City News

RBS to sell Coutts' overseas arm

RBS has agreed the sale of the international arm of Coutts

State-backed Royal Bank of Scotland has agreed the sale of the international arm of the Queen's bank Coutts as part of its plan to focus on its UK operations.

Commodities drag FTSE 100 lower

The FTSE was 10.3 points lower at 6885

London's top-flight fell for the fourth day in a row as disappointing economic data from China dragged on commodity stocks though oil prices stabilised.

Co-op 'stronger' but 'much to do'

Pre-tax losses at the Co-operative Bank fell to £264.2 million in 2014 from £632.8 million the year before

The head of the Co-operative Bank said the troubled lender still had "much to do" as its annual losses narrowed but it warned of more job losses and dozens of branch closures to come this year.

MPs criticise head of City watchdog

Martin Wheatley has come under fire from MPs

The head of the Financial Conduct Authority (FCA) has been personally criticised in a damning report by MPs into its bungled handling of the announcement of an insurance industry investigation last year.

Home affordability 'at 2009 levels'

Oxford topped the "unaffordability" list, research from Lloyds revealed

The cost of a typical home in a UK city is at its most unaffordable level since 2009 as buyers face stretching their wages further to keep up with rising property prices, a report has found.

MPs 'highly critical' of scheme

A database containing the names of over 3,000 construction workers and environmental activists was seized previously

Construction companies have been accused of an "act of bad faith" and of "misleading" MPs over a compensation scheme for blacklisted workers.

Windfall for ex-Centrica chief

Sam Laidlaw is expected to give some of his money to worthy causes

The former head of British Gas owner Centrica saw his total pay package rise 52% to £3.4 million for 2014 despite the group tumbling to a £1.4 billion loss and slashing the dividend for its army of small shareholders.

Warning on energy profit margins

Falling wholesale gas prices will increase profit margins for energy firms, Ofgem has claimed

Britain's Big Six energy firms stand to make increasing profit margins from households amid falling wholesale gas and electricity prices, according to analysis by regulator Ofgem.

Clothing sector competition probe

The CMA said "no assumption should be made that there has been an infringement of competition law" in clothing retail

The Competition and Markets Authority has opened an investigation into "suspected anti-competitive arrangements" in the UK clothing, footwear and fashion sector.

Norway deal to boost green power

It is hoped the deal could provide billions of pounds of savings for consumers

The world's longest electricity connector is to be built between the UK and Norway to supply low-carbon power from the Scandinavian country.

DFS upbeat after earnings surge

DFS achieved adjusted earnings of £27.6 million in the 26 weeks to the end of January

DFS Furniture said it had strong momentum after reporting a 16% rise in earnings in its first set of results since a stock market flotation.

Idris Elba to launch Superdry range

The collaboration with Idris Elba will be ready in time for this year's Autumn/Winter collections

The owner of the Superdry brand is to launch a fashion collection with actor Idris Elba as it steps up its drive to become a global lifestyle brand.