Morning in brief: Oil drops on growth fears, US debt talks close to failure

The fall in the price of oil continues on renewed concerns over global economic growth, while a US supercommittee appears close to failing at its task of slashing the government’s debt.

Markets

Oil falls for the third day running over fears of a global slowdown and the debt crises playing out in Europe and the US, Bloomberg says.

Companies

Swiss bank UBS mulls reducing its bonus pool as it seeks to recoup some of the £1.45 billion loss it sustained during Kweku Adoboli’s alleged trading scandal, according to the Financial Times.

Chancellor George Osborne defends the decision to sell bailed-out bank Northern Rock by explaining that he was obliged to sell the lender by 2013 in a deadline set by the Labour government, the Guardian reports.

International

Discussions between Democrats and Republicans about slashing the US government’s debt by $1.2 trillion (£762 billion) by Wednesday are on the “brink of failure”, the BBC says.

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