Zero growth in the three months to June or a slow third quarter could cost the UK its gold-plated AAA rating, economists now fear. Telegraph MORE
President Barack Obama has said America faces a “dangerous stalemate” over how to prevent the country defaulting on its debt, a risk which increased during the last 48 hours after talks in Washington collapsed. Telegraph MORE
Bank lending to British businesses contracted in June at a faster rate than the average of the previous six months, according to the latest data, sounding a gloomy note ahead of second-quarter growth figures out later. FT (subscription) MORE
UBS reports second-quarter net profit down 49% on last year at SFr1.01bn ($1.3bn). The group said its investment bank’s performance was impacted by declining client volumes and lower trading incomes. MORE
Bank of Ireland has been saved from possible government control by a group of overseas institutional investors that has agreed to buy up to €1.12bn ($1.6bn) of its shares, a stake of up to 37%. FT (subscription) MORE
