New European ‘banking union' proposals risk the ire of the UK's biggest banks as they could give EU officials broader powers over the City of London.

THE BIQ QUESTION

Investors who bought into BP shares around the time of the 2010 Gulf of Mexico disaster have filed lawsuits claiming the company did not disclose the full extent of the spill, according to reports.

The Confederation of British Industry and British Chambers of Commerce have each cut their 2012 UK GDP forecasts and called for the government to do more to prompt growth.

Glencore has been hit by falling commodity prices, reporting a drop in pre-tax earnings of a quarter in the first half of the year, but will forge ahead with Xstrata merger plans despite a challenging backdrop.

SLOW MOTION COLLAPSE

It has been a bad week for Standard Chartered, and the explosive charges the bank faces dominated the headlines this week.

Sir David Walker, a former deputy governor of the Bank of England, will become the new chairman of Barclays, according to reports.

Jessica Harper, a former head of security at Lloyds Banking Group, has admitted carrying out a £2.4m fraud.

Shares in UK-listed banking giant Standard Chartered have dived in early trading, down 16%, amid allegations the bank assisted in a $250bn money laundering scheme.