He said a lot of the capital to be used to plug the hole will come through a "bail in" - a process where bonds will be turned into shares. However, the plan makes Co-operative Bank appear much more like a bank than a mutual organisation.

An announcement between the bank and the Prudential Regulation Authority could come within the next few hours. Under such a rescue deal, it is unlikely that taxpayer money will be required or that savers will be affected, but it could affect up to 5,000 smaller investors.

The five-month study combined “real on-farm conditions” with “strict scientific controls,” according to lead researcher Judy Carman of Flinders University in Australia. Using pigs was important not only because “we eat them,” but because humans and pigs share similar digestive systems, Carman said in a statement.

“We need to investigate if people are also getting digestive problems from eating GM crops,” the statement said. In pigs eating genetically modified crops, the average rate of severe stomach inflammation was nearly three times as high as that for other pigs (32 percent vs 12 percent). Among male pigs eating a GM diet, the rate of severe stomach inflammation was four times higher.

“The results indicate that it would be prudent for GM crops that are destined for human food and animal feed … to undergo long-term animal feeding studies preferably before commercial planting, particularly for toxicological and reproductive effects,” concluded Carman and her colleagues, who include Iowa-based farmer as well as crop and livestock advisor Howard Vlieger.

These events, according to the agency, include the American decision to provide military support for the Syrian opposition. The United States’ announcement on Thursday was seen as a major shift in the Obama administration’s policy towards the Syrian crisis.

Saudi Arabia has consistently called for arming the Syrian opposition. The kingdom has stepped up its diplomatic efforts to convince Western powers to take firm stances on Syria following recent advances by President Bashar al-Assad’s forces, backed by Hezbollah and Iranian troops.

The state-run Saudi Press Agency (SPA) said on Friday that King Abdullah left Jeddah for the North African country. The SPA also published pictures showing princes and officials greeting the Saudi ruler at Jeddah airport before his departure. King Abdullah and other members of the ruling Al Saud royal family have palaces in Morocco and travel there regularly.

The 89-year-old king’s health has declined over the past few years, during which he has been hospitalized several times. Failing health, old age as well as the death of the king’s half-brothers have raised concerns about the future of the oil-rich country in the face of anti-government demonstrations.

Supreme Leader Ayatollah Ali Khamenei congratulated Mr Rouhani on his victory, saying: "I urge everyone to help the president-elect and his colleagues in the government, as he is the president of the whole nation." Ayatollah Khamenei will ratify the vote on 3 August and the new president will then take the oath in parliament.

One student, Sahar, told AFP news agency: "I see happiness in the city after eight years. I see it on the faces of my people." Another in the crowd, Ashkan, said: "Tonight we rejoice, as there is once more hope in Iran." One voter, Mina, told Reuters news agency: "I haven't been this happy in four years. They finally respected our vote. This is a victory for reforms and all of us as reformists." On Saturday, some chants were heard calling for the release of political prisoners, a policy Mr Rouhani appears to support. After his victory, Mr Rouhani issued a statement saying that "a new opportunity has been created for those who truly respect democracy, interaction and free dialogue".

The 64-year-old cleric said: "I thank God that once again rationality and moderation has shone on Iran... This victory is a victory for wisdom, moderation and maturity... over extremism." But he also said: "The nations who tout democracy and open dialogue should speak to the Iranian people with respect and recognise the rights of the Islamic republic."

But although Mr Rouhani has pledged greater engagement with Western powers, correspondents caution that power remains in the hands of the ruling clerics and the Revolutionary Guard. Western powers remained circumspect in their assessment of the result.

It's a key job that has been left vacant since 2011: The prelate oversees the bank's activities, attends its board meetings and, critically, has access to all its documentation. The prelate reports to the commission of cardinals who run the bank and is currently headed by the Vatican Number 2. That gives Ricca a near-direct line to the pope, serving as a bridge between the bank's lay managers and board members and its cardinal leadership.

Ricca is currently director of the Vatican hotel where Francis lives and other Vatican-owned residential institutes for clergy. Technically the appointment was made by the bank's five-member commission of cardinals, headed by Cardinal Tarcisio Bertone, Vatican secretary of state. But the Vatican statement announcing the appointment made clear Francis had approved it, an indication that it was something Francis either initiated himself or strongly supported.

The Vatican spokesman, the Reverend Federico Lombardi, said the interim nature of the appointment was a sign that Francis is still mulling how to reform the Vatican bureaucracy as a whole — one of the major priorities set out by the cardinals who elected him pope in March.

The bank is not open to the public; its 19,000 clients include Holy See personnel, religious orders, prelates and diplomats accredited to the Holy See.

Pope Francis - who vehemently opposed gay nuptials in his native Argentina - and Archbishop Justin Welby met for the first time after becoming the new leaders of their respective faiths. Speaking after their encounter in Vatican City, Pope Francis said he hoped the two leaders could collaborate in promoting the sacredness of life ‘and the stability of families founded on marriage.’

Archbishop Welby has spoken out against the legalisation of gay marriage in Britain, saying it would undermine family life. The legislation would enable gay couples to get married in both civil and religious ceremonies in England and Wales.

The major point of difference between the denominations has been the ordination of women priests in the Anglican Church, which has since witnessed a steady stream of disenchanted Anglicans, who have been welcomed with open arms into the Catholic Church.

Brazil, fast transforming from powerhouse to crisis economy, is relying on derivatives contracts to stem the slide of the real and camouflage capital flight. The central bank spent $5.7 billion (£3.6 billion) defending the currency this month, though just half has shown up in reserve data. Jornal Valor Economico reported the rest had come through “swap cambial” futures to be redeemed in August and September.

“Brazil seems to be under speculative attack. We are losing reserves very fast,” said Marcelo Ribeiro from Pentagono Asset Management. “The market can see the government is in a corner.” Mr Ribeiro said the country’s reserves of $375 billion (£240 billion) may not be an adequate shield if the exodus turns serious.

“We should not forget that Russia lost $210 billion in reserves in a few weeks during the Lehman crisis in 2008.” Just months ago Brazil was struggling to stop the real rising too far, waging a “currency war” to curb inflows of hot money. It has since switched gear, scrapping its 6 percent tax on foreign bond investors. This week it lifted its 1 percent tax on currency derivatives.

In a wide-ranging testimony to MPs, Andy Haldane, Bank of England director of financial stability, admitted the central bank's new financial policy committee is taking too long to force banks to hold more capital and appeared to criticise the bank's culture under outgoing governor Sir Mervyn King. Haldane told the Treasury select committee that the bursting of the bond bubble – created by central banks forcing down bond yields by pumping electronic money into the economy – was a risk "I feel acutely right now".

"Let's be clear. We've intentionally blown the biggest government bond bubble in history," Haldane said. "We need to be vigilant to the consequences of that bubble deflating more quickly than [we] might otherwise have wanted."

He also said banks have now put the threat of cyber attacks on the top of their worry-list, replacing the long-running eurozone crisis. "You can see why the financial sector would be a particularly good target for someone wanting to wreak havoc through the cyber route," Haldane said.