Who's who in joining the UK labor Inquiry

Nigel Lawson, who served as chancellor of the exchequer under Margaret Thatcher and is now an advocate of splitting banks’ retail and investment arms, is among five members of the House of Lords selected to sit on a parliamentary investigation into the Libor-rigging scandal. Also on the panel from the upper house of Parliament are John McFall, a former chairman of the House of Commons Treasury Committee and another advocate of dividing up banks; the Bishop of Durham, Justin Welby; Liberal Democrat Susan Kramer; and a former civil servant, Andrew Turnbull. Barclays (BARC), the second-biggest U.K. bank, agreed last month to pay 290 million pounds ($453 million) in regulatory fines for manipulating the London interbank offered rate, spurring the resignations of Chairman Marcus Agius, Chief Executive Officer Robert Diamond and Chief Operating Officer Jerry Del Missier. The Serious Fraud Office opened a criminal probe into Libor- rigging two weeks ago.

FTSE gains amid UK inflation drops

The FTSE 100 made modest gains in early trading as investors awaited a key report by US Federal Reserve chairman Ben Bernanke which could open the door to new monetary stimulus measures after recent weak US data. Bernanke will present his latest monetary policy report to Congress today and tomorrow against a background of lacklustre growth, with disappointing jobs data last week. Meanwhile UK figures out this morning showed that inflation fell to its lowest in more than two and a half years in June helped by early summer sales of clothes and shoes. The Office for National Statistics said annual consumer price inflation dropped to 2.4 per cent from 2.8 per cent in May - the lowest since November 2009. Gains in energy stocks and banks provided the main underlying support for the blue chips on hopes for fresh stimulus measures. Oil services companies Amec and Petrofac both advanced by around one per cent. Miner Vedanta lifted by just over one per cent while drinks giant Diageo nudged up by 0.9 per cent. Libor rate-scandal hit Barclays was the top performer among banks, rallying 1.7 per cent to make up at least some of the ground lost recently. Lloyds was up 0.3 per cent in a solid start to the session.