EDF To Raise Gas And Electricity Prices

Energy giant EDF is to increase prices for householders by an average of 10.8%. The rise, gas and electricity, around four times the rate of inflation, is set to be implemented on December 7. EDF, which has 3.1 million customers and 5.5 million accounts...

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Tearful 'Rogue Trader' Tells Of UBS Losses

A trader accused of Britain's biggest fraud was allegedly trying to cover millions of pounds worth of losses incurred during the financial crisis for the bank he called his "family", a court has heard. Kweku Adoboli, 32, is accused of gambling away...

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Exclusive: RBS Eyes Worldpay Payout

By Mark Kleinman, City Editor The taxpayer-controlled Royal Bank of Scotland is in line for a substantial windfall from the sale of part of the payments processing business it was forced to offload as punishment for its £45bn bail-out four years...

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Ford Confirms 1,400 Job Losses In The UK

Ford confirms it will make 1,400 employees redundant in the UK following the closure of two British factories. The US company's Southampton plant in Swaythling, which has made Transit vans since 1972, will close next summer with a loss of more than...

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Samsung Sets Record For Smartphone Sales

Samsung has cemented its place as the world's leading smartphone seller after setting a record for the most units shipped in the third quarter. The company sold 56.3 million smartphones, including its flagship Galaxy S III, in July-September, representing...

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Nine More Banks Under Libor Rate-Fix Scrutiny

Nine additional banks have been drawn into accusations of Libor rate-fixing, according to news reports. The Financial Times said some of the world's biggest banks, including Britain's Lloyds banking group, have been sent subpoenas by two US state attorney...

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Petrol Prices Cut By Up To 2p By Supermarkets

Supermarkets across the UK have lowered their petrol prices following a fall in the wholesale cost of fuel. Asda was the first to announce it would cut up to 2p off a litre of petrol, saying customers would pay no more than 133.7p. Rivals Sainsbury's...

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Good News For Retailers As Economy Revives

How GDP Is Compiled Really Matters Updated: 8:11am UK, Thursday 25 October 2012 By Ed Conway, Economics Editor I've covered economics for a decade or so, but I confess that until very recently I didn't really know what GDP really is. I mean,...

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Recession Ends Amid Olympics Boost

How GDP Is Compiled Really Matters Updated: 8:11am UK, Thursday 25 October 2012 By Ed Conway, Economics Editor I've covered economics for a decade or so, but I confess that until very recently I didn't really know what GDP really is. I mean,...

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Unions 'Strike Out' At Reform Proposals

The TUC has rounded on proposals to reform trade union laws, claiming they would weaken union members' voices and potentially risk escalating disputes. The changes recommended by business lobby group the CBI include allowing employers to offer pay settlements...

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Unions: 4,300 Job Losses As Ford Closes Plant

Unions have claimed that Ford will close its factory in the Belgian town of Genk, resulting in 4,300 job losses, according to media reports. The US automaker will tranfer production from the plant in 2014 as it attempts to deal with a slump in demand...

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Argos Overhaul Could See 75 Stores Close

Argos has said it will close 75 stores in the UK over the next five years as it unveils a transformation plan for the business. The retailer's parent company, Home Retail Group, made the announcement as it reported a 37% fall in group pre-tax profit...

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Beer Sales 'Downed By Tax Regime'

The beer industry claims taxes are crippling sales following revelations almost 120 million fewer pints were drunk over the summer, despite the Euro 2012 football championship and the Olympic Games. The British Beer & Pub Association (BBPA) said...

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Insurance Report: AA Says It's Good And Bad News

Car insurance costs are going down - but home insurance premiums are rising, the AA has revealed. Taking an average of the cheapest five premiums, fully-comprehensive car insurance policy fell 2.9% to £844 in the period July-September 2012 compared...

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Yahoo!'s Marissa Mayer Promises Mobile Focus

Yahoo!'s new chief executive has insisted the company does not need a "giant pivot" in direction as it reported better-than-expected financial results. Marrisa Mayer - who was poached from Google after 13 years with the company - instead said Yahoo!...

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Anglo American To Discuss Future Of Boss

By Mark Kleinman, City editor The board of Anglo American, the FTSE 100 mining group, will this week discuss demands to replace its chief executive amid growing shareholder concern over her leadership. I have learned that Anglo American directors...

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Financial Mood Less Downbeat - But Not For Long

The tight squeeze on household finances appears to be easing amid signs of a rise in consumer spending, according to two new surveys. Family budgets were at their least strained for almost two years in October, Markit said, helped by a near-stabilisation...

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Amazon 'Exploits' VAT Tax Loophole On Ebooks

Amazon is taking advantage of a European tax anomaly to make extra profit on ebooks sold in the UK, according to media reports. The online retailer moved its European headquarters to Luxembourg in 2006, meaning it pays only 3% VAT on digital books sold...

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BP Hones Tie-Up With Russia's Rosneft

By Mark Kleinman, City Editor BP is in talks to secure an indemnity against legal claims from a group of Russian oligarchs as part of a £16bn deal that would cement a partnership between two of the world's biggest oil companies. BP and Rosneft,...

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Exclusive: Bankers Court PCC Chairman

By Mark Kleinman, City Editor The chairman of the Press Complaints Commission (PCC) is being lined up to orchestrate the creation of a new banking standards body that would have the power to ban individuals found guilty of malpractice. I have learned...

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Gardeners Blamed For Spreading Potato Blight

By Emma Birchley, East of England Correspondent Allotment holders who fail to deal with blight-ridden potato plants have been blamed for spreading the fungal infection to farmers' fields. If it is not detected, blight can destroy crops and the...

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