Economics / Markets

FIVE THINGS

Aviva has fired dozens of senior managers and may look to offload a fifth of its business units after carrying out a review of the company, according to reports.

Barclays' record FSA penalty for LIBOR manipulation will be superseded by other banks' fines as the investigation deepens, according to Schroders' Richard Buxton.

Barclays' share price has plummeted more than 8% this morning amid calls for boss Bob Diamond to quit in the wake of the LIBOR scandal, and ahead of a speech from George Osborne on the debacle later today.

The Investment Management Association (IMA) has called on fund groups to enhance transparency on charges across all investor-facing documents, as well as giving a more prominent position to the ‘ongoing charge' and provide details of transaction costs....

The UK economy shrank by 0.3% in the first quarter, the final official reading has confirmed.

EUROZONE

Markets were unfazed by the hefty fines facing financial institutions and posted gains around the world overnight.

Our pick from today's nationals...

European equities lost ground in afternoon trading ahead of a crucial EU summit, as Spain officially asked its eurozone neighbours for a bailout.