City News

Tidal energy project work to start

The project has the potential to power nearly 175,000 homes through a network of 269 turbines on the seabed at Ness of Quoys in Caithness

Construction of the largest planned tidal energy project in the world is expected to begin off the Scottish coast next month, developers have announced.

Obama criticises Sony film decision

The Sony Pictures Entertainment studio in California (AP)

Barack Obama has criticised Sony Pictures' decision to cancel the release of a movie about a plot to assassinate North Korean leader Kim Jong Un, saying the studio "made a mistake".

Black Friday boosts sales growth

Shoppers taking advantage of Black Friday offers

Britain's "Black Friday" shopping surge saw retail sales grow at their fastest pace for nearly 27 years, CBI figures showed today.

Oil industry fears 'over the top'

Danny Alexander described industry warnings that plummeting oil prices below 60 US dollars a barrel could render some North Sea projects unprofitable as 'a big concern'

Fears that the UK oil industry is close to collapse are "over the top" but the sector is facing a "very difficult year", a leading expert has warned.

Bank fines swell Treasury coffers

Chancellor George Osborne has been boosted by revenues from banking fines

Bank fines for rigging the foreign exchange market helped boost the public finances last month as George Osborne battles to meet annual deficit targets, official figures showed today.

Power auction 'guarantees energy'

Energy Secretary Ed Davey said the auction was a great deal for consumers

Electricity generators are to receive nearly £1 billion - at an average cost of £11 per household - to ensure enough power to meet peak demand in 2018/19.

Rally completes strong week on FTSE

The FTSE 100 Index built on gains seen on Thursday to climb by 44 points to 6509.9

A pre-Christmas rally today helped blue-chip shares complete their best week in three years as sentiment was buoyed by indications that the US Federal Reserve is in no hurry to raise interest rates.

Serco contract police probe dropped

Serco will continue to run the contract which covers prison transfer services in London and East Anglia.

An investigation into Serco's handling of a £285 million prisoner escort contract has been dropped by City of London Police, the firm said today.

Flat London house prices forecast

Property values across the UK are predicted to see 3% growth over 2015

House prices will remain flat across London next year while those in the North West, the South East, the West Midlands and Yorkshire and Humberside will see the strongest growth, according to predictions from the Royal Institution of Chartered Surveyors (Rics).

Cities beat London house price rise

Property values in Edinburgh have seen the biggest upswing over the last three months out of the 20 cities monitored by Hometrack

House prices in Edinburgh, Glasgow, Southampton, Bristol and Birmingham have grown at a faster rate than those in London in recent months, property analyst Hometrack has reported.

Russian bear 'will not be chained'

Vladimir Putin has accused the West of trying to turn Moscow into a "stuffed bear" (AP)

David Cameron has warned Vladimir Putin to heed the "lessons" of Russia's aggression in Ukraine after the president vowed to keep defying the West.

US stocks surge for second day

Prices rose again on the US stock market

The Dow Jones industrial average had its biggest surge in three years today, rising sharply for a second day. The US Federal Reserve set off the rally a day earlier by indicating that it was in no hurry to raise interest rates.

£1.36bn clawed back from Iceland

Landsbanki collapsed at the height of the banking crisis

The Treasury has recovered a further £1.36 billion from Iceland after its Landsbanki bank collapsed at the height of the financial crisis, forcing a taxpayer bailout for 230,000 savers in the UK.

Firms fined £746m over price-fixing

Unilever was among the firms hit by fines

French authorities have fined 12 consumer goods makers £746 million after uncovering secret price-fixing practices involving well-known cleaning and hygiene products such as Vanish stain remover and Colgate toothpaste.

LV= strikes Teachers deal

Teachers Provident Society provides financial services to the education profession

A mutual society which has provided financial services to the education profession for 137 years is to be taken over by insurance firm LV=.