BP PLC has spent over $625 million to clean up the oil spill along the Gulf of Mexico. The company said they are recovering over 2000 barrels of oil everyday and are in the process of cleaning up the oil spill.

Japanese banks retreated on concern they need to raise more funds as Asian stocks fell as commodity related companies on concern China will step up the efforts to cool growth. With five shares declining for every four that advanced the MSCI Asia Pacific Index fell 0.5 percent to 119.56 as of 1 p. m in Tokyo.

Leading Republican lawmakers are pushing an amendment that would wind down the government controlled mortgage finance giants Fannie Mae and Freddie Mac , as the Senate resumed debate on Monday on legislation to overhaul financial regulation. On Monday, it was reported that it lost $11.5 billion in the first three months of the year and needed $8.4 billion from taxpayers to stay afloat.

The mutual fund industry had a higher rate of assests under their management in April. They company saw a 2.89% increase in there assests from March.

Association of Mutual Funds in India said the AAUM of this field was Rs 7.47 lakh crore. After March, in April the AAUM is Rs 7.69 lakh crore.

Some of the outrageous practices of credit card issuers will soon be illegal as of Monday, however, just like a playground bully punching when the teacher is not watching, lenders will be able to figure out ways to hit back at consumers.

Deloitte Touche, a financial services firm reports, Chief Financial Officers (CFOs) of some of UK’s biggest firms seem more hungry for risk-taking compared to 2008, seemingly at their most confident in two years.

A survey of 128-CFOs reveals almost four in five believe the UK banking system capable of sustaining a recovery.

Customers will be faced with the nation's banks foisting new fees and products on them in 2010, as they attempt to replace over $50-billion in revenue wiped out by new rules clamping down on certain business practices.

Chequing accounts and credit cards are the two services impacted by the changes, so far, with banks imposing new fees on old products, including introducing new account types in the hope of attracting new customers and reducing their funding costs.

Major banks, such as, Wells Fargo & Co and Citigroup Inc. looking to minimize government influence in their affairs have repaid a total of $45-billion received from the United States government under the Troubled Asset Relief Programme (TARP) Wednesday.

TARP was introduced in the autumn of 2008 when the financial crisis put the economy at risk of falling into a depression.