City News

Consumer worries drag stocks lower

New York Stock Exchange investors were worried about the cautious outlook of retail giant Amazon and credit card processor Visa (AP)

Investors got some bad news about the American shopper yesterday, driving down US stocks and sending the Dow Jones industrial average to a loss for the week.

Lloyds 'close to deal' over Libor

Lloyds has revealed it is close to a deal over rate-rigging allegations

Lloyds Banking Group has confirmed that it is close to agreeing a settlement over allegations related to the rigging of interest rate benchmarks.

RBS profit surge fuels shares boost

The figures, released a week early, are significantly stronger than expected

A surge in Royal Bank of Scotland shares added £3 billion to the value of the state-backed lender today as it announced a doubling in first-half profits on the back of the resurgent economy.

Cameron hails recovery 'milestone'

Britain is forecast to be the fastest growing major economy in 2014.

David Cameron hailed a "major milestone" in the recovery today as official figures showed Britain had finally emerged from its worst post-war downturn.

London house price rises 'slowed'

The momentum of price rises in the London market has "slowed dramatically"

House prices increased by just 0.1% month-on-month in July marking the weakest growth in 18 months amid signs of a rapid cool down in the London market, property analyst Hometrack has reported.

Youth Contract 'to be ended early'

Rachel Reeves said the Youth Contract had been an abject failure from start to finish

The Government's flagship scheme to get young people back into work is being wound up a month early after failing to help more than a fraction of those it targeted.

Construction firms in merger talks

Carillion are holding talks with Balfour Beatty about a possible merger

Two of the UK's biggest construction firms - Balfour Beatty and Carillion - have disclosed they are in talks over a potential £3 billion merger.

UK's growth forecast raised by IMF

George Osborne welcomed the IMF forecast

The UK is on course to outpace the world's major advanced economies this year after the International Monetary Fund (IMF) raised its GDP forecast for a fourth time in a row to 3.2%.

Centrica holds talks over new boss

Sam Laidlaw is stepping down as the chief executive of Centrica

British Gas owner Centrica today admitted it was in talks over the appointment of Iain Conn as its new boss after the announcement of his departure from BP intensified speculation.

Barclays to contest fraud lawsuit

Barclays has vowed to contest the claims

Barclays has vowed to fight a fraud lawsuit in which New York's attorney general alleged the banking giant misled large institutional investors.

GDP expected at pre-recession level

The expected rise in GDP figures to pre-recession levels will be good news for Chancellor George Osborne and the Coalition Government

The UK economy is finally expected to emerge from a six-year downturn when official figures tomorrow show gross domestic product (GDP) has recovered to pre-recession levels.

Car parts firm in administration

Soli-hull-based firm Unipart Automotive is one of the UK's largest suppliers of car parts and garage equipment

Unipart Automotive - one of the UK's largest suppliers of car parts and garage equipment - has gone into administration with the loss of more than 1,200 jobs.

Nokia profits rise on handsets sale

Nokia sold its mobile handsets division to Microsoft

Telecommunications and wireless equipment maker Nokia saw its shares surge on Thursday after it reported higher profits and an improved earnings outlook in the wake of the sale of its troubled handset division to Microsoft.

Retail sales show small increase

Sales volumes were up 0.1% in June, figures showed

Retail sales showed a meagre rise in June amid the longest period of sustained growth since before the recession, official data showed.

B&Q owner hit by tough summer

B&Q's like-for-like sales were 3.2% lower in the 10 weeks to July 12, owner Kingfisher said.

A tough summer for B&Q owner Kingfisher sent its shares into reverse today after it revealed weaker than expected trading in many of its markets.

City downgrades hit easyJet shares

Low-cost airline easyJet has been impacted by unrest and political tensions affecting routes in Israel, Egypt and Russia.

Budget airline easyJet was counting the cost of unrest and political tensions affecting Israel, Egypt and Russia after its latest trading update prompted the City to scale back forecasts for annual profits.

Energy firms face extra storms bill

Ofgem said that while SSE and UKPN's southern arms were badly hit by the storms 'they could have done more to get customers reconnected faster'

Regulator Ofgem has ordered energy companies SSE and UK Power Networks (UKPN) to pay an additional £3.3 million after a probe into how they handled last winter's storms.

Wall Street S&P 500 in record high

Global stocks mostly rose on Wall Street bolstered by solid US earnings and home sales (AP)

The US stock market eked out a record high yesterday, as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies.