Lloyds said on Thursday that claims by customers who were mis-sold PPI insurance would cost it £1.8 billion in the third quarter of the year.

Although the bank had warned investors it would face a major charge, this was in the upper end of the £1.2 billion to £1.8 billion range they had been told to expect.

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Chief executive Antonio Horta-Osorio said: "I am disappointed that our statutory result was significantly impacted by the additional PPI charge in the third quarter, driven by an unprecedented level of PPI information requests received in August."

The PPI claims ate into the bank's pre-tax profit, which reached £2.9 billion over the first nine months of the year, Lloyds said, compared with the £3.06 billion analysts had expected.

Net income fell 3% to £13 billion, below the £13.13 billion forecast by analysts.

Oil major Shell massively fell behind expectations in the third quarter of the year as a low oil and gas prices bit into the company's results.

Earnings after stripping out fluctuating expenses fell 15% to $4.8 billion (£3.7 billion), well below estimates it might reach almost $6.5 billion (£5.02 billion).

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Shell was able to charge an average of $55.99 (£43.25) per barrel of oil it produced in the quarter, down from $68.21 (£52.69) in the same three months last year.

It was even more than a dollar lower than the second quarter price.

This combined with slightly lower production, at 3.56 million barrels of oil equivalent a day, to give the oil firm a bloody nose.

Chief executive Ben van Beurden said: "This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins.

"Our earnings reflect the resilience of our market-facing businesses and their ability to capitalise on market conditions, including very strong trading and optimisation results this quarter."

Carpetright's biggest shareholder has tentatively offered to buy the retailer to avoid the company collapsing under a mountain of debt.

Meditor, run by former Old Mutual fund manager and poker player Talal Shakerchi, has started discussions with the business and indicated it would be willing to pay 5p a share - valuing the business at just £15.2 million.

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Executives at Carpetright believe the company needs about £80 million to pull itself out of its debt problems.

They explained current gross debt levels are at £56 million. Net debt is £27 million but the company said it expects this to rise to between £40 million and £50 million by December.

If a formal offer is made, Carpetright has revealed other shareholders are willing to accept the deal or said they intend to vote in favour, including Aberforth Partners with a 12.6% stake, Majedie Asset Management with a 6.6% stake and Soros Fund Management with 2.6%.

The deal will see Meditor take full control of Carpetright and the debts will be turned into equity in the business.

Bob Ivell, chairman of Carpetright, said: "Shareholders will be aware that we have been engaged in comprehensive refinancing discussions to replace existing facilities which expire at the end of this calendar year.

"The Possible Offer being announced today would put in place a new financing structure for Carpetright which would enable us to continue our recovery and make necessary investments in improving our business."

Meditor now has until November 28 to make an offer or walk away.