The European Union yesterday pledged to go it alone with a banking levy amid continuing disagreements over agreeing a worldwide plan.
Days after the G20's apparent dumping of the idea as a result of objections from the likes of Canada, Japan and Brazil, the EU said it planned to press ahead with its own measures regardless, reports the Independent.
Europe's finance ministers finished talks yesterday on the issue and promised to find a way of taxing banks more amid continuing pressure from voters who remain furious at the way banks behaved in the run up to the financial crisis and now face bruising cut-backs to deal with the continent's debt crisis. Read more
A FURTHER £4bn was wiped off BP's market value yesterday after President Obama mounted his strongest attack yet on the company's management, fuelling speculation that Carl-Henric Svanberg, BP's chairman, could be sacrificed in the wake of the Gulf of Mexico oil spill.
Shares in BP sank a further 5% to 409p as investors reacted nervously to comments from Mr Obama that he wanted to know "whose ass to kick" over the spill, raising the spectre of huge US fines and future liabilities, reports The Times. Read more
GEORGE OSBORNE yesterday began the process that will see billions wiped from Whitehall budgets with a warning the dire economic situation required a radical reassessment of how the state spends taxpayers' money, reports The Telegraph.
The Chancellor invited a range of interest groups to suggest ways to help Britain start living within its means. But he said he would cut the burgeoning budget deficit in a way that "strengthens and unites the country".
"This is the great national challenge of our generation: after years of waste, debt and irresponsibility, to get Britain to live within its means," said Mr Osborne. "It is a time to rethink how government spends our money."
The spending review, to be announced in the autumn, will be drawn up using new methods of consultation and with a revamped decision-making structure. Read more
EUROPE'S continuing financial woes are likely to hit the global economy, the head of the Australian central bank has warned, reports the BBC.
However, Reserve Bank of Australia head Glenn Stevens said his country would be relatively unaffected because of its strong trade links with East Asia.
He said this would shield Australia from Europe, despite saying the rate of growth in Asian nations would slow.
Australia was the only major developed nation to avoid entering recession. Read more
TESCO'S longstanding chief executive Sir Terry Leahy surprised the market yesterday by announcing plans to retire early after 14 years at the helm, reports the Daily Mail.
Former shelf stacker Phil Clarke, the relatively low profile head of the international division, has been anointed his successor, marking the importance of the overseas businesses to Tesco's future growth.
The group is now in 14 different countries and employs 472,000 workers in 4,811 stores worldwide and on some measures is now the world's third largest grocer. Read more
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