Investment bank reports dismal set of quarterly earnings, including a larger than expected write-down of $7.9bn (£3.86bn) on mortgage-related losses. By Andrew Clark in New York.

  Drugs giant unveils a major cost-cutting programme involving job losses and the closure of manufacturing sites. By Marianne Barriaux.

  The chancellor will face tough questioning tomorrow about the Northern Rock crisis and controversial changes to capital gains tax. By Graeme Wearden.

  Carphone Warehouse has launched its own mobile phone service under its TalkTalk residential telephony brand, aimed at high spending pre-pay customers who are wary of signing up to long contracts. By Richard Wray.

  BP said today it was restructuring its North Sea organisation in a move which is expected to mean the loss of up to 350 jobs. By Mark Milner.

  David Gow in Brussels says that this time he's siding with Britain's EU trade commissioner.

  A insurance chief and two of his former directors were jailed for up to seven years each today.

  Nils Pratley: Inflation low, confidence falling ... surely next month is the moment for the Bank to cut interest rates.

  Closing market report: FTSE 100 newcomer Carphone Warehouse caught traders'eyes on Wednesday after news of a wholesale partnership with Vodafone boosted sentiment about relations between the two. By Katie Allen.

  Brewer Scottish &Newcastle accuses Carlsberg, one of its potential predators, of breaching partnership agreement at prized joint venture. By Simon Bowers.

  Despite quadrupling its profits in the past three months, Amazon.com saw its share price dive last night as investors fretted about how it would fare this Christmas. By Graeme Wearden.

  Eurostar reports record passenger numbers over the past three months, boosted by fans travelling to the rugby World Cup.

  Group behind the catalogue store and Homebase reports a 40% leap in first-half profits. By Graeme Wearden.

  International gang tried to defraud Bank of England using fake £500,000 notes, court hears.