Economics / Markets

RBS has revised its Bank of England forecasts, scrapping its prediction of further QE and forecasting an initial hike in UK interest rates in the second quarter of next year.

Standard & Poor's (S&P) has cut Spain's credit rating two notches to BBB+ and warned of more economic pain to come.

HSBC has confirmed it is to close its tied advice service, with the loss of about 600 jobs, as the bank prepares for life post Retail Distribution Review (RDR).

Britain's fall back into recession will drag on until June at the earliest and condemn the country to another lost year, economists have warned.

Barclays has seen its payment protection insurance (PPI) exposure rise by £300m in an indication other banks may also face higher bills for the mis-selling of the insurance.

RBS chief Stephen Hester has said it was "uncomfortable" to work at the bailed-out bank whilst suggesting the Government's 82% stake in the bank was slowing down its recovery.

Federal Reserve chairman Ben Bernanke said the central bank is unlikely to pump further stimulus into the US economy unless it sees an unexpected sharp deterioration.

Adjusted profits at UK lender Barclays surged by over a fifth in the first quarter of 2012, well above expectations.

Oil giant Royal Dutch Shell has reported a rise in profits owing partly to strong demand for energy which is keeping oil prices high.

Royal Bank of Scotland could see £20bn wiped off its value if planned banking reforms go ahead, its top boss has said.