| » An independent commission looking at reforms to Britain's banking industry produced its interim report. The Vickers commission recommended that systemically important banks should set aside 10% of capital as a buffer against hard times and ring-fence their retail operations. It also proposed that Lloyds Banking Group, Britain's biggest retail bank, should dispose of more branches. The outlines were generally welcomed, though critics grumbled that the commission had retreated from advocating a more drastic shake-up of the industry. See article
How it all happened » A Senate committee produced an investigative report, assembling thousands of e-mails and other correspondence, into events and practices on Wall Street leading up to the banking collapse of 2008. It reserved some of its heaviest criticism for Goldman Sachs. The committee had bipartisan support, unlike the Financial Crisis Inquiry Commission, which reported in January. » Federal bank regulators issued a cease-and-desist order against America's largest mortgage providers, including Bank of America and JPMorgan Chase, requiring them to overhaul their foreclosure practices and intensify efforts to mitigate losses for borrowers. Talks over a separate settlement between the banks, state attorneys-general and the Justice Department remain bogged down. » NYSE Euronext said it would stick with a merger bid proposed by Deutsche Börse, rejecting a rival, and higher, offer made jointly by NASDAQ OMX and IntercontinentalExchange. The owner of the New York Stock Exchange insists that a tie-up with the German bourse would be of greater benefit.  » Jean-Claude Trichet defended the decision of the European Central Bank to raise interest rates for the first time in three years. The ECB lifted its main rate from 1% to 1.25% on April 7th to tackle inflation in the euro zone. » Inflation in Britain unexpectedly fell in March, to 4%, as retailers slashed prices to entice reluctant consumers. The news will affect the Bank of England's thinking on whether and when to raise interest rates this year. » The IMF released its twice-yearly projection of world economic growth, forecasting that global GDP will increase by 4.4% this year. The fund said that concerns were fading over a "double-dip" recession, though the recovery could be threatened by higher commodity prices, especially oil. Regarding Japan, the IMF recognised that the "immediate fiscal priority is to support reconstruction" after last month's earthquake, but urged the country to link such spending to a clear strategy for reducing public debt. » Glencore's announcement that it plans to list up to 20% of its shares in an initial public offering excited the markets. For months investors have been waiting for the world's biggest commodities-trading company to confirm rumours that it would float on the stockmarket. Swiss-based Glencore's IPO is expected to raise up to $11 billion. See article
Paying for wrong decisions  » Renault's chief operating officer stepped down over a scandal surrounding wrongful accusations of corporate espionage. The carmaker's head legal counsel, boss of human resources, general secretary and security chief also resigned. In January Renault sacked three executives for allegedly selling company secrets, but it soon emerged that it had been duped by fraudsters. The government made clear it expected heads to roll. Carlos Ghosn, Renault's chief executive, managed to hold on to his. » In Detroit a Chinese engineer who worked for Ford was sentenced to six years in prison for copying sensitive company documents on engine systems before he left to join a Chinese carmaker. » Mark Zuckerberg, Facebook's boss, had a mixed week. An appeals court threw out a claim by the Winklevoss twins that they were misled over the true value of Facebook in a settlement that noted their input as Harvard students into creating the social-networking site (as portrayed in the film "The Social Network"). But after their case was dismissed, new evidence was submitted in a separate dispute over the ownership of Facebook—Paul Ceglia, another former acquaintance of Mr Zuckerberg, says a development deal between the pair entitles him to a large chunk of the company. See article
Flip flops » Cisco decided to stop making the popular Flip video camera as part of its strategy to rein in its troubled consumer-products division and refocus on its core businesses. Cisco bought Flip in 2009 for $590m. The small device spurred many copycat gadgets, but smartphones now incorporate better video technology. | 
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