Tube Strike: Shoppers Face Boxing Day Delays

London Underground drivers have gone on strike on Boxing Day for the third consecutive year, causing major disruptions to Christmas bargain-hunters and visitors to the capital. The train drivers' union Aslef stopped work today for the first of three...

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UK Economic Growth Less Than Expected

Britain's growth figure for the third quarter has been revised to 0.9% by the Office for National Statistics. That is down from their previous estimate of 1%. Britain's dominant services sector posted meagre growth in October, adding to the challenge...

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Banks Face Break-Up Over Risky Trading

By Poppy Trowbridge, Business and Economics Correspondent British banks face break-up if they fail to follow new rules protecting high street operations from riskier trading. The Parliamentary Commission on Banking Standards has published a report...

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BT Slapped With £95m Refund Bill

BT has been told it must repay almost £95m to corporate customers following a row over high speed data provision. The regulator Ofcom ruled the company had overcharged for Ethernet services and must hand back £94.8m to communication providers BSkyB...

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BAE Systems Strikes £2.5bn Deal With Oman

By Alistair Bunkall, Defence Correspondent A deal worth £2.5bn has been completed between British defence manufacturer BAE Systems and Oman. It will see BAE provide the Gulf state with 12 Eurofighter Typhoon aircraft and eight Hawk training jets....

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House Prices Predicted To Edge Down In 2013

House prices across the country will fall by 1% during 2013 as the London market shows signs of cooling, property analysts have said. Prices fell 0.1% month-on-month in December, marking the sixth month in a row that this has happened, and average prices...

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Belgian Chocolate: Is Its Reputation Melting?

By Robert Nisbet, Europe Correspondent Belgium's reputation as the world's chocolate capital could be melting as emerging markets develop a sweet tooth and the recession continues to bite. The region became the base for the industry shortly after...

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Steve Jobs' Yacht Row Settled With Payout

Steve Jobs' yacht is free to set sail after the late Apple co-founder's estate paid a deposit to resolve a dispute with the designer. The boat, which reportedly cost more than £80m to build, was impounded after Philippe Starck said Mr Jobs' estate still...

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Pop-Up Shops Benefit From Empty High Street

By Lisa Dowd, Midlands Correspondent With 20 shops closing every day on Britain's high streets, some premises are being temporarily rented out for as little as £1 a week to pop-up businesses. One in six premises now stands empty compared with one...

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Boxing Day Sales: Bargain Hunters Hit Shops

Britain's shops look set for a bumper Boxing Day of profits as bargain hunters go on a predicted £3bn spending spree at the sales. People queued overnight in London's Oxford Street in preparation for stores opening this morning, with thousands pouring...

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Penguin Reaches Ebook Price-Fixing Settlement

Penguin has reached a settlement with the US Justice Department after it accused America's largest book publishers of colluding with Apple to raise the price of ebooks. The US government claims Apple conspired with several publishers in the autumn of...

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Instagram Denies Plans To Sell Users' Pics

Instagram has said it will revise a planned update to its service agreement after a global backlash over rumours the company would sell users' photos. There were thousands of complaints after claims the photo-sharing company, which is owned by Facebook,...

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Superstorm Sandy To Cost Lloyd's Insurance £1.5bn

The Lloyd's of London insurance market has estimated claims totalling £1.55bn ($2.5bn) arising from Superstorm Sandy in the US but says the figure could rise. Its preliminary estimate was released after the deadly weather system caused an estimated...

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British American Tobacco In E-Cigarettes Deal

By Mark Kleinman, City Editor Britain's biggest tobacco company is poised to swoop on a pioneer of some of the world's biggest-selling electric cigarette brands, a vital new frontier in an industry buffeted by growing restrictions on its sales and...

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OFT 'Powerless' To Protect Consumers

The Office of Fair Trading (OFT) does not have the resources to protect consumers from companies' unscrupulous practices, a report has found. The National Audit Office (NAO) said at least £450m of financial harm is being caused by the trading watchdog's...

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Rangers Shares Begin Trading As Club Floats

Rangers Football Club say they raised more than £20m from their listing on the stock exchange, as shares begin trading. Fans of the Glasgow club - who were Scottish champions a record 54 times - contributed £5m, while £17m was raised from large institutional...

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New Bank Governor To Get £874,000 Annually

By Ed Conway, Economics Editor Mark Carney, the incoming Bank of England Governor, will receive an annual pay package equivalent to £874,000, the Bank confirmed today. Among his benefits will be a £250,000 annual accommodation payment the Canadian...

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Nissan To Build Luxury Car Model At UK Plant

Car giant Nissan is to build a new luxury model in the UK, creating 1,000 jobs with a £250m investment. The new global model will be manufactured at the Japanese firm's plant in Sunderland, which employs 6,000 workers. The car, built under Nissan's...

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G4S Close To Olympics Security Settlement

By Mark Kleinman, City Editor The company at the centre of the summer's Olympics security fiasco is close to a deal with the Games organisers that would involve it incurring a smaller loss than the City had feared. I have learned that G4S, which...

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Libor Rate-Rigging: UBS Pays £940m Penalty

The Swiss bank UBS is to pay £940m, including £160m to regulators in Britain, to settle Libor rate-rigging investigations. The fines, which amount to the second biggest penalty paid by a bank in the wake of the £1.2bn money laundering settlement announced...

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Virgin Atlantic Takes On BA With Delta Deal

Singapore Airlines has sold its 49% stake in Virgin Atlantic to rival Delta, in a move that will bolster Virgin's reach in the United States and intensify its rivalry with British Airways. The deal was announced just 24 hours after a verbal spat between...

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Libor Scandal: UK Police Make Three Arrests

The Serious Fraud Office (SFO) has made three arrests as part of its investigation into the manipulation of the interbank lending rate, Libor. The major banks declined to comment on the development but Sky sources have suggested that one of the people...

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Vince Cable Unveils SME Lending Boost

By Mark Kleinman, City Editor A peer-to-peer lender backed by Lord Rothschild will be unveiled as one of the major beneficiaries of a Government scheme to stimulate small business lending. Zopa, a company which promotes direct lending over the...

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Adam Posen: Osborne's Plan Is 'Misguided'

George Osborne's economic strategy is "misguided" and has left Britain "malnourished", according to a former Bank of England policymaker. Adam Posen, who stepped down from the Monetary Policy Committee (MPC) in August, accused the Government of focusing...

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Compensation Culture: Firm Rapped Over Ads

The Advertising Standards Authority (ASA) has raised fears about the activities of a claims management company while upholding complaints against it relating to text messages about compensation. The ASA said Data Supplier, based in India, had not responded...

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SuperGroup's Profits Up After Sales Boost

The owner of the SuperDry fashion brand has reported an increase in profits, as a broader product range boosted sales. SuperGroup - whose products are favoured by celebrities including David Beckham and Pippa Middleton - said pre-tax profit over the...

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Barclays Hires Former FSA Boss Hector Sants

Barclays has hired the former chief executive of the Financial Services Authority (FSA), Hector Sants, as its head of compliance. The bank's interest in Mr Sants, which was exclusively revealed by Sky's City Editor Mark Kleinman last week, emerged soon...

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Youth Unemployment Falls Amid Jobs Record

There has been the biggest quarterly fall in unemployment for a decade amid a welcome drop in the number of young people without work. The Office for National Statistics said unemployed 16- to 24-year-olds fell by 72,000 to 945,000 in the three months...

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Cameron Hopes 'Every Little Helps'

By Mark Kleinman, City Editor The chief executives of Diageo and J Sainsbury, two of Britain's most successful companies, are to step down as advisers to David Cameron amid growing private sector scepticism over the Coalition's efforts to revive...

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Mick Jagger Love Letters Sell For £187,000

Passionate letters sent by Mick Jagger to his secret lover in the summer of 1969 have sold for £187,250. The Rolling Stones front man penned the love notes - which include song lyrics and a band playlist - to singer Marsha Hunt in the summer of 1969....

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Household Spending Up But Families Get Less

The average UK household spent £483.60 a week in 2011 - the highest amount ever recorded by the Office for National Statistics (ONS). Last year's level was £10 higher than in 2010, due in part to increases in transport and housing costs. However, although...

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Sir Philip Green Sells Topshop Stake

By Mark Kleinman, City Editor Sir Philip Green, the high street billionaire, is to sell a chunk of his burgeoning Topshop empire to outside investors in a move that will cement his reputation as one of Britain's most successful businessmen. I can...

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Ex-FSA Chief Sants In Talks With Deloitte

By Mark Kleinman, City Editor The former chief executive of the Financial Services Authority (FSA) risks igniting a conflict of interest row by entering negotiations about a job with Deloitte, the accounting firm, just months after he left the City...

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Tesco Confirms It Could Pull Out Of US

Tesco has confirmed a review of its loss-making US operations with "all options under consideration" as it attempts to convince the City on its wider turnaround plans. The move, which was exclusively revealed by Sky's City Editor Mark Kleinman last...

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TV Manufacturers Fined For Price Fixing

Six television manufacturers have been fined a record 1.47bn euros (£1.2bn) by EU competition regulators for fixing the price of a key component. Philips, LG Electronics and Samsung SDI are among those firms affected by the case, which examined the...

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Starbucks Close To Deal On Paying More Tax

By Mark Kleinman, City Editor Starbucks will try to end the damaging row over its UK tax affairs by striking a deal with the Government that it believes will involve paying a comparable level of corporation tax to Costa Coffee, the British-based...

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Olympic Stadium: West Ham Poised To Take Over

West Ham United are poised to win the battle for the Olympic stadium after being named as "first ranked" bidder to take over the venue. The London Legacy Development Corporation board (LLDC) unanimously made the decision in favour of the Premier League...

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