As unsettled weather and rising food prices put off shoppers, retail sales volumes including fuel sank 1.3pc month-on-month, confounding economists' forecasts for flat sales.

Lloyds Banking Group, the UK's largest retail bank, said it would not need to issue new shares or sell other securities to meet fresh regulatory capital requirements.

The FTSE 100 company, which was fined �10.5m in April for mis-selling to thousands of customers, also rejected calls to forgo any executive bonuses, instead cutting them by 40pc.

The rand gained, snapping its longest losing streak in a year, after inflation outpaced economist estimates in April, damping expectations of a central-bank interest rate cut this year.

Tax authorities from the UK, US and Australia are to join together to investigate tax evasion from some of the wealthiest people in the world after receiving huge amounts of data from a whistle-blower.

LONDON (Reuters) - Royal Bank of Scotland will issue a statement on its capital position later on Wednesday morning, sources familiar with the situation told Reuters.

Nationwide has more than doubled its provisions on commercial real estate loans to almost �500m and warned of weak demand and declining property values.

Sony's board of directors is discussing a proposal by the company's largest investor to sell off part of its film and music arm, Kazuo Hirai, chief executive, said on Wednesday.

More than 50 English beaches have met tough new EU standards to receive Blue Flag awards, recognising their high standards and water quality.

The taxman had expected to save �8bn by 2015 from reducing errors and fraud in the administration of tax credits, but is expected to miss its target by �5bn.