texts and emails from her time as NI chief executive, from the beginning of June to July 17 last year. Only one of those emails was relevant to the inquiry, according to her evidence. One of the text messages had been from Mr Ca...

Former Sun and News of the World editor Rebekah Brooks is expected to lift the lid on her close relationship with the Prime Minister in evidence to the Leveson Inquiry. David Cameron is said to have texted Mrs Brooks, telling her to "keep her head up" after she resigned from News International last July. It has also been claimed that the 43-year-old former editor sent Mr Cameron more than 12 text messages a day. After her editorships Mrs Brooks went on to become chief executive of Rupert Murdoch's UK newspapers division News International in September 2009 until she resigned in the wake of the hacking scandal last July. She and racehorse trainer husband Charlie are key members of the influential Chipping Norton set, which also includes Mr Cameron and his wife Samantha, Top Gear presenter Jeremy Clarkson, and Mr Murdoch's daughter Elisabeth and her PR guru husband Matthew Freud. The inquiry has already heard that Mrs Brooks regularly met Mr Cameron and other top pol...