Round-up: OECD says UK slowed to 2009 levels

Figures from the Organisation for Economic Co-operation and Development (OECD) suggest activity in the UK fell for a sixth straight month in July and at its steepest rate since June 2010.

The contraction, from 100.9 to 100.4 - a level not seen since the UK entered recession in 2009 - indicated the country is in a "slowdown", the Telegraph reports. MORE

Fourteen homes were sold per UK estate agent in the three months to August - the lowest total for more than two years, a survey has found, according to the BBC. MORE

Banks will be given a time limit of seven days to switch a customer's current account and must transfer direct debits and standing orders 'seamlessly', as part of reforms proposed by the Independent Commission on Banking, the Daily Mail reports. MORE

China's largest sovereign wealth fund is considering buying Italian assets, according to reports in the Financial Times and the Wall Street Journal, the BBC reports. MORE

Bank of America is to cut 30,000 jobs over the next few years as part of a cost-cutting programme. The cuts represent about 10% of the company's workforce, according to the BBC. MORE

France's biggest lenders saw their shares fall more than 10% amid fears their credit ratings will be downgraded over exposure to Greek debt, while global stock markets dropped sharply, the Telegraph reports. MORE