Citigroup made a bn profit for the first half of this year. Photograph: Bloomberg/Getty Images The US bank Citigroup is to pay a m (£48m) fine for hiding bn of sub-prime mortgage exposure from shareholders during the months leading up to the financial crisis which left it dependent on a vast... 

Reckitt, the group behind household favourites such as Vanish and Cillit Bang, has seen rival Procter & Gamble muscle in on its market Reckitt Benckiser, the company behind household brands Cillit Bang and Vanish, today reported its first quarter-on-quarter sales decline in Europe as... 

Glaxo has won permission from the US FDA to keep diabetes treatment Avandia on the market. Photograph: Paul Sakuma/AP GlaxoSmithKline is taking a £1.57bn charge to cover legal costs and settlements over two controversial drugs, Avandia and Paxil, and the closure of a factory in Puerto Rico. The... 

Reuters/University of Melbourne An Adelieledone polymorpha, one of the four new species of octopuses that researchers have discovered in Antarctica that come replete with anti-freeze venom. Researchers have discovered four new species of octopus in Antarctica with venom that works at sub-zero temperatures. They... 

Peter Mandelson publishes his memoir The Third Man this week. 9.30am: Here’s a roundup of the best stories in the rest of the papers: • Phillip Webster and Roland Watson in the Times (paywall) say Labour figures are furious with Mandelson because of what he has said in his book. [Tony... 

Baroness Elizabeth Smith is one of 25 Labour peers backing Ed Miliband. Photograph: UPPA Ltd. The widow of John Smith, the former Labour leader who died of a heart attack in 1994, has thrown her backing behind Ed Miliband in the party’s leadership battle. Baroness Elizabeth Smith said...