City News

New contract secures Faslane jobs

Faslane is the home base for the UK's nuclear submarines

A £2.6 billion contract has secured 1,500 jobs at the Clyde naval base which is home to the UK's nuclear deterrent, the Defence Secretary said.

Wolseley posts sluggish UK sales

Plumb Center and Pipe Center owner Wolseley reported flat UK annual sales

Plumb Center and Pipe Center owner Wolseley reported flat UK annual sales today as its key housing repair market remained sluggish.

Stay of execution for nuclear plant

Wylfa has been given an extra year to generate power

The world's last operating Magnox nuclear power station has been granted an extra year of life and will continue generating electricity until December 2015.

Stamp duty takings surge by £1.5bn

Stamp duty yield from England has grown the most significantly, which is likely in part to be due to the distorting effects of London and the South East, a report said

Stamp duty takings from the sales of UK homes have surged by more than £1.5 billion year-on-year as the property market has moved into recovery, official figures show.

Sainsbury's slashes sales forecasts

Sainsbury's fortunes have been hit by the impact of German discounters Lidl and Aldi

New Sainsbury's boss Mike Coupe slashed sales forecasts today as he delivered his first trading update with a warning that the business is facing its most turbulent period in three decades amid a fierce price war.

Osborne defends austerity measures

George Osborne stood by his austerity policies

The Chancellor has defended his austerity measures, saying they are necessary to avoid another economic crash which would make the lives of poorer families worse.

Account numbers considered in probe

The new current account switching service was launched across the industry last September

An investigation into whether more people could be tempted into switching their current account if they were allowed to take their existing account number with them has been launched by the City regulator.

Saga set to target new markets

Saga hopes to enter the wealth management, private home healthcare and retirement village markets

Saga, the over 50s insurance group, is plotting its entry into a series of new markets as it looks to boost growth in the wake of its stock market flotation.

Irish Apple tax rebates 'illegal'

Apple funnels the bulk of its international sales through subsidiaries in Ireland

The European Union's competition watchdog says tax rebates that Ireland granted iPhone maker Apple appear to amount to illegal state aid and may have to be recouped.

Economy 'bigger than early 2008'

The economy is growing faster than estimated, according to new figures

The UK economy is now 2.7% bigger than at its pre-recession peak and also grew more strongly in the second quarter of the year than thought, official figures showed.

Next sales alert amid Indian summer

Sales at fashion chain Next are currently up 6% in the quarter to the end of October, rather than the 10% previously forecast for the period, amid warmer weather (Dominic Lipinski/PA Wire)

Fashion retailer Next has warned that it will have to lower its profits guidance for this year if the Indian summer continues throughout October.

House prices fell back this month

House prices have fallen back from a record high with the first month-on-month decrease in more than a year in September, according to the Nationwide.

House prices fell back from a record high in September with the first month-on-month decrease in more than a year, building society Nationwide has reported.

RBS reduces bad loans provision

RBS expects to significantly beat its previous guidance for around £1 billion of loan impairments in the current financial year

Stronger economic conditions are boosting the recovery at Royal Bank of Scotland after it cut the amount of money it is setting aside to cover bad loans.

Employers 'rely on migrant workers'

Many employers are relying in migrant workers to fill vacancies, a study has found

Firms employing migrant workers from the European Union are more likely to have enjoyed business growth in the past two years, according to a new report.

Wonga profit hit by £18m letter row

Payday lender Wonga has reported a slump in profits as it counts the cost of a drive to clean up the image of the business.

Profits at payday lender Wonga more than halved last year after it racked up £18.8 million in costs relating to a scandal over fake legal letters.

US stocks slip, then bounce back

The Dow Jones industrial average sank 178 points in the opening minutes, a sudden drop of 1%  but then it climbed back

Concerns over high stock prices and global politics continued to plague US markets as major stock indexes ended with slight losses in another day of choppy trading. Pro-democracy protests in Hong Kong, a major world financial centre, added to the host of political concerns on investors' minds.

Former Morrisons executive charged

The City regulator said a former executive at Morrisons has been charged with two offences of insider dealing

A former executive at supermarket chain Morrisons has been charged with two offences of insider dealing, the City regulator said today.

Mortgage approval rate falls

Higher property prices may be cooling demand, figures indicate

The number of mortgages approved for house purchase dropped again in August amid signs that higher property prices are cooling demand.