Iceland's £1.4bn IMF loan and Alan Sugar on the recession

The International Monetary Fund has approved a £1.4bn loan for Iceland. Council finance chiefs across Britain have also been meeting with creditors in Iceland to secure money invested in the country's failed banks.

Meanwhile, markets around the world have fallen sharply. The FTSE is below 4000.

Sir Alan Sugar has some advice for businesses on how to deal with the recession in this video for the Yorkshire Evening Post. Sadly, the video isn't embeddable, so you'll need to click the link.