BP Share News (BP.)

Britain's banks will today be told they must massively increase their capital reserves to protect savers and taxpayers from another financial crisis. The Independent Commission on Banking (ICB) is expected to recommend that banks hold £10 of shareholder equity for every £100 lent out, the Telegraph reports.Optimism among chief financial officers is at its lowest level for two years, according to the latest CFO Survey from Deloitte, published today. In a further sign that prospects are looking gloomy for the economy, CFOs think there is a 29% probability of a double dip. In the last quarterly survey - published at the turn of the year - the corresponding figure was 27%, according to the Independent.Glencore's chief executive has broken a decade-long silence ahead of the launch of its initial public offering this week, saying that the flotation will give the world's top commodities trader the financial firepower it needs as consolidation gathers pace. Ivan Glasenberg told the Financial Times that the launch of the offering - the largest ever in London - was "imminent" after it received robust support from big institutional investors, the newspaper reports.The privately owned company, which is based in Baar, Switzerland, will list shares in London and Hong Kong, handing each of its 485 traders who collectively own the firm an average windfall of $103m. According to reports this weekend, Glencore will publish its formal "intention to float" on Thursday and shares could begin trading next month, says the Guardian.British household budgets face their biggest squeeze in 90 years, according to a leading economic consultancy. The Centre for Economics and Business Research (CEBR) said soaring inflation coupled with low pay rises means household peacetime disposable income is at its lowest since 1921, according to the Telegraph.The Government is preparing to take Iceland to court to demand it repay every penny of the £2.3bn Britain lost when the Icelandic banking system collapsed. Danny Alexander, the Chief Secretary to the Treasury, said Britain would pursue Iceland through the European courts in order to recoup the money the Government paid out in compensation to British savers when the Icelandic bank Icesave collapsed in 2008, says the Telegraph.BP will launch a final attempt this week to salvage a proposed alliance with Rosneft, the Russian state oil group, and intends to seek Russian government approval to buy out its billionaire partners in TNK-BP or do so in tandem with Rosneft. BP has just four days to secure an agreement with the partners to lift the legal block on its proposed $16bn share swap with Rosneft which expires on Thursday, the Financial Times says.The Treasury and the Bank of England are braced for more bad economic news this week, with the latest readings on inflation and unemployment due. There is also likely to be a growth downgrade from the IMF, which meets in Washington for its spring conference with both the Chancellor, George Osborne, and the governor of the Bank, Mervyn King, attending, reports the Independent.The Paris-based theme park operator Euro Disney is in talks with lenders about increasing its investment budget to make improvements before its 20th anniversary a year from now. But the business, which runs the Disneyland Paris and Walt Disney Studio theme parks, is struggling with a massive debt mountain and poor visitor numbers that could undermine its fundraising move, the Guardian says.Ministers are considering lifting the requirement that cars have an annual MOT test, despite warnings that it could lead to dozens more deaths on our roads. Under new plans, drivers may be required to get their vehicles checked only once every two years, the Daily Mail reports. Eredene Capital has launched a £40million fundraising to invest in Indian ports. The specialist investment firm, led by chief executive Alastair King, has already received commitments of £22million from investors through a share placing, the Daily Express says.