Financial Times Summary

Northern Rock
Talks on the value of government promises to shore up Northern Rock's retirement scheme are close to deadlock, as the bank's board and pension scheme trustees fail to reach agreement over its deficit. The impasse comes as the bank is expected to report on Tuesday a loss of about £500m for the first half of the year amid a continued gloomy outlook for the mortgage business. It is expected to remain in the red until 2010.

HSBC
HSBC warned on Monday that the credit crisis was beginning to hit Asia as the banking group signalled that emerging markets would not be immune to a severe economic slowdown in the US. Stephen Green, HSBC's chairman, said that the bank had been hit be signs of an economic slowdown in countries such as India and Vietnam, combined with rising inflation. Falling stock markets had hit demand for wealth management products in the region.

Societe Generale
Thomas Mougard, the 24 year old assistant of Jerome Kerviel, the alleged rogue trader blamed by Societe Generale for the losses of $7.6bn, has been placed under formal investigation in connection witht he alleged fraud. The Paris Prosecutor's office said on Monday that Mr Mougard was placed on Friday for "complicity to enter data fraudulently into the computer system." Mr Mougard is not being held in police custody.

Tullett Prebon
Analysts will today question Tullett Prebon about progress in its talks with GFI Group on creating the second-largest inter-dealer broker.

UBS
David Aufhauser has quit the general counsel of UBS's investment banking division as the fall-out widens from US investigations into the failed market in auction rate securities.