City News

US stocks close mostly higher

The Dow fell 16 points, or 0.1%, to 16,408

Stocks have closed mostly higher on Wall Street after upbeat earnings news from several big US companies encouraged investors.

Co-op warning after £2.5bn losses

The Co-operative Group faces more pain from the biggest crisis in its history.

The boss of the Co-op issued a stark warning about the mutual's future today after revealing annual losses of £2.5 billion, the worst in its 150-year history.

US stocks end higher for third day

Major US stock indexes notched their third day of gains in a row (AP)

Investors has driven stock prices to their highest level in a week, encouraged by a crop of corporate earnings and reassuring US and Chinese economic data.

Ex-bank chairman cleared of 'fraud'

Former chairman of the defunct Anglo Irish Bank, Sean FitzPatrick, has been cleared of all fraud charges over a loans-for-shares scheme months before the bank collapsed in January 2009

The former chairman of the defunct Anglo Irish Bank has been cleared of all fraud charges over a loans-for-shares scheme months before the bank collapsed in January 2009.

JJB Sports boss 'forged statement'

Former executive chairman of the now defunct JJB Sports, Sir David Jones, arrives at Leeds Crown Court where he is accused of making false statements to the market

The former executive chairman of the now defunct JJB Sports chain forged a bank statement to disguise the fact he had borrowed £1.5 million from another well-known retail figure, prosecutors have told a jury.

Co-op Group set to post huge losses

The Co-operative Group is facing a major financial crisis

The Co-operative Group is expected to post losses as high as £2.5 billion tomorrow as the mutual faces more pain from the biggest crisis in its history.

Burberry lifted by Chinese demand

Burberry chief executive Angela Ahrendts, who is leaving the luxury goods brand to join technology giant Apple, has announced more strong sales figures.

Burberry's departing chief executive Angela Ahrendts is set to leave the group on a high after seeing no let-up in demand from Chinese consumers.

Home loan scheme boosts Persimmon

Persimmon sales have been boosted by the Government's Help to Buy scheme.

One of Britain's biggest housebuilders has now sold more than 5,000 homes under the Government's Help to Buy scheme since its launch last April.

£2.7bn train-building deal sealed

A Hitachi train on the Channel Tunnel line

Funding has finally been secured to bring new high-speed trains to a key London to Scotland route in a £2.7 billion job-boosting contract.

Starbucks set to pay more tax in UK

Starbucks has come under fire in the past over the amount of tax it pays

Starbucks has said it will pay more tax in the UK as it moves its European headquarters here from the Netherlands following a row over avoidance.

China's growth slows down to 7.4%

China has witnessed explosive economic growth over the last decade

China's economic growth slowed further in the latest quarter but appeared strong enough to satisfy Chinese leaders who are trying to put the country on a more sustainable path without politically dangerous job losses.

I stay, says under-fire Tesco boss

Tesco boss Philip Clarke's plan to turn around the fortunes of the supermarket giant has yet to bear fruit

Tesco boss Philip Clarke insisted he is staying put today after Britain's biggest supermarket revealed a second year in a row of falling profits and a deepening deterioration in UK sales.

Pay rises overtake 1.6% inflation

The report warned that unless urgent action is taken to tackle youth unemployment, 10 years of young talent will 'fall between the cracks'

Average pay rises have outstripped CPI inflation for the first time in four years, sparking a fierce debate on whether workers are benefiting from the economic recovery.

EU financial system revamp complete

The votes bring to a close an ambitious reform programme launched in the wake of the 2008-2009 global financial crisis

The European Parliament has completed the biggest overhaul of the bloc's financial system since the introduction of the euro currency, passing laws to minimise the risk and cost posed by failing banks.

Debenhams weathers profits fall

Debenhams has set out plans to restore the fortunes of the department store chain

Debenhams shares climbed despite a huge fall in profits as management set out plans to restore the fortunes of the department store chain.

Current account market probe urged

Consumer group Which? wants the current account market referred for a full-scale competition probe to tackle the problem of too few people switching banks

The current account market should be referred for a full-scale competition probe to tackle the problem of too few people switching banks, consumer group Which? has urged.

Barclays appoints new pay chief

Crawford Gillies will succeed Sir John Sunderland as chairman of Barclays' remuneration committee

Barclays has announced a new director in charge of setting pay and bonuses as it moves to defuse a potential shareholder revolt at next week's AGM.