Ten Things You Need to Know Today: Friday 29 Jun 2012

1. MERVYN KING: BANKS MUST CHANGE CULTURE

Bank of England Governor Sir Mervyn King called today for a new culture in banking and an end to the "shoddy treatment" of bank customers. He refused to say whether Bob Diamond was "fit and proper" to continue as Barclays chief executive. Diamond remains defiant despite calls for him to quit following the Libor scandal.

King refuses to back Diamond as 'fit and proper' Barclays boss

2. EU SUMMIT: MERKEL FINALLY GIVES GROUND

After working through the night, EU leaders meeting in Brussels agreed this morning to use bailout funds to recapitalise struggling banks in Spain and Italy directly, a move which should reduce the countries' soaring borrowing costs. German Chancellor Angela Merkel gave ground after Italy and Spain had threatened to block "everything".

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

EU cash breakthrough: what is it and what does it mean?

3. SECOND WETTEST JUNE SINCE 1910

Disruption to transport, power and schools continued today following Thursday's flooding in Scotland, the Midlands and Northern Ireland. BBC Weather confirmed that even before Thursday’s deluge, in which at least one man died, this was the second wettest June since 1910. Rainfall was just short of the 2007 worst case.

4. DJOKOVIC SAFE AFTER NADAL UPSET

After a faltering start, Novak Djokovic, number one seed at Wimbledon, went on to beat Radek Stepanek in four sets today. Wimbledon was still reeling from one of the biggest upsets in its history on Thursday night, when second seed Rafael Nadal fell to the "freak" play of Lukas Rosol. Nadal called it "more than unbelievable".

Lukas Rosol: the 'freak' who destroyed Nadal at Wimbledon

5. MURDOCH 'MOVES ON' FROM BSKYB BID

Rupert Murdoch is to turn his back on Britain to focus on America as he steps back from newspapers after confirming yesterday that News Corp will split the Fox-based entertainment business from the scandal-plagued newspapers. He said he had "moved on" from the BSkyB deal, and was "much more bullish" about America.

6. BAD BOY BALOTELLI NOW 'SUPER MARIO'

The Italian press has dubbed former bad boy Mario Balotelli as 'Super Mario' and 'the symbol of a new Italy' after his two goals saw the national team beat Germany 2-1 in the semi-final of Euro 2012. German coach Joachim Loew said his players were left crying in the dressing-room. Italy meet Spain in Sunday's final.

Adulation for Mario Balotelli, symbol of a new Italy

7. OBAMACARE: VICTORY 'FOR THE PEOPLE'

President Obama last night described the US Supreme Court's ruling that his politically controversial 'Obamacare' health bill was within the law as "a victory for the people" as "no illness or accident should lead to any family's financial ruin". Republican presidential candidate Mitt Romney called the bill a "tax rise" that put the government "between you and your doctor".

Obamacare victory puts Mitt Romney on the back foot again

8. ASSANGE REFUSES TO LEAVE EMBASSY

WikiLeaks founder Julian Assange, holed up in the Ecuadorean embassy in London while he seeks asylum, failed to present himself to Belgravia police station today to surrender to bail and begin the process of extradition to Sweden. He claimed he was within his rights to ignore the notice, but he is now liable for arrest.

9. BLACKBERRY MAKER AXES 5,000 JOBS

BlackBerry maker RIM has delayed the launch of its new operating system BlackBerry 10 and announced the cutting of 5,000 jobs following the loss of more than $500m in the last quarter, compared to a near-$700m profit in the same quarter last year. The Globe and Mail asks: Is a Canadian icon at its breaking point?

BB10 launch delayed as losses at BlackBerry pass $500m

10. HOT TICKET: BLACK COMEDY KILLER JOE

Black comedy crime caper Killer Joe opens in UK cinemas today. A young drug dealer hires hitman Joe (Matthew McConaughey) to kill his mother for her life insurance policy, but he must offer up his younger sister (Juno Temple) as collateral for the deal. "Vilely hilarious", says Empire.

Black comedy Killer Joe shows Matthew McConaughey can act