The world will suffer another financial crisis, former Federal Reserve chief Alan Greenspan has told the BBC.
“The crisis will happen again but it will be different,” he told BBC Two’s The Love of Money series.
He added that he had predicted the crash would come as a reaction to a long period of [...]

Oil prices have fallen back below $74 a barrel after reaching a ten-month-high of almost $75 on Monday.
The price drop was linked to falls in the Asian stockmarkets and anticipation of weaker demand following the end of the summer driving season in the US.
US light sweet crude futures fell 54 cents to $73.83 a barrel [...]

Money-market mutual funds undermine the strength of the U.S. financial system and should be regulated more like banks, Bloomberg reported former Federal Reserve Chairman Paul Volcker as saying in an interview.
“Banks remain the functioning heart of the financial system, and they are protected and regulated,” Volcker, an economic adviser to the Obama administration, told the [...]

City watchdog chairman Lord Turner’s radical report on regulation of the financial system has implications for bankers, savers and borrowers alike.
These are the main planks of the Financial Services Authority’s Review
Regulation
Lord Turner said there will now be a more intensive supervision of the banks and a more intrusive approach from the watchdog.
He said the relationship [...]

Net mortgage lending for the UK last month saw its smallest rise since October 2000, figures from the British Bankers’ Association show.
The group said net lending, which strips out redemptions and repayments, fell to £1.6bn as borrowers sought to reduce their mortgage debt.
But on a brighter note, the number of mortgages approved for house purchase jumped [...]

The brutal Government infighting has sent the pound plunging to a one-week low.
It was the second day running that the pound was hit by events in the world of politics.
Trading floor rumours on Thursday that Gordon Brown was about to quit sent sterling spiralling
The fall continued on Friday as Labour faced up to an electoral [...]

Oil rose towards $68 a barrel on Tuesday in line with a broad recovery on Asian and European stock markets after falling the previous day to a two week-low.
U.S. July housing data and producer prices, both due to be released at 8:30 a.m. ET, will provide the next indication of the health of the U.S. [...]