Osborne Issues Legal Challenge To EU Bank Tax

By Ed Conway, Economics Editor George Osborne has launched an unprecedented legal challenge against European plans for a financial transactions tax. The move, which will be seen as a further sign of fraying relations between the UK and the rest...

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Virgin Active Eyes £2bn David Lloyd Merger

By Mark Kleinman, City Editor Virgin Active is mulling a takeover bid for David Lloyd Leisure that would create a £2bn health and fitness empire, and entrench Sir Richard Branson as the industry's most important British stakeholder. I have learnt...

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Fitch Strips UK Of AAA Rating On Debt Outlook

Ratings agency Fitch has stripped the UK of its AAA rating, citing a "weaker economic and fiscal outlook". The agency placed the UK on an AA+ rating, following Moody's downgrade of UK debt in February. A Fitch statement said: "The downgrade of the...

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Ex-FSA Chief Drops RBS Branch Consortium Role

By Mark Kleinman, City Editor The former chief executive of the City regulator has withdrawn from a consortium bidding to buy more than 300 branches being offloaded by Royal Bank of Scotland (RBS). I have learnt that John Tiner, who was chief executive...

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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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Lagarde: IMF May Urge Osborne Over Austerity

By Ed Conway, Economics Editor Christine Lagarde has given her firmest signal yet that the International Monetary Fund is on the brink of issuing George Osborne with detailed advice on changing his austerity plans. The IMF managing director warned...

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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 it is exiting its loss-making Fresh & Easy operation...

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'Quick House Sale' Market Investigated

The Office of Fair Trading (OFT) is investigating fears people desperate for money are being preyed on by firms offering "quick house sales". Fifty unidentified companies operating in the market have been contacted by the watchdog for details on their...

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Apple Share Value Peels Away On Demand Fears

Apple shares fell below the $400 mark on Wednesday for the first time since December 2011 amid fears about weakening demand for its iPhone and iPads as competition intensifies. A surprise warning about disappointing revenue at Cirrus Logic, which makes...

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Npower: Energy Firm Denies Tax Avoidance

Npower has admitted it has not paid corporation tax in the UK for three years - just months after increasing prices by around 9%. The company made the admission to the Energy and Climate Change select committee - but its boss said they had invested...

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M&S Fightback Hit As 'Knicker Queen' Quits

Marks & Spencer's battle to overturn a slump in clothing sales has suffered a blow after its head of lingerie and beauty quit after just three months in the job. The appointment of Janie Schaffer, who is known as the Knicker Queen, was announced...

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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. The retailer confirmed the closure of its loss-making Fresh & Easy business in the United States, with a resulting £1.2bn writedown a major...

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New Round Of Fuel Price Cuts Revealed

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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New EasyJet Chair: Next's Chairman In Frame

By Mark Kleinman, City Editor John Barton, the chairman of fashion retailer Next, has emerged as a leading candidate to chair easyJet, the FTSE-100 low-cost airline. I understand that Mr Barton is on a shortlist of contenders vying to replace Sir...

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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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Cyprus Bailout Deal Is Hit By New Fears

Cyprus' central bank governor has warned he will only work with ministers on the country's EU bailout if the bank's independence is respected. The comments from governor Panicos Demetriades come following a rift in Nicosia between the bank and political...

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Little Chef Restaurant Chain Put Up For Sale

By Tadhg Enright, Business Correspondent Roadside restaurant chain 'Little Chef' has been put up for sale - six years after it was rescued from administration. Business turnaround specialists RCapital, which took control of Little Chef in 2007,...

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JCB Digs Big Profit In Africa And Middle East

Digger manufacturer JCB has defied a slump in the global construction market to record the highest profit in its 67-year history. The family-owned company saw its 2012 earnings rise to £365m on turnover which remained virtually unchanged from the previous...

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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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Exclusive: CVC Mulls £750m Gamble On Betfair

By Mark Kleinman, City Editor The private equity group behind Formula One motor racing is mulling a takeover approach for Betfair, the online betting exchange which floated on the London market three years ago. I have learned that CVC Capital Partners,...

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Banks Slammed Over Account Complaints Handling

A fifth of complaints about current accounts at banks and building societies are not being resolved to the customer's satisfaction, a survey says. Consumer group Which found that 26% of customers, equating to 12 million people across the country, have...

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