Britain??s economy contracted in the second quarter. Economic output fell by 0.8 per cent quarter-on-quarter in the three months to June, after a 2.4 per cent decline in the first quarter, according to the Office for National Statistics?? ??flash? first estimate of GDP.
Banks such as Lloyds Banking Group Plc and Dexia SA that received government bailouts may have to sell branches or units to win approval for restructuring plans under new European Union guidelines.
Swedbank, one of Sweden??s biggest banks, on Friday reported worse-than-expected second quarter losses and announced plans to cut 16 per cent of its workforce, amid spiralling losses in the troubled Baltic states.
Ahmed Hamad Algosaibi and Brothers Company (AHAB), one of Saudi Arabia??s most powerful family-owned companies, has filed a lawsuit in which it accuses Maan Al-Sanea, the Saudi billionaire, of ??massive fraud? and alleges that he ??misappropriated approximately $10bn as a result of his frauds?.