LONDON (ShareCast) - Emergency talks to address the high global oil price broke up in disarray last night as ministers traded accusations over the cause of the increase and reports of fresh rebel attacks in Nigeria threatened to overwhelm a Saudi pledge to pump more oil, reports the Times.

After raids on facilities operated by Shell and Chevron, it emerged that Nigeria, once Africa's biggest oil producer, is pumping oil at its lowest level in 25 years — between 1.2m and 1.5m barrels a day, representing a reduction of at least 325,000 barrels.

Lloyds TSB is working on plans to buy Dresdner Bank, which has been put on the market by Allianz, the German insurance group, for an estimated £6bn. It is understood that plans are at an early stage and Lloyds TSB is considering a number of options in Germany and elsewhere in Europe. These could include bids for Postbank, Germany’s biggest customer bank, and Citigroup’s German operation, reports the Times.

Sportingbet will this week attempt to break the legal deadlock surrounding two London-based junior staff who have been thrown into an Istanbul jail. The online gambling group is seeking a bail hearing for the pair - both Turkish nationals - who were arrested at the end of last month when they returned to Turkey on holiday. Neither man, who Sportingbet declines to name, have been charged, reports the Telegraph.

A leading MP has called on the Financial Services Authority to be given new powers after the revelation that it will not take action against those involved in a "bear raid" on HBOS. John McFall MP, chairman of the Treasury select committee, warned that the integrity of the City will be damaged unless the Government does more to ensure success in cases such as this, reports the Telegraph.

Rising inflation is forcing scores of private sector companies to settle pay deals at levels that threaten the government’s inflation targets because of clauses in long-term pay deals. Shell tanker drivers agreed last week to a 14% two-year settlement with managers, prompting fears this would set a precedent for other workers and calls for restraint from ministers. Analysis by IDS Pay Databank, the research group, shows many other companies which previously negotiated two or three-year pay deals – at a time when inflation was expected to stay low for years – are having to give their workers a wage “kicker” writes the FT.

Bankers fear the pace of job losses in the investment banking industry is set to accelerate over the summer after it emerged that Goldman Sachs, the sector’s star performer, cut staff at its investment banking division last week. The Wall Street bank is now expected to cut up to 10% of staff in the division that handles mergers and acquisition advice and corporate fundraisings over the course of 2008, with a fresh round of trimming starting last week, reports the FT.

Halliburton’s proposed bid for Expro International was inadequate given the delays and risks associated with the deal, the oilfield services company’s independent directors said Sunday night. In a statement due to be released Monday, they defended their decision to back a lower offer from Umbrellastream, a consortium led by Candover, the private equity firm, reports the FT.

Pay-television operators and set-top box makers are considering legal action against the European Commission after a tax ruling left many of them facing millions of pounds in unexpected costs. A reclassification of digital video recorders such as British Sky Broadcasting's Sky+ box could cost BSkyB alone £15m a year from next month. Charges covering the past three years could force the company to pay another £25m-£30m, writes the FT.

A five-day hearing starts in the Mumbai High Court today to decide whether Vodafone could owe the Indian tax authorities some $2bn (£1bn) for its $11.2bn takeover of one of the subcontinent's major mobile phone networks, reports the Independent.

Bradford & Bingley will once again up the stakes in the battle for consumer deposits today, becoming the first bank to offer a no-notice savings account that guarantees to pay interest above the Bank of England base rate – for life, reports the Independent.

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