City News

Admiral ends run of profit growth

Admiral said car premiums began to rise in the second half of last year and it expects the trend to continue

Elephant and Diamond insurer Admiral said its profits fell for the first time in a decade as it wrote fewer car policies in a "highly competitive" market.

Aviva pledges to step up recovery

Aviva is now two years into a recovery plan launched by chief executive Mark Wilson following a City revolt over its performance

Insurer Aviva has insisted its turnaround has much further to go, despite a rise in annual profits and a big jump in its shareholder dividend.

Bank keeps rates at record low

Governor Mark Carney has raised the possibility of rates going down should low inflation persist for longer than expected

Six years of interest rates at the historic low of 0.5% were marked today as the Bank of England once more kept the cost of borrowing on hold.

Fraud office examines Bank auctions

The inquiry relates to auctions held during the height of the financial crisis in 2007 and 2008

The Serious Fraud Office (SFO) is investigating material referred to it by the Bank of England concerning liquidity auctions held during the financial crisis.

Banks 'freezing charity accounts'

One charity said it was forced to forgo donations worth £2 million in the last 12 months as a result of funds being blocked by a bank

Banks including HSBC and NatWest are closing and freezing bank accounts held by UK charities working in conflict zones due to fears they could be accused of financing terrorism, a think tank has claimed.

Housing market 'out of control'

Across England, the price of a starter home has increased by around 48 times since 1969, Shelter said

First-time buyers would be paying £77,000 less to get on the property ladder if house price inflation had kept pace with wage increases in recent decades, according to analysis by Shelter.

US stocks fall for second day

US stocks are ending lower for a second day in a row (AP)

US stocks are ending lower for a second day in a row, pulling the market further below record highs reached earlier this week.

Bank expected to keep rates down

The Bank of England is expected to keep interest rates at its record low

The Bank of England will mark six years of interest rates at the historic low of 0.5% tomorrow when it is widely expected to leave them on hold again.

Watchdog warns on pension transfers

People aged over 55 will have more choice about what they can do with their pension savings

As many as 6,000 savers may be tempted by the Government's new retirement freedoms to make the irrational decision to transfer out of their "gold plated" pension, according to a scenario published by the City regulator.

Euro ruling 'a major win for UK'

George Osborne called the European Central Bank's location policy "utterly discriminatory"

A landmark court ruling safeguarding London's position as Europe's major financial centre has been hailed as a "major win for Britain" .

Growth in services falls slightly

The services sector has begun the year on a positive note

Growth among Britain's services firms suffered a slight dip last month but the sector still hired staff at the second-fastest rate on record.

Oil sector may face 'triple whammy'

David Glen of PwC said there is a 'real danger' plunging oil prices could result in investment becoming uneconomic, leading to diminishing field life and speeding up decommissioning

Chancellor George Osborne is facing renewed calls to reform North Sea oil and gas taxation as experts w arn of an economic "triple whammy" for the industry.

EU court backs UK on euro trading

The ECB wanted to make clearing houses that mainly process trades denominated in euros to be based in one of the 19 euro states

A European Union high court has handed Britain and its London financial hub a victory by ruling against a European Central Bank (ECB) decision that would have forced financial institutions clearing trades in euros to be based in the eurozone.

Greggs on the rise as sales surge

The improvement follows a 2013 drive by chief executive Roger Whiteside to focus on the food-on-the-go market (Greggs/PA)

Baker Greggs said annual profits jumped 41% as fresh coffee and calorie-conscious sandwiches helped boost sales growth to an eight year high.

Osborne: HSBC must deal with legacy

George Osborne said he had been unaware of allegations that HSBC's Swiss arm had colluded in tax evasion when Lord Green was appointed

Banking giant HSBC must deal with the "legacy of the past", George Osborne said as he indicated new laws could be needed to deal with tax dodgers.