US president-elect calls for a new 'ethic of responsibility' in society, saying it is wrong for bankers who had gambled away other people's money to be rewarded with huge bonuses

Inbursa, the bank owned by Carlos Slim, the Mexican billionaire, has bought up to $150m in Citigroup shares over the past week as the US financial group's stock plunged in value

The manufacturing industry will be feeling distinctly pessimistic with data showing that both shipments and orders for durable goods declined sharply in October

Robert Gates has reportedly agreed to remain as US defence secretary in the new Obama administration, a move that marks the first time a new president has retained a Pentagon chief who served the other political party

US President-elect Barack Obama has named former Federal Reserve Chairman Paul Volcker as chair of a new panel that will advise him on stabilising financial markets and averting a painful recession