|BP sued by Halliburton over Gulf of Mexico oil spill|
|Monday, 05 September 2011 08:27|
News round up: BP, RBS, Barclays, HSBC, ring-fencing, high street spending, George Osborne, fiscal austerity, pay and Xtract Energy.
RBS, Barclays and HSBC
Taxpayer-owned Royal Bank of Scotland yesterday emerged as one of the main targets of a multi-billion pound legal case brought by the authorities in the United States. RBS, Barclays and HSBC are among 17 banks being sued by America’s Federal Housing Finance Agency.
The Independent Commission on Banking's proposed ring-fencing of retail and investment banking will increase business borrowing costs and dent economic growth, a leading economic forecaster predicts today.
High street spending
August was the worst month for spending across the high street in more than two years as disruption from riots and looting combined with worsening consumer sentiment to cause shoppers to trim their purchases. Total sales fell back by 2.2 per cent in August compared to the same month a year ago, the worst year-on-year fall since 2009, according to the BDO High Street Sales Tracker, the Financial Times reports.
The founder of the world’s biggest bond fund has urged George Osborne to change course on his deficit reduction strategy, warning that the austerity measures risk pushing the economy into recession.
The International Monetary Fund has called on the US and Europe to abandon fiscal austerity and switch to stimulus measures, warning that the global economy faces a "threatening downward spiral". Christine Lagarde, the IMF's managing-director, said the outlook had darkened suddenly over the summer, according to the Telegraph.
Pay for women
Banks should be forced to publish the level of average pay and bonuses at each tier of management to prevent women being short-changed in the male-dominated world of the City, two Tory backbenchers argue in a new book.
Oil and gas investor Xtract Energy is poised to leave and rejoin Aim this month following a takeover deal and a £3million fundraising. The company is taking full control of one of its part-owned subsidiaries, Elko Energy, which operates in the Danish and Dutch North Sea, using finance from a share placing with institutions, according to the Daily Express.
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