In New York, Raj Rajaratnam was found guilty of securities fraud in the biggest insider-trading prosecution in a generation. As the owner of Galleon, one of the world's largest hedge funds, Mr Rajaratnam created a network of executives, bankers and traders who provided him with illegal tips.

HSBC is likely to drop its “world's local bank” image under plans by its new chief executive, Stuart Gulliver, to scale back some of its global business activities, especially in the US.

IN Japan, prime minister Kan said the country's reliance on nuclear power must be changed with the introduction of a mix of power generation methods. He also ordered the temporary closure of a power station located close to a tectonic fault line.

THE whereabouts of the Libyan leader Muammar Gaddafi were uncertain after Nato aircraft attacks on targets in Tripoli. There were rumours that he had been injured in one of the raids.