P. Diddy vows to tone down bling

P. Diddy has vowed to "dress less flashy" as the global financial crisis takes its toll.

The rapper told Page Six that he intends to tone down his bling "out of respect" for those affected by the economic downturn.

He said: "It's one thing to be stylish; it's another to be over the top. You gotta know when to hold back and not rub it in."

The 38-year-old recently spent £500,000 making an audition tape as part of his quest to become the next James Bond.