Greece Votes In New Law To Axe 15,000 Jobs

A law that will allow the dismissal of 15,000 civil servants has been passed by the Greek parliament as part of austerity measures imposed by the country's international creditors. After heated debate during an emergency session, 168 deputies voted...

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UK Gas Hit As Norway Pipeline Supply Cut

Gas supplies to Britain dropped by 13% on Monday because of a gas field problems in Norway. Britain, Europe's most traded gas market, saw inflows drop to 71 million cubic metres (mcm), as flows through the Vesterled pipelined dropped to zero. The cut...

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IMF Warns Asian Economies Of Overheat Risk

The International Monetary Fund has warned about massive capital flows into Asia and urged the region's leaders to guard against overheating economies. The IMF said it was "carefully" monitoring the situation across a range of countries. The level...

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Spain Slashes Economic Growth Forecasts

The Spanish government has forecast that the economy will contract by more than expected in 2013, but will return to growth next near. The country's deputy prime minister said its gross domestic product (GDP) would shrink by 1.3% in 2013 - down from...

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US Economy Misses Forecasts In Last Quarter

The US economy has expanded at a rate below that forecast by economists, the latest official figures have shown. Although economic growth regained speed in the first quarter, it was not as much as expected, heightening fears the already weakening economy...

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Winston Churchill To Appear On New £5 Notes

Former British prime minister Sir Winston Churchill is to appear on the next banknotes, it has been announced. Bank of England Governor Sir Mervyn King revealed the image of Churchill which will be used to members of his family at his former home, Chartwell,...

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Spain's Jobless Rise 'Worse Than Feared'

Spain's unemployment rate soared to 27.2% in the first quarter of the year, worse than economists had predicted. The official figures revealed that the number of those without jobs surpassed six million for the first time - with 237,400 people added...

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UK Car Production Falls As Demand Drops

Production fell across Britain's car making industry in the first quarter, according to industry figures, but output is expected to recover. The Society of Motor Manufacturers and Traders (SMMT) said the number of vehicles made fell by 2% to just over...

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UK Economy Avoids Triple-Dip Recession

The UK economy returned to meagre - but better than forecast - growth in the first quarter of 2013, averting the prospect of a triple-dip recession. According to the first estimate of gross domestic product (GDP) by the Office for National Statistics...

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Barclays Profits Fall 25% Amid Restructuring

Barclays endured a 25% fall in first quarter profits as £514m of restructuring costs weighed heavily. The bank reported an adjusted pre-tax profit for the three months to March of £1.79bn, down from £2.4bn a year ago, just below analysts' expectations....

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Co-Op Deal To Buy Lloyds Branches Collapses

Lloyds Banking Group's sale of more than 600 branches to the Co-operative Group has fallen through. The Co-op - which pulled out of the £800m deal - said it was "not in the best interests of the Group's members" at the present time. "This decision...

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Govt Courts Buyout Firms Over Royal Mail Deal

By Mark Kleinman, City Editor The Government is courting some of the world's biggest private equity groups about a potentially controversial plan to acquire a major stake in Royal Mail. I have learnt that advisers to the Coalition have in recent...

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Public Sector Borrowing Falls Slightly

The total amount of public sector net borrowing has fallen to £120.6bn over the last financial year, according to the Office for National Statistics. The figure was slightly lower than the previous tax year's £120.9bn and the independent Office for...

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Asda Creates 2,500 Jobs Amid Online Boom

Asda is to create 2,500 jobs this year as it shifts investment to its growing multichannel business, with stores supporting its internet and smartphone channels. The company said it would spend £700m on new and existing stores and its supply chain,...

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HSBC Cuts Over 1,100 British Jobs

HSBC has announced further redundancies in Britain as part of the bank's three year rivival plan. It said 3,166 positions in the UK would be affected by the cost-cutting exercise - but that just over 2,000 would be redeployed, resulting in 1,149 jobs...

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Dreamliner: Boeing Installs New Batteries

Boeing 787 Dreamliner Timeline Updated: 12:07pm UK, Monday 22 April 2013 The turbulent history of the Boeing 787 Dreamliner: Apr 22, 2013: The batteries in five All Nippon Airways Dreamliners and two Japan Airlines jets are replaced Apr 19, 2013:...

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Pret A Manger Creates 500 New UK Jobs

Pret A Manger has said it will create 1,000 new jobs this year - including 500 in the UK - following a "strong" performance in 2012. But the company is likely to face calls for the majority of the new positions to go to British workers - having been...

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Bosses Demand A Better Deal With The EU

Hundreds of British business leaders have called on the coalition to negotiate a better deal for Britain with the European Union. David Cameron has vowed to claw back powers and then offer voters a choice of staying in the EU in a referendum by the...

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George Osborne Urged To Rethink Economic Plan

Lagarde's Support For Osborne Updated: 4:29pm UK, Saturday 20 April 2013 By Ed Conway, Economics Editor A few weeks ago, eagle-eyed Twitter users would have noticed a rather unusual tweet from one household name to another. "Welcome to Twitter...

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Arsenal Co-Owner Is Now UK's Richest Man

Britain has a new richest man - Russian co-owner of Arsenal Football Club Alisher Usmanov has taken the top spot from the previous Rich List number one Lakshmi Mittal. Mr Usmanov, who has a near-30% stake in Arsenal, is worth £13.3bn, putting him into...

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Darling: 'How Long Will Osborne Lumber On?'

The outstanding question in British politics is how long the Government will "lumber on" with failing economic policies, according to Alistair Darling. The former Labour Chancellor said his party was right to sit and wait to see what George Osborne's...

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Google And Microsoft Report Soaring Revenues

Tech firms Google and Microsoft have reported strong quarterly growth amid shifting strategies for both. Google's core internet business net revenue grew 23% in the first quarter as profit climbed to $3.35bn (£2.2bn), despite a trend toward cheaper...

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GSK Hit By 'Abuse' Claim By Consumer Watchdog

GlaxoSmithKline has been accused by the competition watchdog of paying off firms to delay the launch of cheap versions of its antidepressant treatment - in a move that denied the NHS "significant" cost savings. The Office of Fair Trading (OFT) has alleged...

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New Round Of Fuel Price Cuts For Motorists

Petrol: The Pump Price Conundrum Updated: 10:35pm UK, Wednesday 30 January 2013 By Ursula Errington, Business Correspondent So, the OFT says motorists aren't being ripped off, that the price of petrol on our forecourts is fair and isn't the result...

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Retail Sales Drifted As March Snow Fell

The coldest March since 1962 stopped shoppers hunting down spring ranges, resulting in a 0.7% fall in overall retail sales. The Office for National Statistics (ONS) figures said that left sales 0.5% lower on the year. Despite the early Easter holiday,...

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Top Barclays Bonus Banker Rich Ricci Departs

Barclays has announced that its controversial investment banking boss, Rich Ricci, is to step down this month and retire from the UK bank in June. The move followed months of speculation that he would leave after the arrival of new Chief Executive Antony...

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Irish Regulator Swoops For Air Traffic Stake

By Mark Kleinman, City Editor Ireland's aviation regulator has emerged as a surprise contender to buy into one of the largest shareholders in Britain's air traffic control operator. I understand that the Irish Aviation Authority (IAA) has expressed...

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American Airlines Grounds Fleet After Glitch

American Airlines was forced to ground all its flights for several hours because of a glitch in its computer reservation system. The airline asked the US Federal Aviation Administration to halt all its departures from midday on Tuesday until just before...

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Tesco Confirms US Exit And Profit Fall

Tesco has confirmed its first fall in annual profits for 20 years and writedowns totalling more than £2.5bn as it moves to concentrate on improving its UK supermarket business. The retailer confirmed the closure of its loss-making Fresh & Easy operation...

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Jobless Total Up As Income Squeeze Tightens

The unemployment total has risen for the second month in a row while average pay increases were found to be at their weakest on record. The Office for National Statistics (ONS) said the number of people without work rose 70,000 in the three months to...

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Boston Blasts Knock Stock Market Values

The apparent terrorist attack on the Boston Marathon has intensified the recent 'run for cover' on world stock markets. There had already been a rush to dump gold before the blasts while oil took a fresh tumble amid an earlier world sell-off on fears...

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Inflation Steady Despite Car Insurance Rises

The headline measure of inflation remained steady in March as a reduction in the pace of fuel cost rises offset a sharp increase in car insurance prices. The Office for National Statistics (ONS) said the Consumer Prices Index (CPI) stayed at an annual...

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Mining Mega-Merger 'Cleared By China'

Shares in FTSE 100 'mega-merger' miners Glencore and Xstrata have risen strongly on hopes their tie-up could soon be fully cleared. Traders cited a media report that Xstrata's takeover by commodities trader Glencore had cleared the final regulatory...

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Gold Sell-Off Amid Fears Over Chinese Growth

Gold has sunk to its weakest level in two years as investors continue to sell off commodities, worried that disappointing Chinese data signalled a setback for the global economy. Other key commodities, including oil and copper, have also hit multi-month...

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Tesco Investors Urge Clawback Over US Failure

By Mark Kleinman, City Editor Leading shareholders in Tesco are demanding changes to the company's boardroom pay practices as it prepares to terminate its loss-making American misadventure. Some of the retailer's biggest investors are keen for...

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Minimum Wage To Be Increased This Year

The national minimum wage is to increase by 12p an hour from October, the Government has announced. The rate for 18 to 20-year-olds will rise by 5p to £5.03, and by 4p to £3.72 for 16 and 17-year-olds. Ministers said they had rejected a recommendation...

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Floods: UK Insurers Avoid Covering Risky Homes

By Becky Johnson, North of England Correspondent People whose homes have been devasted by flooding fear they will be unable to get insurance in future as talks between the Government and insurers have so far failed to reach an agreement. At present...

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