ECONOMY

Search begins for replacement as acting CEO Simon Scott rules himself out of the running.

Barack Obama set to meet congressional leaders at White House as optimism wanes and deadline looms.

Treasury Secretary's warning on debt ceiling adds further concern to investor's holiday list

US president returns early from Hawaii for emergency talks on how to break deadlock with Republicans.

From the Crystal Meth Fiscal Cliff to the Shareholder Spring to the London Whale Tempest in a Teapot, the year's biggest stories began with a quote. Here are ten of the best.

South Korea lowers 2013 growth forecast to 3 percent from 4.3 percent.

Toyota will pay record sum to US customers over vehicle defects.

US President Barack Obama had cut short his Christmas holiday in Hawaii to resume talks in Washington over how to avoid the 'fiscal cliff'.

Rising profits point to Chinese economic rebound in fourth quarter.

'Super material' seen to have immense commercial possibilities.

Emerging economies such as India and Russia to surpass Britain by 2020.

Harrods to offer discounts of up to 70% in once-a-year in-store bargain sale.

Transport for London looks to minimise hardship with extra bus services and suspension of congestion and parking charges.

Germany flexes muscles and France strangely compliant: the world looks at the EU's coming implosion with relief, argues Martin Cole.

Britain's FTSE 100 ends little changed amid thin volumes at home, closed markets around Europe as investors await last-minute budget deal in Washington

Incoming PM Shinzo Abe wants Bank of Japan to reset inflation target to 2%.

Facebook uses 'Double Irish' method to transfer huge sums.

Number of firms in financial distress increased 35% during Q4 2012.

Rising demand and disappearing arable land could lead China to import more food and produce a spike in global prices.

Bullet train link between Beijing and Guangzhou to reduce travel time by eight hours.

Customers expected to take full advantage of extended hours and work-free weekend.

This Christmas IBTimes UK speaks to Christians in the City of London and asks how they square their faith and working in finance.

IBTimes UK has put together its own 'Central Bank Watch' report with key rates, dates and details from world's most important policymakers.

ArcelorMittal takes an impairment charge of $4.3bn in the fourth quarter due to weakness in the European markets.

Parliamentary Commission on Banking Standards reveals it will focus on the mis-selling of derivatives to SMEs in 2013

Bounceback GDP reading revised down by ONS as November's public sector borrowing data reveals worsening deficit.

Key Gulf deal comes just days after firm warns of earnings hit linked to Saudi delays on Salam Typhoon deal

Facebook's new move is seen as a way to generate revenue as well as to avoid spamming and unwanted messages.

British defence manufacturer BAE Systems has formally agreed a deal to sell as many as twenty aircraft Oman in a deal worth more than £2.5bn