Fund managers, IFAs and investors could be hit with huge costs after the US Senate passed laws forcing millions of people in funds holding US assets to make a declaration to the American tax authorities.
The US economy grew at a worse than expected 1.8% in the first quarter, unchanged from April's first reading, the US Commerce Department has confirmed.
The US Treasury is to sell part of its majority shareholding in failed insurer AIG.
Jupiter financials manager Guy de Blonay warns of challenging summer ahead for financials as markets digest macroeconomic worries
The world's largest search engine is borrowing $3bn (£1.85bn) from the bond market as the returns investors demand from creditworthy companies declines to its lowest since November, the Telegraph reports.
The US treasury is battling to slash spending after the country's national debt soared to $14trn, reaching a self-imposed limit set by Congress last century.
Warnings from the White House, an RBS share sale, fake mortgages and PPI winners - our round-up of today's national newspapers.
Federal Reserve chairman Ben Bernanke has warned of a Lehman-style meltdown if the US Congress uses the national debt limit as a "bargaining chip", the BBC reports.