The City roundup video: Royal Mail loses out, Wonga advert ban and 'Cheesegrater' architect moves in

Video: Alex Lawson provides a run-down of the day's major news from the City

Royal Mail had to set aside £18 million (Getty)

Don't miss out on the goings on in the business world, with our daily roundup of the biggest news from the City.

Nearly a year after its privatisation, Royal Mail’s shareholders opened a nasty package this morning when the postal company revealed it has had to set aside 18 million quid to settle a dispute in France. The dispute first emerged in July, when French authorities announced that they were investigating one of its subsidiaries over allegations of collusion. Today French authorities said that the Royal Mail were being compliant and this had reduced the possibility of greater fines and legal costs.

In other news, payday lenders are again under the spotlight. Wonga’s partying pensioner puppets were looking bedraggled yesterday after an ad which failed to mention its 5853% interest rate was banned. Today the competition watchdog, is going even further. It has called for the price comparison site to remove the fog in the payday loan market.