Connect to share and comment

UK's Cameron ducks Labour call for RBS bankers' bonus cap

By William James and Matt Scuffham LONDON (Reuters) - British Prime Minister David Cameron refused on Wednesday to answer a call to cap individual bank bonuses at the largely state-owned Royal Bank of Scotland <RBS.L>, but said he would veto any increase in the bank's overall pay pot. Bankers' pay leapt into British political focus ahead of the annual financial sector bonus season, when the opposition Labour party called on the government to block any attempt by RBS to pay its top staff bonuses worth twice their salary.

Sports Direct seeks Debenhams links after stock swoop

By James Davey and Neil Maidment LONDON (Reuters) - Britain's Sports Direct <SPD.L> has bought close to a 5 percent stake in Debenhams <DEB.L>, raising the possibility of the troubled department store group selling some of the value retailer's brands in its stores.

UK banks paid out fraction of swaps mis-selling claims: watchdog

By Matt Scuffham LONDON (Reuters) - Britain's biggest banks have so far paid out only a fraction of the 3 billion pounds ($4.9 billion) they have set aside to compensate small firms mis-sold interest-rate hedging products, prompting suggestions businesses may be getting a raw deal.

Tesco reports falling sales over key Christmas period

Supermarket group Tesco said on Thursday that sales slid around the all-important Christmas trading period, dealing a fresh blow to Britain's biggest retailer. Tesco said sales at stores open more than a year dropped by 3.2 percent in the six weeks to January 4 from the figure for the equivalent period one year earlier, as it continued to suffer from tough conditions at home and abroad. Sales across all of its stores dropped 1.6 percent in the reporting period, the company said in a trading statement.

Tesco reports falling sales over key Christmas period

Supermarket Tesco said on Thursday that group sales slid around the all-important Christmas trading period, dealing a fresh blow to Britain's biggest retailer. Tesco said sales at stores open more than a year dropped by 3.2 percent in the six weeks to January 4 from the figure for the equivalent period one year earlier, as it continued to suffer from tough conditions at home and abroad. Sales across all of its stores dropped 1.6 percent in the reporting period, the company said in a trading statement.

Supermarket Sainsbury's reports mixed trading

British supermarket chain Sainsbury's announced mixed quarterly sales on Wednesday as a tough autumn gave way to a record Christmas period, highlighting shoppers' tightening of budgets amid austerity. Sainsbury's, Britain's second-biggest supermarket after Tesco, said that group sales climbed 0.2 percent in the 14 weeks to January 4, the group's third quarter, compared with the equivalent period a year earlier. Sales slowed markedly compared with activity in Sainsbury's second quarter, when they came in at 2.0 percent.

UK regulators to investigate Co-operative Bank and its senior managers

LONDON - British regulators launched investigations Monday into the troubled Co-operative Bank, whose former chairman was filmed allegedly buying drugs in a sting by a tabloid newspaper. Both the Prudential Regulation Authority and the Financial Conduct Authority launched enforcement investigations amid questions as to how Paul Flowers, a Methodist minister who led the bank for three years, got the job in the first place.

Rolls-Royce says SFO begins formal bribery investigation

LONDON (Reuters) - Aerospace and defense group Rolls-Royce said Britain's Serious Fraud Office (SFO) had launched a formal investigation into concerns raised a year ago of possible bribery and corruption in China and Indonesia. Rolls Royce, the world's second-largest maker of aircraft, said last December it had passed information to the SFO relating to bribery and corruption involving intermediaries in overseas markets. Rolls-Royce said at the time that it could face prosecution over the allegations.

Rolls-Royce says facing formal bribery probe

Engine maker Rolls-Royce said on Monday that Britain's Serious Fraud Office had launched a formal investigation into alleged bribery linked to the group's overseas operations. It comes one year after the British company warned that it might be prosecuted over alleged "malpractice" in Indonesia and China after passing on information related to bribery concerns to the office.

British economy officially grows 0.8% in third quarter

Britain's economy expanded at 0.8 percent in the third quarter compared with output in the previous three months, official data showed on Friday, confirming two previous estimates. Gross domestic product grew by an upwardly-revised 1.9 percent in the third quarter or three months up to the end of September, compared with a year earlier, the Office for National Statistics said in a statement. The prior estimate had stood at 1.5 percent. The quarterly rate meanwhile marked the fastest pace for more than three years, as Britain's economic recovery picked up speed.
Syndicate content