The City roundup video: Russian hackers plot cyber-attack on banks, investors fear new recession and Glastonbury tickets set to rise again

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

Click to follow
The Independent Online

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

Bankers in the City drifting towards the weekend have been warned today of a potential $1 billion cyber-heist after it emerged criminal gangs were plotting an attack against global financial institutions.

Police at Europol have warned that a sophisticated group of Russian cyber criminals are eyeing a one-off massive hit on a bank, but have yet to release more information.

A huge number of boltholes have been discovered by police moles on the dark web, for funds are being created to obstruct tracing and retrieving stolen money after the information was discovered.

Video: All the latest business news

Yet this wasn't the only piece of news to set bankers hearts beating a little faster, panic raged in the square mile today as fears over the world economy hit stocks. The price of oil dived to a four-year low as economic data suggesting Germany is hurtling towards recession sent jitters round the City.

Chancellor George Osborne has warned any impact on the Eurozone is likely to have a knock-on effect on the UK so expect more trouble ahead.

And finally, were you successful in the frenzied ballot for Glastonbury tickets last week? Well those who did can be confident of adding to a bumper year for the UK’s largest music festival. Last year’s event, headlined by the Rolling Stones, made the not-for-profit festival run by Michael Eavis record revenues according to its just-released accounts.

Organisers said rising safety and environmental costs forced them to raise ticket prices last year, so expect no slowdown in the price of going to the Somerset gig. Just make sure you drink plenty of cider to forget about it.

Comments