Urgent action is needed at Thursday's G20 summit in St Petersburg to fix a tax system that allows firms to "rip off" poor African nations, Oxfam has warned.

Standard and Poor's says the lawsuit filed against it by the US Justice Department is "retaliation" against its decision to downgrade the US credit rating.

Australia reports better-then-forecast growth numbers for the April to June quarter, boosted by gains in consumer spending.

The number of UK workers earning less than the so-called living wage has risen to 4.8 million, a report by the Resolution Foundation think tank suggests.

Japanese camera and medical equipment maker Olympus and its UK subsidiary Gyrus Group will be prosecuted by UK's Serious Fraud Office.

Raghuram Rajan, a former International Monetary Fund chief economist is taking over as India's central bank governor.

The GMB union is to cut the affiliation funds it gives Labour from £1.2m to £150,000 in the wake of a row over reforms.

Argos owner Home Retail Group says chief executive Terry Duddy will step down by July of next year.