Barclays Reports Loss After PPI Charges

Barclays has reported a pre-tax quarterly loss of £47m - compared with a £2.4bn profit over the same period last year. The statutory loss in the three months to September was driven by increasing costs relating to the mis-selling of payment protection...

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Heseltine Reveals Radical Plan For Growth

By Joey Jones, Deputy Political Editor Former Cabinet minister Lord Heseltine has published a sweeping report aimed at stimulating growth, which is littered with criticism of Government inertia and delay. The report, entitled No Stone Unturned,...

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Superstorm Sandy Could Cost The US $45bn

Superstorm Sandy, which ripped through the east coast of the US, could cost around $45bn (£27.9bn), according to the latest estimate. The figure, from by professional services firm PwC, allows for a rise in original estimations as the full scale of...

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UBS Cuts Thousands Of UK Jobs Amid Restructuring

UBS has confirmed it is cutting 10,000 jobs as it looks to drastically shrink its ailing investment bank which has a large presence in London. Switzerland's biggest bank announced the plans as part of its third-quarter results which revealed a loss...

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Nuclear Power: Hitachi Buys Newbuild Project

Britain's nuclear expansion plans have been boosted after Japan's Hitachi signed a £700m deal that will enable the UK to start building the next generation of power plants. The engineering giant is buying Horizon Nuclear Power, which has the rights...

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Ocado Customers Compensated After Failure

Online grocer Ocado has apologised to customers and promised compensation after a systems outage forced it to cancel thousands of deliveries. The company blamed an "operational failure" at a warehouse but could not say exactly how many people were affected....

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Exclusive: Lords Unite In Newspaper Deal

By Mark Kleinman, City Editor One of the City's most influential investors is to back an audacious attempt to consolidate Britain's flagging regional newspaper sector by merging the business interests of Lord Rothermere and Baron Iliffe. I can...

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Fuel Duty Cut 'Would Create 70,000 Jobs'

Ministers are being urged to cut fuel duty in a bid to help revive the UK economy, ahead of the next planned rise in the tax. Fuel duty is due to be raised by 3p a litre in January but a study by the National Institute for Economic and Social Research...

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Penguin Books Owner Pearson Confirms Merger

Pearson, which owns the Financial Times, has agreed to merge its Penguin book division with Bertelsmann's Random House to create the world's leading publisher. The move comes as traditional book publishers are confronted with the threat of concentrated...

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Tearful 'Rogue Trader' Tells Of UBS Losses

A trader accused of Britain's biggest fraud was allegedly trying to cover millions of pounds worth of losses incurred during the financial crisis for the bank he called his "family", a court has heard. Kweku Adoboli, 32, is accused of gambling away...

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Exclusive: RBS Eyes Worldpay Payout

By Mark Kleinman, City Editor The taxpayer-controlled Royal Bank of Scotland is in line for a substantial windfall from the sale of part of the payments processing business it was forced to offload as punishment for its £45bn bail-out four years...

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Victory For Man Who Took Cold Caller To Court

A businessman plagued by nuisance phone calls offering compensation for Payment Protection Insurance has secured £220 in an out-of-court settlement. Richard Herman, 53, was so fed up with the unwanted calls arriving from India, he decided to take matters...

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Exclusive: RBS Eyes Worldpay Payout

By Mark Kleinman, City Editor The taxpayer-controlled Royal Bank of Scotland is in line for a substantial windfall from the sale of part of the payments processing business it was forced to offload as punishment for its £45bn bail-out four years...

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Tearful 'Rogue Trader' Tells Of UBS Losses

A trader accused of Britain's biggest fraud was allegedly trying to cover millions of pounds worth of losses incurred during the financial crisis for the bank he called his "family", a court has heard. Kweku Adoboli, 32, is accused of gambling away...

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Victory For Man Who Took Cold Caller To Court

A businessman plagued by nuisance phone calls offering compensation for Payment Protection Insurance has secured £220 in an out-of-court settlement. Richard Herman, 53, was so fed up with the unwanted calls arriving from India, he decided to take matters...

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EDF To Raise Gas And Electricity Prices

Energy giant EDF is to increase prices for householders by an average of 10.8%. The rise, gas and electricity, around four times the rate of inflation, is set to be implemented on December 7. EDF, which has 3.1 million customers and 5.5 million accounts...

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Anglo American Boss Cynthia Carroll Quits

Anglo American's chief executive Cynthia Carroll has stepped down, under increased pressure from investors over the miner's lagging share price. Ms Carroll quit after more than five years in the job amid concerns over the firm's continued dependence...

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Canadian Pensioners In £600m Motorsport Deals

By Mark Kleinman, City Editor Canada's biggest pension fund is plotting a double-swoop on the world's most prestigious motorsport series through investments worth about £600m, I have learned. The Canada Pension Plan (CPP) is expected to announce...

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Petrol Prices Cut By Up To 2p By Supermarkets

Supermarkets across the UK have lowered their petrol prices following a fall in the wholesale cost of fuel. Asda was the first to announce it would cut up to 2p off a litre of petrol, saying customers would pay no more than 133.7p. Rivals Sainsbury's...

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Ford UK Job Losses To Hit 1,300, Sources Say

Ford will make 1,300 employees redundant following the closure of its Southampton factory, according to Sky sources. The US company's stamping plant in Dagenham, which presses sheets of metal used to make Transit vans in Southampton, will also be shut...

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Recession Ends Amid Olympic Games Boost

How GDP Is Compiled Really Matters Updated: 8:11am UK, Thursday 25 October 2012 By Ed Conway, Economics Editor I've covered economics for a decade or so, but I confess that until very recently I didn't really know what GDP really is. I mean,...

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Equal Pay: Women Win Landmark Ruling

Women who earned less than men on the same pay grade when they worked for a local authority have won a battle for equal pay compensation at the UK's highest court. The Supreme Court said more than 170 former Birmingham City Council employees could...

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Argos Overhaul Could See 75 Stores Shut

Argos has said it will close 75 stores in the UK over the next five years as it unveils a transformation plan for the business. The retailer's parent company, Home Retail Group, made the announcement as it reported a 37% fall in group pre-tax profit...

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Sky Sources: Ford To Close Southampton Plant

Ford is planning to close its Southampton factory, according to Sky sources. An announcement by the US carmaker is expected tomorrow.  The factory, which builds Ford's Transit vans, employs around 500 people. It is a relatively small part of...

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Insurance Report: AA Says It's Good And Bad News

Car insurance costs are going down - but home insurance premiums are rising, the AA has revealed. Taking an average of the cheapest five premiums, fully-comprehensive car insurance policy fell 2.9% to £844 in the period July-September 2012 compared...

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Mulberry's Profit Warning Over Asia Demand

Mulberry, the iconic British fashion brand, has shocked investors by warning that its profits will be lower than last year. Following in the footsteps of rival Burberry, the company described a slowdown in demand from Asia, which it described as a "more...

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FSA Warned On RBS 'Shadow Directorships'

By Mark Kleinman, City editor The City watchdog risks breaching rules on shadow directorships in relation to the size and shape of Royal Bank of Scotland (RBS), institutional investors in the taxpayer-backed lender warn today. A number of leading...

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Financial Mood Less Downbeat - But Not For Long

The tight squeeze on household finances appears to be easing amid signs of a rise in consumer spending, according to two new surveys. Family budgets were at their least strained for almost two years in October, Markit said, helped by a near-stabilisation...

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Amazon Accused Over Ebook VAT Tax Loophole

Amazon has been accused of taking advantage of a European tax anomaly to make extra profit on ebooks sold in the UK. The online retailer moved its European headquarters to Luxembourg in 2006, meaning it pays only 3% VAT on digital books sold to British...

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Rosneft To Buy 50% Stake In TNK-BP From BP

BP has said it will sell its 50% stake in TNK-BP to Rosneft for $17.1bn (£10.6bn) and an extra 12.84% share of the oil giant. The deal will bring BP's stake in the Russian state-owned company to 19.75%, and see it gain two seats on its board. Rosneft...

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BP Hones Tie-Up With Russia's Rosneft

By Mark Kleinman, City Editor BP is in talks to secure an indemnity against legal claims from a group of Russian oligarchs as part of a £16bn deal that would cement a partnership between two of the world's biggest oil companies. BP and Rosneft,...

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Exclusive: Bankers Court PCC Chairman

By Mark Kleinman, City Editor The chairman of the Press Complaints Commission (PCC) is being lined up to orchestrate the creation of a new banking standards body that would have the power to ban individuals found guilty of malpractice. I have learned...

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Gardeners Blamed For Spreading Potato Blight

By Emma Birchley, East of England Correspondent Allotment holders who fail to deal with blight-ridden potato plants have been blamed for spreading the fungal infection to farmers' fields. If it is not detected, blight can destroy crops and the...

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Ofgem Pledges To 'Simplify Energy Market'

Ofgem has published plans that it says will create a "simpler, clearer and fairer" energy market. The regulator outlined a range of measures including scrapping confusing tariffs and forcing suppliers to tell consumers the cheapest deal available. ...

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EU Agrees On Bank Supervisor After Compromise

European leaders have agreed to create a supervisor for all eurozone banks in 2013, after a disagreement between France and Germany threatened to derail the deal. By the end of a two-day summit of European leaders in Brussels, a 120bn euro (£97.5bn)...

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Google Beats Rivals With Low Price Laptop

Google is launching its new low-priced Chromebook laptop as rivals Microsoft and Apple prepare to release their latest gadgets. The lightweight computer will sell in the UK for around £200 and $249 in the US. It will go on sale early next week. It...

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Ofgem Pledges To 'Simplify Energy Market'

Ofgem has published plans that it says will create a "simpler, clearer and fairer" energy market. The regulator outlined a range of measures including scrapping confusing tariffs and forcing suppliers to tell consumers the cheapest deal available. ...

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Public Sector Net Borrowing Falls To £12.8bn

Public sector net borrowing falls to £12.8bn in September - the lowest figure for the month since 2008. The Office for National Statistics' data, which excludes financial interventions like bank bailouts, is £0.7bn lower than in September last...

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EU Agrees On Bank Supervisor After Compromise

European leaders have agreed to create a supervisor for all eurozone banks in 2013, after a disagreement between France and Germany threatened to derail the deal. Following eleven hours of talks, the European Commission's spokesman said there had been...

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Apple Loses Samsung Copyright Appeal

Apple has lost its appeal over a High Court ruling that the Samsung Galaxy Tab does not infringe its copyright. The Court of Appeal ruled that, even though parts of the product look similar to Apple's iPad, the tablet does not copy its rival's design....

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Greek Police Clash With Austerity Protesters

Violence has broken out in the Greek capital Athens, where protesters have clashed with police during an anti-austerity demonstration. Campaigners threw petrol bombs and rocks at police officers, who responded by firing tear gas to break up groups of...

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