City News

IMF board backs probe-quiz Lagarde

The IMF says it has confidence in its managing director Christine Lagarde, who is facing questions in France amid a corruption probe

The International Monetary Fund has expressed confidence in managing director Christine Lagarde after receiving a briefing on a French corruption probe in which she is being investigated.

Fall in banks' customer complaints

Barclays said its complaints for the first half of 2014 were down by 26% compared with the first six months of 2013

Banks have seen large falls in customer complaints in the first half of this year in further signs that the payment protection insurance scandal has peaked.

Coutts sets aside £110m for payouts

Coutts has reviewed investment advice going back to 1950

Coutts, the private bank that counts the Queen among its clients, has set aside £110 million to compensate thousands of customers who may have been sold unsuitable investments.

Fall in North Sea tax receipts

HMRC figures show corporation tax revenues from the North Sea have fallen from 4.4 billion pounds in 2012-13 to 3.6 billion pounds in 2013-14

The Scottish independence campaign has received "a body blow" with new figures showing tax receipts from North Sea oil and gas have dropped by almost a fifth, Treasury Secretary Danny Alexander said.

2.5m PPI complaints to be reopened

The scale of the PPI scandal is thought to have peaked, the FCA said

More than two-and-a-half million complaints about payment protection insurance (PPI) are to be re-opened amid concerns that firms may have unfairly brushed them aside, the City regulator has announced.

Co-op to decide on reform plans

The Co-operative Group racked up record £2.5 billion losses last year

The crisis-hit Co-operative group will tomorrow face the final hurdle in its plans for a radical shake-up of the way it is run.

Bonuses increase to over £40bn

Total bonuses rose to £40.5 billion, including £14.4 billion paid in the finance and insurance industry, the Office for National Statistics said

Annual bonuses have risen to more than £40 billion with pay-outs for financial sector employees dwarfing those in the rest of the economy, official figures showed today.

Water bills to be 5% lower - Ofwat

Most water companies put forward lower bills in business plans submitted to Ofwat in June

Household water and sewerage bills are set to be about 5% lower on average in real terms over the next five years, the industry's regulator said today.

House prices 'have hit new high'

House prices surged by 11% year-on-year in August, Nationwide says

House prices surged by 11% year-on-year in August to reach another new all-time high of £189,306 on average, Nationwide has reported.

Tesco cuts dividend amid price war

Tesco said its new chief executive Dave Lewis will now start work a month earlier than planned

The price war raging in Britain's supermarket aisles forced Tesco into drastic action today following another damaging warning over annual profits.

Signs of housing market cool down

Sellers in England and Wales typically achieved 95.9% of their asking price in August, Hometrack said

The gap between house sellers' asking prices and the amounts that buyers are willing to pay is widening in growing signs of a cool down in the market, property analyst Hometrack has reported.

CBI chief warns over EU referendum

CBI president Sir Mike Rake hit out at the "uncertainty" being caused by PM David Cameron's proposal to hold such a referendum on the EU in 2017

David Cameron's plan for a referendum on Britain's membership of the European Union is increasingly causing "real concern" for companies, a member of the Prime Minister's Business Advisory Group has claimed.

Marshalls steps up recovery

Marshalls, which was established in the late 1880s, operates its own quarries

Landscaping and paving specialist Marshalls saw sales and orders jump as it benefited from the improving economy.

Hays in demand amid building boom

Hays said demand for construction and IT jobs helped it boost fees

Recruitment firm Hays posted a sharp increase in earnings from its UK and Ireland business as demand for construction and IT jobs helped it boost fees amid improved economic conditions.

Morrisons shares buck market gloom

Morrisons provided one of the London market's few positives

Beleaguered supermarket Morrisons enjoyed a positive session today as the wider market was dragged lower by falling mining stocks and more worries over Ukraine.

Funding for Lending figures down

The Bank of England's lending scheme has been disappointing, according to business leaders

Net lending to small businesses under a flagship Bank of England scheme shrank by £435 million in the second quarter of 2014 despite efforts to focus the initiative on the sector.