Economics

BP shares continued to fall both sides of the Atlantic on Monday after the oil giant said the cost of the Gulf of Mexico spill had risen to £1bn and US President Barack Obama compared the environmental disaster to the 9/11 terrorist attacks.

The newly-formed Office for Budget Responsibility (OBR) has downgraded the UK's economic growth projections for next year.

The European Union yesterday pledged to go it alone with a banking levy amid continuing disagreements over agreeing a worldwide plan.

Federal Reserve chairman Ben Bernanke believes the US recovery remains on track and world's largest economy should avoid a double-dip recession.

Prudential has declined to comment on whether its chief executive, Tidjane Thiam, would receive a bonus this year after the failed bid he fronted for AIA cost shareholders an estimated £300m.

Emerging markets are at risk of overheating and advanced economies face years of anemic growth and could face a ‘double dip', the economist known as Dr Doom warns.

Leading City experts have started raising the prospect of "Great Depression II" amid worries the European economic crisis could trigger a deeper bout of chaos.

Income investors could lose out if coalition Government forces extra levies on banks

Goldman Sachs was reported last night to be considering settlement talks with the US regulators over the fraud charges brought against it last month, reports The Times.

Warren Buffett's Berkshire Hathaway posted earnings of $3.63bn in Q1, more than reversing the $1.53bn net loss a year ago.