Markets

A senior Federal Reserve economist has criticised the European Central Bank for resisting further monetary stimulus.

A respected think tank has raised its UK growth forecasts for this year and next but warned any recovery is dependent on consumer spending.

Royal Bank of Scotland (RBS) reported a return to profit in the first half of the year, as the majority taxpayer owned bank moves towards privatisation.

Royal Bank of Scotland has promoted its head of retail Ross McEwan to the role of chief executive, replacing ousted Stephen Hester.

Butterfield Bank has added to its fund research capabilities, announcing a double hire to strengthen its asset management team.

The Bank of England (BoE) has held interest rates for the 53rd consecutive month and opted not to increase the size of its £375bn QE programme at its July meeting.

Jupiter CEO Edward Bonham Carter said the asset manager is unwilling to commit to a new pricing strategy because of continued uncertainty surrounding RDR implementation.

Shares in Lloyds Banking Group and Jupiter Fund Management soared on Thursday after both groups reported hefty profits in their half-year results.

Rathbones' pre-tax profit for the first six months of 2013 rose 17% as the group's total funds under management near the £20bn mark.

The Federal Reserve has given little suggestion of a forthcoming slowdown in its quantitative easing programme despite economic data continuing to improve.