government

The new chief executive of the Royal Bank of Scotland, Ross McEwan, was facing his first challenge this weekend after leading shareholders in the bank signalled they would not support breaking it up even if the Treasury insists on going ahead.

The UK government is considering divesting £5bn of its stake in Lloyds Banking Group as early as September this year, according to reports.

UK shares are enjoying a positive session despite the latest growth wobble in China, after the country's finance minister revealed the economy is going to undershoot the 2013 growth target of 7.5%.

Chancellor George Osborne has said he will cap the country's welfare budget each year for the next four years from April 2015 - but the state pension will not be included.

Stephen Hester, the outgoing chief executive of Royal Bank of Scotland (RBS), has warned the bank will not become privatised overnight, and a potential sale could be a decade away.

Former top drugs adviser to the government David Nutt has made a controversial claim that the financial crisis was caused by bankers' habitual use of cocaine, the Telegraph reports.

The Financial Services Bill, which will deliver fundamental reform of financial regulation in the UK, has received Royal Assent.

The completion of the current leadership transition in China is key to China and the global economy and should bring relief to the Chinese equity markets.

The government is considering nationalising the 316 Royal Bank of Scotland (RBS) branches currently up for sale, with a view to creating a new business lender, the Sunday Times reports.

A government-backed report on the UK's financial services industry is expected to call for an end to the requirement for companies to issue quarterly updates.