City News

JJB Sports boss 'forged statement'

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 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'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.

Starbucks set to pay more tax in UK

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.

£2.7bn train-building deal sealed

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.

China's growth slows down to 7.4%

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.

Pay rises overtake 1.6% inflation

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.

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.

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.

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.

Current account market probe urged

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.

Tesco boss under pressure on profit

Tesco chief executive Philip Clarke has a plan to turn the company around

Tesco boss Philip Clarke will come under renewed pressure tomorrow when he unveils annual results expected to show a second year in a row of profits decline for Britain's biggest supermarket.

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.

Rescue deal saves pawnbroker jobs

Pawnbroker Albemarle & Bond has been saved from administration

Pawnbroker Albemarle & Bond has been rescued from administration in a deal that saves the majority of stores and jobs at the business.

Jobs to go as cigarette plant axed

Imperial Tobacco is to end cigarette manufacturing in the UK after announcing plans to close its factory in Nottingham with the loss of up to 540 jobs.

House prices rising across the UK

House prices are now rising "strongly" across most parts of the UK after official figures showed values leapt 9.1% year-on-year to a new average high of £253,000.

Debenhams shake-up as profits dive

Debenhams is to refocus its promotional strategy after a disastrous Christmas trading performance led to a sharp fall in half-year profits.

Inflation fall raises pay hopes

Inflation fell for the sixth month in succession in March paving the way for an end to the prolonged squeeze on wages, official figures showed today.

Retail sales down for second month

Like-for-like sales fell 1.7% in March compared with the same period in 2013, figures from the British Retail Consortium show

High streets suffered a second month in a row of falling retail sales last month but a better performance from clothing put a silver lining on the gloom.

Shares up as US market rallies

The Dow Jones industrial average added 146.49 points, or 0.9%, to 16,173.24.

US stocks mounted a modest rally today, helping investors recover some of the ground lost after a rough finish last week.