Bloomberg Stephen Crabb, the ex-secretary of state for Wales, has been appointed to succeed Iain Duncan Smithas U.K. work and pensions secretary after the former Conservative leader resigned in protest at planned cuts to welfare payments for the disabled. The move comes after Duncan Smith dramatically resigned last night, sending PM David Cameron a two-page letter that attacked a series ...

Bloomberg The outlook on Serbia’s junk credit rating was raised to positive by Moody’s Investors Service, which cited the country’s implementation of structural and fiscal reforms to help ease its debt burden. Moody’s left the Balkan nation’s sovereign debt rating at B1, four steps short of investment grade and on par with Vietnam and Kenya. Fitch Ratings has Serbia at ...

Bloomberg Bonds are set to extend this week’s gains because investors are underestimating the power of the European Central Bank’s stimulus, says Commerzbank AG, ranked as the top dealer by Germany’s debt agency. Government securities across the euro zone rose this week as the Federal Reserve said on Wednesday it will raise interest rates more slowly than previously anticipated. Its ...