RBS Confirms £1.2bn Loss After PPI Hit

RBS has confirmed it made a loss before tax of £1.2bn in the third quarter, compared with a profit of £2bn for the same period last year. As revealed by Sky's City Editor, the bank has set aside a further £400m for the mis-selling of payment protection...

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Japan Tech Firms Need Revamp To Topple Korea

Japan's top electronic firms have been told to change their business model, amid plunging share prices and booming competition from South Korea. Shares in Sharp fell on Friday as worries about the TV and display maker's future deepened, a day after...

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Car Insurance Cost Fall 'Will Not Last'

Car insurance premiums are said to have gone into reverse gear by £360 (13.6%) for young drivers - but there are concerns costs could rise dramatically after next month's EU gender ruling. Insurance comparison site Confused.com has advised 17 to 20-year-old...

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Lloyds Sets Aside A Further £1bn For PPI

Lloyds Banking Group has set aside a further £1bn to cover costs relating to the mis-selling of payment protection insurance (PPI) - taking its total bill to £5.3bn. The announcement came as the 40% taxpayer-owned bank said it made a pre-tax statutory...

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Comet Electricals Chain On Brink Of Collapse

By Alistair Bunkall, Business Correspondent More than 6,000 jobs are under threat as the high street braces itself for another high profile casualty. Comet, an electricals chain, will go into administration next week after struggling to stock up...

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RBS Confirms £1.2bn Loss After PPI Hit

RBS has confirmed it made a loss before tax of £1.2bn in the third quarter, compared with a profit of £2bn for the same period last year. As revealed by Sky's City Editor, the bank has set aside a further £400m for the mis-selling of payment protection...

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JP Morgan UK Staff Hit By Offshore Tax Demand

JP Morgan workers have been ordered to pay tax - or face legal action - over allegations the firm transferred salary payments offshore, Sky News has learned. HM Revenue and Customs (HMRC) deemed the money as "disguised remuneration" and not retirement...

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Retail Chain 'Faces Threat Of Administration'

6,000 jobs are under threat amid fears of another high profile casualty among UK retailers. Comet, the electrical chain, is on the verge of calling in administrators as early as Thursday morning after struggling to stock up for Christmas. It has reportedly...

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Lloyds Sets Aside A Further £1bn For PPI

Lloyds Banking Group has set aside a further £1bn to cover costs relating to the mis-selling of payment protection insurance (PPI) - taking its total bill to £5.3bn. The announcement came as the 40% taxpayer-owned bank said it made a pre-tax statutory...

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Star Wars Given New Hope In £2.5bn Disney Deal

Disney has agreed a deal to buy Lucasfilm from its founder George Lucas and says it will make a new series of Star Wars movies. The US entertainment giant, which already owns brands such as Pixar, Marvel, ESPN and ABC, announced it is paying $4.05bn...

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Heseltine Reveals Radical Local Growth Plan

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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Barclays Reports Loss After PPI Charges

Barclays reports a pre-tax statutory loss of £47m for the third quarter - compared with a £2.4bn profit over the same period last year. The loss is primarily due to increasing costs relating to the mis-selling of payment protection insurance (PPI)....

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Royal Mail Delivers 1,000 New Parcel Jobs

Royal Mail is to create 1,000 new jobs as it looks to cash in on the boom in online retailing. Royal Mail is planning a £75m investment programme in its UK express parcels business as packages become increasingly important to the company against a backdrop...

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Superfast 4G Launched In 10 Cities Across UK

Superfast 4G broadband is made available to millions of consumers in 10 UK cities today, heralding a new era for mobile phone use. The network EE, which owns Orange and T-Mobile, is launching its range of 4G products and services in London, Bristol,...

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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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Report: Small Firms In Credit Drought Fear

Bank lending to corporate clients is set to drop to its lowest level for six years despite Government funding, a new study suggests. According to the Ernst & Young ITEM Club, a funding gap for small and medium enterprises (SME) will remain even...

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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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Leading Publishers Confirm Partnership

Pearson and Bertelsmann have confirmed they will create the world's largest consumer publishing organisation by combining Penguin and Random House. Penguin, the famous publishing brand, and Random House, the leading English language publisher in the...

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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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