There has been a further rise in the amount of credit card lending being written off by UK banks and other financial institutions. Figures from the Bank of England show that write-offs rose to £1.25bn in the first three months of 2010.

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Leaders at the G20 summit in Canada have agreed to cut national budget deficits while endeavoring to promote economic growth. Host Stephen Harper, the Canadian prime minister, said that despite these cuts, short-term economic stimulus measures would still be needed.

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China has taken its first step towards honouring a pledge to let the exchange rate of its currency float more freely. Beijing announced plans on Saturday to make the yuan more flexible, breaking its strict peg to the US dollar.

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US electric car maker Tesla Motors has said it hopes to raise $185m from investors. Tesla will sell 11.1 million shares, priced at $14 to $16 per share, in an initial public offering (IPO), while Toyota will invest $50m in the firm.

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Annual house price inflation is back in double-digits, according to government figures. The Department for Communities and Local Government (DCLG) said prices in April were 10.1% higher than a year ago. That was the highest rate of inflation since October 2007,

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BP shares have closed up almost 7% after it agreed to put $20bn in a fund to compensate victims of the Gulf of Mexico oil spill. The increase halted falls that had led to the company’s stock value halving in recent weeks.

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House prices are still rising, according to the latest monthly survey from the Nationwide building society. Prices went up by another 0.5% in May, pushing the price of the average UK home up to £169,162 which was £15,000 more than a year ago.

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Dubai World, the state-owned investment vehicle, says it has reached an agreement “in principle” with most of its bank lenders to restructure debt worth $23.5bn (£16.4bn). It added it would be left with debts of $14.4bn after the restructuring.

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Russo-British energy giant TNK-BP has said that a subsidiary firm which controls the huge Kovykta gas field in Russia has filed for bankruptcy. It said RUSIA Petroleum, in which it owns a 62.9% stake, could not repay its loans to the TNK-BP Group.

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standard chartered IPO idr gray market price standard chartered fixed ipo price of Rs104 for it’s idr issue. gray market price of standard chartered idr is trading at Rs105.

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