City News

Stock market inches to new record

Traders Peter Tuchman, left, and Kevin Lodewick pose with Santa on the floor of the New York Stock Exchange (AP)

The US stock market eked out another record close ahead of the Thanksgiving holiday as investors assessed the latest reports on the economy and some corporate earnings.

Saudis resist oil production cut

Opec is divided over the need for a cut in oil production after a heavy fall in prices (AP)

Oil giant Saudi Arabia has downplayed the likelihood of a cut in production as Opec ministers prepare to meet tomorrow amid tumbling prices.

Osborne 'must tackle low wages'

Labour says low pay is leading to a higher welfare bill

George Osborne needs to take urgent action in next week's Autumn Statement to address low wages and low productivity in the British economy as growth slows and borrowing continues to increase, Labour has said.

Cities urged to follow German model

Liverpool is one of the cities being urged to follow the German model

Nick Clegg has urged northern cities like Manchester and Liverpool to emulate Berlin by throwing open empty buildings and unused land to artists and entrepreneurs .

Lloyds axes 47 easy access accounts

Lloyds is ditching 47 old easy access accounts

Millions of savers with Lloyds Bank and its sister brands Halifax and Bank of Scotland are to receive letters telling them they are being moved on to a deal paying a worse or a better rate of interest.

Oil boss faces pay package revolt

Helge Lund is to take over next year

Oil and gas exploration firm BG Group is facing growing opposition over plans to pay its new boss up to £14 million a year plus a £15 million "golden hello" ahead of a shareholder meeting to approve part of the package.

More retailers taking on Xmas staff

The CBI's distributive trades report found a greater percentage of retailers said they would take on extra staff in the year to December rather than not

Jobs in the retail sector are being created at the fastest pace for 12 years after figures today showed resilient trading in the run-up to Christmas.

UK urged to back 'sharing economy'

The review suggests more car-pooling lanes in high congestion areas

The UK should do more to support "sharing economy" platforms like Airbnb, TaskRabbit and Zipcar, according to a government-commissioned review.

Court bid to halt Russia sanctions

An oil firm has urged the High Court to halt new sanctions against Russia

The High Court is to rule tomorrow on whether the Government can, from this weekend, make it a crime in the UK to breach international sanctions against Russia.

Consumer spending props up growth

Consumer spending grew at its strongest pace since the second quarter of 2010

UK growth in the third quarter was propped up by the strongest increase in consumer spending for four years as business investment and the trade position worsened, official figures showed today.

Universal service 'uneconomic'

The Royal Mail's universal service is under threat because of "cherry-picking" by rivals, it is claimed

The head of the Royal Mail has issued a stark warning that "cherry picking" from competitors threatens the future of the universal service, under which letters are posted anywhere in the country for the same price.

Profits fizz at drinks firm Britvic

Britvic saw annual profits jump 23%

Robinsons squash firm Britvic has seen annual profits jump 23% on the back of sales of more health conscious fizzy drinks such as sugar free Pepsi Max.

Thomas Cook exit derails shares

The FTSE 100 Index was 24.1 points higher at 6755.7.

The surprise exit of Thomas Cook chief executive Harriet Green put the skids under the company's recent share price progress today.

'Degree apprenticeships' planned

Digital economy minister Ed Vaizey has announced new digital qualifications

New degree apprenticeships will allow people to combine university study with training at leading employers in an effort to avoid a skills shortage in the digital industries.