News

Fund managers have shown their support for oil giant BP despite its record $17bn (£11bn) loss in the second quarter.

Mitchell Harris has become the sole interim head of BNY Mellon's asset management business following the departure of Jon Little, formerly a co-head of the business.

First State's Asia Pacific and global emerging markets team has raised concerns that loose monetary policy in OECD countries is threatening developing nations.

Rathbones head of multi-asset David Coombs has bought into the Barings German Growth trust in the view German equities are the only attractive shares in Europe.

Banks pushed the FTSE higher by 0.55% to 5380.35 on news the Basel Committee proposed to water down its capital and liquidity reform package.

Business secretary Vince Cable said banks should be 'very, very self-conscious' about how they reward staff and investors and refused to rule out a tax on bank profits.

BP has recorded a $17bn (£11bn) loss over the second quarter, one of the largest corporate losses in British history.

Investment Week would like to send its condolences to the family and friends of Jupiter fund manager Laurie Petar, who passed away yesterday after a long battle with prostate cancer.

Bond managers have largely dismissed Friday's highly-anticipated European bank stress tests as a non-event, with the markets similarly showing a muted response in early trading.

Bestinvest has recruited former UBS head of operations Donald Reid as chief operating officer.