UBS, the Swiss bank that employs thousands of people in the City, has agreed to settle a multimillion-dollar legal case brought against it for selling mortgage-based investments which went bad in the financial crisis.

Former IMF chief, Dominique Strauss-Kahn, delivers confident lecture two years after claims he sexually assaulted maid

A former UBS trader was today charged with offences of conspiracy to defraud in connection with the investigation by the Serious Fraud Office into the manipulation of the Libor interbank lending rate.

Global Outlook

Switzerland has agreed to adopt new rules that would free its banks to reach settlements with the US authorities as they go after wealthy Americans suspected of using the European country's financial secrecy regime to evade taxes.

The supermarket chain Morrisons enjoyed a day in the sun last week after it unveiled a 25-year, £170m licensing deal with Ocado to help it launch food online next year. But yesterday, the UK's fourth-biggest grocer was back in the shade after an institutional investor offloaded a large chunk of shares. Morrisons fell 6.7p to 282.6p, while traders waking up to mixed sales data from the supermarket might have also decided to put their money in the baskets of rivals Sainsbury's and Tesco.

Activist shareholder Knight Vinke today called on Swiss bank UBS to split up its investment bank, most of which is based in London, from its wealth-management and domestic banking activities.

Clive Cowdery's Resolution was in demand yesterday following upgrades from brokers at Barclays Capital and JP Morgan. Analysts at BarCap seemed enthused by a meeting with the insurer's management, who are crunching together the Friends Provident, Axa Life and Bupa businesses that Mr Cowdery acquired after launching the company in 2006.

Penalties hit £136m in first quarter as City fears era of 'fine inflation'

Outlook By most common consent Tidjane Thiam is a brilliant chief executive. He is also a very naughty boy, at least according to the Financial Services Authority. The £30m fine whacked on to the insurer, and his censure by the watchdog yesterday, are unusual in lots of ways and a clear indication of just how angry the FSA was and is with Mr Thiam.

The European Union is hoping to wrap up its investigation into the Libor-fixing scandal by offering banks the chance to settle with reduced fines, it emerged yesterday.

Royal Mail staff could end up owning a tenth of the group when it becomes the biggest privatisation since the 1980s, according to reports over the weekend.