High Street Crisis: Chain Closures Accelerating

The bloodbath on Britain's high streets has accelerated dramatically with the rate of major chain store closures increasing ten-fold, hitting 20 per day in 2012. Analysis by PwC and the Local Data Company found that year-on-year, the net reduction in...

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RBS Boss: Spring Cleaning Drives £5.16bn Loss

The Royal Bank of Scotland boss has said "spring-cleaning" continues after his firm reported a pre-tax loss in 2012 of £5.16bn. RBS chief executive Stephen Hester said: "This company is going through a pretty thorough spring-cleaning. It is a pretty...

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Sports Direct To Buy 116 Republic Stores

Sports Direct is to buy 116 stores and the website from the administrators of fashion retailer Republic. Joint administrators from Ernst & Young confirmed the sale, which would include the head office in Leeds. The deal is expected to save more...

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British Gas Sees Profit Up 11% To £606m

British Gas has reported a profit increase for the full year of 11% to £606m. The company said it performed well in the 12 months until December 31, despite a weak economy and energy cost increases. It said: "This is having a real impact for both residential...

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Apple 'To Pay £66m' Over Kids' App Downloads

Apple is set to pay out around £66m ($100m) to settle a US lawsuit which claims children were improperly charged while playing iPad and iPhone games. It is alleged that poor safeguards meant kids were easily able to buy extra features for the free games...

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Barclays Imposes £450m Libor Bonus Hit

By Mark Kleinman, City Editor Barclays is imposing more than £450m of financial penalties on its employees in relation to the Libor-rigging scandal which last year triggered the departure of its chief executive. I understand that the bank will...

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Horsemeat: Whitbread In Food Standards Offer

Horsemeat: Pub Chain Promises Change Updated: 8:38am UK, Tuesday 26 February 2013 After horsemeat was found in two food products sold in its pub chains, Whitbread's chief executive Andy Harrison released a statement of what measures his firm would...

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Burger Sales Plunge 43% Amid Horsemeat Scare

Frozen beef burger and ready meal sales have plunged dramatically, according to the first retail sales data since the horsemeat scandal erupted. Kantar Worldpanel said that in the four weeks ending February 17, frozen burger sales plunged by 43% while...

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Lord Woolf Aids Barclays Ethics Probe

By Mark Kleinman, City Editor The former Lord Chief Justice who led a probe into ethical standards at BAE Systems, the defence contractor, has been enlisted to assist with a review of the culture and business practices of Barclays as it seeks to...

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Exclusive: BBA Members Back Libor Handover

By Mark Kleinman, City Editor The British Bankers' Association (BBA) today moved a step closer to relinquishing its role in setting interbank borrowing rates as regulators seek to restore their credibility following the Libor scandal. I have learnt...

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Reaction To Downgrade? Apocalypse No

Let's get this straight: on Friday night Moody's downgraded Britain's credit rating for the first time since it started giving official ratings to the UK back in 1978. This means as far as it is concerned Britain is statistically more likely to default...

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Pound Under Pressure After Rating Downgrade

Market Reaction: Apocalypse No Updated: 10:58am UK, Monday 25 February 2013 By Ed Conway, Economics Editor Let's get this straight: on Friday night Moody's downgraded Britain's credit rating for the first time since it started giving official...

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AAA Credit Rating Lost: Osborne Defiant

George Osborne has come under attack over what Labour calls his "catastrophic economic policy failure" after the UK lost its top-grade AAA credit rating. International agency Moody's downgraded it by one notch to AA1, citing slow growth and a rising...

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Exclusive: RBS Mis-Selling Bill To Add £1.1bn

By Mark Kleinman, City Editor The state-backed Royal Bank of Scotland (RBS) will next week set aside another £1.1bn to compensate customers for mis-selling products to consumers and small businesses. I can reveal that the bank is preparing to say...

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Myners: Ex-Minister Courted For Tabloid Role

By Mark Kleinman, City Editor Lord Myners, former chairman of The Guardian's parent company, has been approached about chairing a new venture that is targeting a foothold in Britain's cut-throat tabloid newspaper market. I understand that the board...

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Exclusive: Lloyds Set To Pay Boss £1.4m Bonus

By Mark Kleinman, City Editor Lloyds Banking Group is finalising plans to pay its chief executive an annual bonus of approximately £1.4m, although he will not receive it until taxpayers' stake in the bailed-out bank breaks even. I have learnt that...

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Food Bills May Rise Amid Growing Meat Tests

By Tom Parmenter, Sky News Correspondent Consumers are being warned that food bills may rise if high demand for meat testing continues. Since the start of the horsemeat scandal, laboratories all over the UK have been inundated with requests to...

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AAA Credit Rating Lost: Osborne Defiant

George Osborne is coming under pressure over what Labour calls his "catastrophic economic policy failure" after the UK lost its top-grade AAA credit rating. International agency Moody's downgraded it by one notch to AA1, citing slow growth and a rising...

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Exclusive: Lloyds Set To Pay Boss £1.4m Bonus

By Mark Kleinman, City Editor Lloyds Banking Group is finalising plans to pay its chief executive an annual bonus of approximately £1.4m, although he will not receive it until taxpayers' stake in the bailed-out bank breaks even. I have learnt that...

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Birds Eye Ready Meal Recall Over Horse Fears

The owner of Birds Eye is recalling 15 ready meals across western Europe after horsemeat was found in a Belgium-made product. In the UK and Ireland the products being withdrawn are the brand's traditional spaghetti bolognese 340g, shepherd's pie 400g...

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Eurozone Economy Will Shrink Again, Warns EU

The EU has warned that the eurozone's economy will remain in recession for longer than expected. In its winter economic forecast, the European Commission (EC) said the economy of the currency bloc - which consists of 17 countries - would shrink by 0.3%...

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BAE Systems' Profit Falls Amid Defence Cuts

BAE Systems has reported a fall in global sales and warned of a "constrained" outlook in both the US and UK - two of its key markets. The defence, aerospace and security company, which employs around 93,500 across the world, said its underlying profit...

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Nike Drops Pistorius Amid Murder Charge

Nike has suspended its sponsorship contract with Oscar Pistorius as the athlete fights a charge of premeditated murder. The company announced its decision as the double-amputee runner appeared in court for the third day of a bail hearing over the shooting...

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Public Finances Ease Some Pressure On Osborne

Better tax revenues and profits from the Bank of England's quantitative easing (QE) scheme helped the public finances record their best surplus for five years in January. But the £11.4bn figure still leaves the Chancellor George Osborne facing a tough...

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New 4G Phone Operators Announced By Ofcom

Telecoms watchdog Ofcom has granted permits for more mobile phone firms to operate faster 4G networks. The four new winners are Hutchison 3G, a division of BT called Niche Spectrum, Telefonica O2 and Vodafone. Existing 4G operator Everything Everywhere...

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Pound Plunges As King Loses QE Vote

The pound has plunged against key economies after it was revealed that the Bank of England boss lost a vote for an increase in monetary stimulus. Sterling fell to fresh multi-month lows against the euro and the dollar after minutes from the BoE showed...

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Royal Mail Staff 'Will Have To Keep Shares'

By Mark Kleinman, City Editor Tens of thousands of Royal Mail staff could be forced to hold onto shares in the company for months after a potential stock market listing as Government ministers attempt to avoid an instant mass share sale. I have...

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Energy Bills 'Set To Rise' Ofgem Warns

Britain's fossil fuel energy supplies are on a rollercoaster and heading downhill fast, according to the head of industry regulator Ofgem. Chief executive Alistair Buchanan issued the stark warning to consumers and businesses to prepare for higher prices...

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Lloyds Fined £4.3m For Delayed PPI Payouts

Lloyds Banking Group has been fined £4.3m by the City watchdog for failings that resulted in up to 140,000 customers receiving delayed payment protection insurance (PPI) redress. The Financial Services Authority (FSA) fined three firms owned by Lloyds...

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RBS Considers 'Hybrid' Branches Sale

By Mark Kleinman, City Editor Royal Bank of Scotland (RBS) is mulling a hybrid sale of more than 300 branches to private equity firms and institutional investors in an attempt to jump-start the flagging auction. The state-backed lender is drawing...

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Reader's Digest Files For Bankruptcy Over Debt

The publisher of Reader's Digest has filed for bankruptcy as it seeks to cut its debt burden of $465m (£300m). RDA Holding Company, which owns the 91-year-old magazine, launched the action in a New York court on Sunday. It is the second time in nearly...

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Heathrow Profits Soar Amid Fee Hike

Heathrow Ltd, the airport operator formerly known as BAA, has posted an 11.6% rise in full year profits amid a rise in airline charges. Earnings hit £1.26bn from revenue of £2.46bn during 2012 following an average 12.5% increase in airport tariffs since...

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Tax: HMRC Sends Out 850,000 Penalty Notices

By Pete Norman, Sky News Online The Tax Office is sending nearly one million penalties to taxpayers who failed to file self-assessment returns by the end of January, Sky News has learned. By February 20, HM Revenue and Customs (HMRC) will have...

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Home Ownership '£1,440 Cheaper' Than Renting

The cost of buying a home has become £1,440 a year cheaper than renting, according to new research. Halifax found the average monthly costs associated with buying a three-bedroomed house stood at £621 in December, which is £120 cheaper than the typical...

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Osborne Plays Down Talk Of RBS Share Giveaway

By Katie Stallard, Moscow correspondent George Osborne has played down claims he plans to give British taxpayers up to £400 in Royal Bank of Scotland shares before the next election. The Chancellor, speaking to Sky News at a G20 meeting in Moscow,...

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Michael Fallon Eyes £65bn Kazakh Trade Deals

By Mark Kleinman, City Editor Michael Fallon, the Business Minister, will fly to Kazakhstan on Sunday in an attempt to help British companies win a share of $100bn (£65bn) in new trade deals. Mr Fallon, who was promoted in last autumn's Cabinet...

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