|BP left in the cold as ExxonMobil signs Arctic oil deal with Rosneft|
|Wednesday, 31 August 2011 08:22|
News round up: BP plc, ExxonMobil, Rosneft, Vince Cable, Bank of America, PPI and US consumer confidence.
Vince Cable attacks UK banks
Vince Cable has attacked Britain’s banks for attempting to use the euro crisis as an excuse to delay reform, describing lobbying as “disingenuous in the extreme”. In an interview with The Times, the Business Secretary criticised the “special pleading” of bankers who claim that the summer of economic and financial turmoil is reason to shelve efforts to toughen bank regulation, says the Times.
US bank regulator blocks BoA settlement
The main US bank regulator has moved to block an $8.5bn (£5.2bn) settlement by Bank of America with investors who lost money in mortgage-backed securities. The Federal Deposit Insurance Corporation (FDIC), which insures US bank deposits and is one of the main bank regulators, filed an objection to the settlement with a New York court, saying it did not know enough about the deal to allow it to proceed, the Telegraph reports.
Firms that mis-sold hundreds of thousands of payment protection insurance (PPI) policies paid a total of £215m in compensation to consumers in the first half of 2011, according to the Financial Services Authority (FSA).
Fall in US consumer confidence
Shares in Wall Street plunged on Tuesday afternoon after figures showed that US consumer confidence had fallen to a two-year low. The benchmark Dow Jones industrial average dropped 71 points after the figures showed that consumers were more pessimistic than at any time since April 2009 as they grappled with rising inflation and uncertainty over jobs. By lunchtime the Dow had recovered some losses and was down 25 points, the Guardian reports.
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