RBS and Santander have been told to appoint independent bodies to monitor their payment protection insurance processes after falling foul of competition rules for the second time since 2016.

UBS has recruited Huw van Steenis, formerly a senior adviser to Bank of England governor Mark Carney, to run investor relations and chair a new sustainable finance committee at the Swiss bank.

Embattled money manager Neil Woodford has been dealt a fresh blow after one of his flagship funds was forced to mark down the value of its holdings in a company attempting to harness “cold fusion”.

Trading in shares of Eddie Stobart, the UK logistics and haulage group, has been suspended and the company said its chief executive would be leaving as it investigated a number of issues with its half-year results.

Canada’s consulate in Hong Kong has suspended official travel outside the territory for its local staff days following the detention of an employee of the British consulate in China.

Japanese consumer inflation held at a two-year low in July, as forecast and remaining far from the Bank of Japan’s target.

The chief executive of computer and printer maker HP is to step down, due to a “family health matter”.

US stocks were mixed as Federal Reserve officials cast doubts on further rate cuts and a reading on domestic manufacturing stoked concerns over the health of the economy.

Shares in lithium producers fell on Thursday after Chile’s SQM forecast continued oversupply in the market for the battery raw material, which it said would weigh on prices for the remainder of the year.

Royal Dutch Shell has entered the Australian electricity market with a $418m deal for ERM Power, an energy supplier for businesses.

Activity in America’s factory sector has contracted for the first time in almost a decade, a survey of executives showed, adding to concerns that slowing global growth and the US-China trade war are weighing on the industrial economy.

The pound shot higher and was on track for its best day in more than three months on hopes that a Brexit deal could still be within reach following Boris Johnson’s meetings in Paris and Berlin.

Shares in NMC Health, the most shorted stock on the FTSE 100, jumped 22 per cent on Thursday after the Abu Dhabi-based healthcare group was reported to have become the target of interest from Chinese bidders.

Russian social media company Mail.ru has acquired car sharing service YouDrive, as it targets the Moscow drive app market leader and its biggest rival Yandex.

Environment groups have refreshed calls for a ban on fracking after shale gas company Cuadrilla was forced to temporarily down tools at its site in Lancashire following the biggest earthquake to date at the project.

Australian miner South32 said it was in “exclusive talks” to sell its South African coal mines to local miner Seriti Resources.

UK gambling group Rank said it was starting to see results from a turnround programme as it battles to offset lower spending by high-rolling customers at its Grosvenor Casinos and declining footfall at its Mecca bingo halls.

Chilean copper miner Antofagasta has said it is confident of winning approval to develop a $1bn underground copper mine in a remote area of Minnesota, as it eyes expansion outside its home country.

Premier Oil is selling its stake in a “world class” project off the coast of Mexico and wants to reduce its holding in a long-awaited scheme north of the Falkland Islands as it tries to lighten its $2bn debt burden.

Japan’s manufacturing sector shrank for a fourth consecutive month in August while services activity picked up, according to early results from a private survey.

Mustafa Suleyman, co-founder of artificial intelligence group DeepMind, is currently on extended leave from the company, amid speculation that parent company Google had taken over the bulk of his responsibilities.

Nordstrom, the upscale US department store chain, cheered investors with a stronger than expected quarterly profit, despite a 5 per cent decline in sales, adding to fresh optimism over the health of the retail industry.

US stocks held on to their gains following the release of minutes from the Federal Reserve’s July monetary policy meeting, as fresh optimism over consumer spending countered recent worries over economic growth.

French president Emmanuel Macron has decided to abandon the tradition of a joint final communiqué at the G7 summit at the weekend, in an attempt to smooth over differences between the big democracies taking part and to avoid a repeat of last year’s row between US president Donald Trump and Canadian prime minister Justin Trudeau.