Hollingsworth Daily Post

• The United Nations' food agency has called a special meeting of policy makers to discuss the recent rise in global food prices.The announcement came after Russian Prime Minister Vladimir Putin extended the country's ban on grain exports on Thursday.This added to fears that prices of food staples would continue to rise.The meeting will take place on 24 September, probably in Rome, the UN Food and Agriculture Organization said.
• BP says the cost of its Gulf of Mexico oil spill has risen to $8bn (£5.2bn) - a rise of more than $2bn in the last month alone.The company said it had paid out about $399m in claims to those affected by the spill.Last week, responsibilty for the claims was transfered to the Gulf Coast Claims Facility (GCCF), which has so far paid out a total of $38.5m.Plans to permanently seal the well were also progressing well, BP said.The final sealing of the well is now expected to be completed later this month.
• HSBC may move from London if the UK government decides to break up big banks, a senior executive has said.Stuart Gulliver, head of the Canary Wharf-based bank's investment banking division, made the warning at a banking conference.He said he was "genuinely concerned" that the UK's banking commission would recommend splitting up banks."[That] has significant implications clearly for where we may choose to headquarter our institution.""I want to be crystal clear. Our preference is to be headquartered in the UK," added Mr Gulliver.He also noted that no other country was looking at breaking up banks in response to the 2008 financial crisis.
• Chinese investors have approached a Canadian pension fund about a possible rival bid for the fertiliser giant Potash Corporation.Alberta Investment Management said it was not interested in a rival bid and did not name the investors involved.Potash Corporation is currently the subject of a $40bn (£25.8bn) hostile takeover bid from Anglo-Australian mining giant BHP Billiton.The firm is based in the Canadian province of Saskatchewan.Potash - or potassium carbonate - is mined in the province and used for fertiliser production worldwide.
• Russia will consider lifting its grain export ban only after the next year's harvest has been reaped, Russian Prime Minister Vladimir Putin has said.Mr Putin did not say when exactly the ban, originally introduced from 15 August to 31 December, would be lifted.Global wheat prices have risen by 1.4% on Thursday, after gaining more than 3% during the previous session.Russia, one of the world's biggest producers of wheat, barley and rye, was hit hard by a drought this summer.
• The European Union has reached agreement on reforms to financial supervision, officials have said.EU states and the European Commission agreed to create agencies that from next year are to oversee banks, insurers, and financial markets.The deal must still be approved by European finance ministers and the European Parliament.Europe's move follows the sweeping Wall Street reforms that President Barack Obama signed into law in July.It is hoped the agreements in Europe and the US will help stop a repeat of the financial crisis in which loose supervision of companies was blamed for contributing to problems.
• The government of Mozambique says price rises which have led to riots in the capital Maputo are "irreversible".The comments came after an emergency cabinet meeting on the two days of unrest in which seven people have died.Troops have been deployed to help clear up the debris while text messages are reported to have been circulating urging people to continue protesting.

BBC Business News 3rd September 2010