Lib Dems push to reopen bank reform
Nick Clegg and Vince Cable are leading a push to reopen talks on UK banking reforms in a move that could stoke coalition tensions. The senior Liberal Democrat pair want to re-examine whether banks’ retail operations should be allowed to market complex derivative products, in an effort to avoid the mis-selling scandals that have recently engulfed several lenders.
Banks cut food commodity funds
European banks are withdrawing vehicles that allow investors to speculate on food prices due to reputational concerns amid pressure from campaigners and politicians.
Kiev opts for ExxonMobil and Shell
Ukraine is betting that the world’s biggest energy companies will help it unlock oil and gas reserves under the Black Sea. Kiev has approved a joint exploration bid led by ExxonMobil and Royal Dutch Shell.
Clegg to screen Bank chief hopefuls
Nick Clegg will be given a say in the appointment of the next governor of the Bank of England, in a move likely to deter more hawkish candidates. The deputy prime minister is a strong critic of the banks for their failure to lend and is unlikely to favour any candidate with a strongly monetarist approach to replace Sir Mervyn King. Clegg is consulted for all big public appointments.
The Daily Telegraph
Jaguar Land Rover goes 24-hour
Jaguar Land Rover has begun a 24-hour production line at its Merseyside plant in an attempt to meet growing demand.
AstraZeneca agrees deal with Pfizer
AstraZeneca has reached a deal with Pfizer to give the US Viagra maker future rights to sell a non-prescription version of its blockbuster heartburn drug, Nexium.
THE WALL STREET JOURNAL
Spain’s banks borrow record sums
Spanish banks borrowed a record amount from the European Central Bank in July, as other sources of funding evaporated further in the weeks following the announcement of a €100bn bailout for the country’s financial industry. The Bank of Spain data indicated that net ECB borrowing rose to €375.55bn from €337.21bn in June. It was the tenth straight month of increases.