Editor's Picks
Jacko death to cost O2 owner
Friday 26 Jun 2009
The company that organised Michael Jackson’s run of concerts at the O2 arena is set to take a big hit following the entertainer’s death yesterday.
Marks sales down across divisions
Friday 26 Jun 2009
Marks and Spencer’s saw like-for-like sales fall across its major divisions in the first quarter, though total group sales were up.
Darling to unveil new Banking Act
Friday 26 Jun 2009
Alistair Darling is planning to unveil a new Banking Act later this year that will strengthen the role of the city watchdog, according to press reports out this morning. The plans are likely to heighten tensions between the chancellor and Mervyn King, Bank governor, who complained on Wednesday: “I have not been consulted on what will be in the white paper.”
Corus to cut more jobs
Thursday 25 Jun 2009
Steelmaker Corus is thought to be cutting another 2,000 jobs in the UK, which unions say will further undermine UK manufacturing.
Woolworths starts trading online
Thursday 25 Jun 2009
Former High Street goliath Woolworths starts trading again today but this time the brand is doing business on the internet only.
Best savings rates: New deals offer decent returns
Thursday 25 Jun 2009
A flurry of savings deals unveiled this week offers new hope to Britain’s long suffering savers as banks and building societies try to attract new customers.
Madoff expected to get "life" sentence
Thursday 25 Jun 2009
Convicted fraudster Bernard Madoff is expected to be sent to jail for the remainder of his life today as sentence is handed down on his $50bn (£30.3bn) ponzi-style investment fraud. Madoff, 71, who pleaded guilty in March, could face a sentence of up to 150 years, though his lawyer has asked for a lenient 12 years to reflect his life expectancy.
OECD warns UK recession more severe
Wednesday 24 Jun 2009
The Organisation for Economic Cooperation and Development believes the global economy is near the bottom of the worst recession in 60 years, but that the recovery will be “weak and fragile”. It thinks the 30 countries that make up the OECD will shrink by 4.1% in 2009 but improved forecasts for next year. But the outlook for Britain is more severe.
Banks may have to separate commercial arms
Wednesday 24 Jun 2009
UK banks may be forced to ring-fence their investment arms from the retail or commercial operations under proposals being considered by the Treasury. The idea will make it easier to separate and close down wayward investment banks in an emergency without triggering a panic. The government also wants to make sure that taxpayers’ money is used only to bail out the deposit-taking part of a struggler.
Ford hikes car prices again
Wednesday 24 Jun 2009
Motor giant Ford is raising the price of its cars sold in the UK by an average 4% as the pound struggles against the euro.
Stagecoach figures arrive in-line
Wednesday 24 Jun 2009
Stagecoach boosted full-year profit and revenue despite the bus and train firm suffering a slowdown in revenue and passenger volume growth, especially during the second half of the year.
No sign of High Street recovery, says CBI
Wednesday 24 Jun 2009
Weak demand for household goods and clothing choked off any signs of a revival on the UK High Street in June, according to the Distributive Trades Survey by employers’ pressure group the Confederation of British Industry.
Kesa dives into red on Comet and Spain
Wednesday 24 Jun 2009
Electrical goods retailer Kesa slumped into losses for the year after one-off costs and poor performance in Spain and Comet. The group also anticipates another difficult year, which it said it will combat with cost management actions, reducing losses in its new business and by focusing on cash generation. Underlying profits nearly halved, with trading described as difficult in all markets
Madoff seeks 12-year sentence
Tuesday 23 Jun 2009
A lawyer for Bernard Madoff has asked the judge who will sentence the disgraced financier next week for running a $65bn Ponzi scheme to jail him for just 12 years.
Setanta bites the dust
Tuesday 23 Jun 2009
The loss of its Premier League TV rights has proved disastrous for Irish sports broadcaster Setanta, forcing its UK business off-air today. Deloitte is taking control of the British arm after it went into administration Tuesday following its failure to pay money owed to the English Premier League (EPL).
Mortgage approvals up 16% on the year
Tuesday 23 Jun 2009
Mortgage approvals for house purchases hit a 13-month high in May, rising for the fifth time in six months as the housing market continued its recent upward trend.
Nationwide ups fixed-rates again
Tuesday 23 Jun 2009
Nationwide has increased the cost of its fixed rate mortgage deals for the second time in under two weeks, up by 0.5% in some cases.
Drax raises £100m to restore credit rating
Monday 22 Jun 2009
Power station operator Drax is to raise £100m through a placing to restore its credit rating after a recent downgrade by Standard & Poor's.
Anglo turns Xstrata down flat
Monday 22 Jun 2009
Directors of mining giant Anglo-American appear on a collision course with some of its leading investors after they flatly rejected Xstrata's merger approach last night. In a statement, Anglo described the terms of Swiss-based rival Xstrata's merger approach as "totally unacceptable," adding that the proposals lacked "strategic merit".
House prices fall for first time since Jan
Monday 22 Jun 2009
A drop in house prices in June has broken a four-month run of rises, although the annual rate of decline narrowed as buyers snapped up bargains.
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