Managers of Britain's biggest banks can claim little credit for the sector's return to profitability this year, according to Standard & Poor's.

Changes implemented by management teams of Barclays, HSBC, Lloyds and RBS played only a bit part in the recovery as factors beyond their control - such as government stimulus programmes - were far more important in boosting the performance of their businesses, the Telegraph reports.

The Government has been warned of a "regulatory fiasco" in which British banks have apparently adhered to flawed reporting standards for more than five years. An influential watchdog has written to the Department of Business listing a catalogue of staggering regulatory errors that allegedly contributed to the collapse of several banks in 2008 - and still threatens the system today, the Telegraph reports.

The Co-operative Group has suffered its first fall in underlying food sales for at least three years after it conceded the integration of Somerfield had taken its toll on performance. But the group, which also has financial services, travel, pharmacy and funeral directors businesses, said underlying pre-tax profits rose by 17% to £260m for the 26 weeks to 3 July, the Independent reports.

The US Securities and Exchange Commission has vowed to bring more high-profile enforcement actions against Wall Street over the financial crisis, following last month's $550m settlement with Goldman Sachs. US regulators told the Financial Times the SEC's contentious civil fraud caseagainst the bank over the sale of mortgage-backed securities was an example of the type of high-profile action its revamped enforcement division was working on, the FT reports.

A shortage of properties available to let continued to push rents higher during the second quarter of the year, according to research by the Royal Institution of Chartered Surveyors (Rics). The ongoing problems in the mortgage market, combined with concerns that house prices are falling again, have led to increased numbers of people looking to rent a home, the Independent reports.

High streets are seeing the most widespread price increases for nearly two decades, adding to fears over rising inflation. Stores enjoyed bumper sales in the first two weeks of this month, according to new figures from the CBI — but the upbeat data was overshadowed by concerns over spiralling prices, the Times reports.

Two of the world's biggest aircraft engine makers are set to face off after Rolls-Royce took its rival Pratt & Whitney to court over alleged patent infringements. Rolls told shareholders yesterday that it had issued legal proceedings against United Technologies, which owns Pratt, Sikorsky helicopters and Otis elevators, the Times reports.

At least one layer of secrecy that shrouds Glencore could be lifted if the Swiss commodities trader goes ahead with a flotation of its $5bn gold operation. The move was being interpreted by analysts as an attempt to reduce debt and could be a possible precursor to full listing that could value the group at more than $35bn (£22.5bn, the Times reports.

BP's chairman is nursing a paper loss of almost £2m ($3.1m) after the spill in the Gulf of Mexico in April. Carl-Henric Svanberg, who joined the UK oil group in January, owns 925,000 shares which he bought in two separate lots. He bought 750,000 shares on February 3 at £5.75 a share, the FT reports.

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Royal Bank of Scotland Group (RBS) share price
Rolls-Royce Holdings (RR.) share price