City Morning headlines: HSBC tax fallout, Barclays and UBS face wider US probe

Britain's largest bank HSBC is in the spotlight as we begin the week, following the publication of a report that alleged the lender's private Swiss arm helped hide £135 million from HMRC.

The bank has said it has now "fundamentally changed" the way it operates and has significantly improved its due diligence procedures, but there could yet be repercussions.

The US Department of Justice has expanded an investigation into alleged misconduct in foreign exchange market and is now scrutinising some structured products offered by Barclays and Swiss giant UBS.

Bank of England Governor Mark Carney has said that more needs to be done about over-the-counter financial markets and clearing.

He also expressed worries about “financial reform fatigue” as G20 ministers and bankers meet in Istanbul.

Worldview Capital, an activist shareholder with a 29% stake in oil and gas firm Petroceltic has called for a board overhaul, describing the current leadership as “complacent, mediocre and over-rewarded”.

Chinese imports fell 20% in January, in part due to lower commodity prices but also fuelling fears over demand slowdown.

Major Labour donor Andrew Rosenfeld, who was the chairman The People’s Operator and a co-founder of property company Minerva, died on Sunday.

Land Securities and the Crown Estate have teamed up to build the 800,000 square foot Westgate Oxford.

Helge Lund starts work as BG chief executive - almost a month early.