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News and views from the business world with Jeremy Naylor and Dominic Laurie.

Standard and Poors downgraded Greek sovereign debt to junk status yesterday, sending stock markets tumbling around the world. In London, the FTSE 100 index fell by 150 points, the Dow Jones by 145 points, the Athens exchange fell 6%, Lisbon 5%, and Paris 4%. Will a bailout for Greece come too late?

The City watchdog, the FSA, says it has found major weaknesses in the way banks treat complaints from customers.

Eighty of world's largest insurance groups have written a letter to the G20 group of leading nations in protest against the International Monetary Fund's proposed new taxes on the finance sector.

Pharmaceutical giant GlaxoSmithKline releases its results for the first three months of the year today.