BP Share News (BP.)

Brussels will unveil hefty fines as soon as Wednesday on global banks that allegedly formed cartels to rig two global interest rate benchmarks, in a settlement that is set to break European antitrust enforcement records. The latest crackdown on benchmark manipulation is expected to target up to 10 financial institutions. Some will admit wrongdoing while others will face formal charges alleging they colluded to fix Euribor, Yen Libor or both. The exact level of fines remains confidential, but the commission has warned some banks it is seeking combined fines of hundreds of millions of euros for those groups involved in both cartels. - Financial TimesThe British government has defied Washington by backing BP's legal battle to overturn a ban on winning?new federal contracts in America after the oil spill on Gulf of Mexico.The unexpected move ? the first time that the UK government has directly intervened to support the British oil major since the Deepwater Horizon disaster in April 2010 ? is a significant boost in the company's row with the US?Environmental Protection Agency. BP is suing the EPA for debarring it from new government contracts, such as supplying fuel to the US?military and new exploration licences, with the federal agency accusing the company of a "lack of business integrity". - The TimesDavid Cameron has risked angering the Chinese government by launching a robust defence of GlaxoSmithKline as the UK drug company steps up its battle to save its reputation in the country. GSK is facing prosecution from Chinese authorities over allegations of bribery, while dozens of its local employees and a UK man it used as a corporate investigator remain in detention. - Financial TimesGlobal Energy Group (GEG), the Inverness-based oil and gas services heavyweight, has made its fourth acquisition in Australia, cementing the country as its biggest market outside the UK. The firm is buying the Australian arm of Cunningham Construction from its New Zealand parent company, in a deal that eases GEG's entry into the mining sector, which it sees as a key growth market. - The Scotsman The pay of workers in their 20s has tumbled by almost 12% since the peak of the recession, according to a leading thinktank. The Resolution Foundation said younger workers faced an almost unprecedented squeeze on both the wages and employment chances four years after the financial crash. The thinktank said analysis of official data showed younger workers had been "pummelled" more than any other age group. - The GuardianBritain's world-leading technical expertise was highlighted yesterday as FTSE 100 engineer GKN sealed a deal with aircraft giant Boeing. GKN was selected by the US company to make advanced technology winglets, located at the tip of an aeroplane wing, for its new single-aisle 737 MAX aircraft - a revamped version of its iconic 737. The value of the deal was not disclosed. - Daily ExpressAB