Swinney unveils spending plans

20 September 2012 Last updated at 09:30 ET Scottish Finance Secretary John Swinney has started to outline his spending plans for 2013/14. It is understood that the minister, who is presenting his budget to Holyrood, will signal an end to the public sector pay freeze. Mr Swinney has said his plans will be a "relentless pursuit of economic growth", despite UK government cuts. Opposition...

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US manufacturing growth 'modest'

20 September 2012 Last updated at 09:39 ET Growth in the US manufacturing sector remained "modest" during September, according to a closely-watched survey. The Markit Flash US Manufacturing Purchasing Managers' Index (PMI) was unchanged from August's figure of 51.5. A reading above 50 implies growth. While manufacturing output continued to rise, "growth was only marginal and the...

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TNK-BP Rosneft deal edges closer

20 September 2012 Last updated at 07:49 ET BP, the British oil giant, is reportedly close to selling its 50% stake in Russian joint venture TNK-BP to Rosneft, the state-owned oil company. Under the terms of the deal, BP would take a 12.5% stake in Rosneft worth about $10bn (£6.2bn) plus $15bn in cash, said Russian newpaper Kommersant. BP and Rosneft are keen to explore the Russian...

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Spain in successful bond auction

20 September 2012 Last updated at 05:55 ET Spain's borrowing costs eased at the country's latest bond auction where it raised 4.8bn euros (£3.84bn) after selling three and 10-year bonds. There was strong demand for the 10-year bonds, with investors bidding for nearly three times the amount on offer. The average yield was 5.66%, down from 6.65% at the previous auction, and below the...

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Eurozone business activity falls

20 September 2012 Last updated at 05:20 ET Activity among eurozone firms suffered its steepest contraction since June 2009, according to a survey. The Markit Flash Eurozone Purchasing Managers' (PMI) Composite Output Index fell to 45.9 in September from 46.3 in August, its lowest level for 39 months. The composite figure combines services and manufacturing activity, and a figure...

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Homes market 'flat like economy'

20 September 2012 Last updated at 05:23 ET Activity in the UK housing market was subdued in August as the economy was flat and household confidence low, lenders have said. Gross mortgage lending fell slightly from £12.7bn in July to £12.6bn in August, the Council of Mortgage Lenders (CML) said. This was 4% lower than August last year, the lenders' group said. It predicted that...

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UK retail sales hit by Olympics

20 September 2012 Last updated at 04:51 ET Retail sales in the UK fell during in August as people put off shopping to watch the Olympics, figures show. Sales fell 0.2% in August from July, according to the Office for National Statistics (ONS). The ONS said lower sales were driven by a fall in online sales as consumers watched the Olympics instead of shopping on the internet. However,...

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Wen set for final China-EU summit

20 September 2012 Last updated at 00:35 ET China's premier Wen Jiabao is to take part in his last EU-China summit before handing over power later this year. His talks in Brussels with senior EU figures, including European Council President Herman Van Rompuy and foreign policy chief Catherine Ashton, are expected to focus on economic issues. Beijing has previously expressed concerns...

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Marikana miners return to work

20 September 2012 Last updated at 02:25 ET Miners in South Africa are returning to work at the Marikana platinum complex, which was the scene of violent protests in which 44 people died. Striking miners reached an agreement with owners Lonmin on Tuesday. It will see their salaries rise by up to 22%. Lonmin is hoping to recover some of the big losses it incurred during the six-week...

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Sky 'fit and proper', says Ofcom

20 September 2012 Last updated at 02:21 ET Media regulator Ofcom has decided Sky is a "fit and proper" company to hold a broadcasting licence. Ofcom was investigating the satellite broadcaster in the wake of the phone hacking scandal that engulfed Rupert Murdoch's News Corp media empire. News Corp owns 39% of BSkyB, and James Murdoch, Rupert's son, was chairman until he stepped down...

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Former Reebok India boss arrested

20 September 2012 Last updated at 00:56 ET Former managing director of sportswear business Reebok India, Subhinder Singh Prem, and ex-chief operating officer Vishnu Bhagat have been arrested in connection with a fraud case. They have been alleged to have indulged in fictitious sales and fudging of company accounts. Reebok has claimed that such activities had resulted in a loss of...

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India strike over retail reforms

19 September 2012 Last updated at 23:43 ET Opposition parties and trade unions in India are joining in one-day strike over the government's plan to open the retail sector to global supermarket chains and other reforms. Early reports said that opposition workers had blocked railway tracks in Uttar Pradesh and Bihar states. A key ally of the ruling coalition has pulled out of the government...

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Programmer admits to data theft

20 September 2012 Last updated at 00:02 ET Chunlai Yang, a former programmer for CME Group, the largest US futures exchange operator, has admitted to stealing trade secrets from the firm. He pleaded guilty to downloading CME's computer codes to help boost trading speeds and volumes at a Chinese exchange. The US government said the potential loss from the theft was between $50m-$100m...

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Electric car money 'only for few'

19 September 2012 Last updated at 22:47 ET Government spending of £11m to encourage people to drive electric cars has benefited only a "handful of motorists", MPs have said. They also warned the scheme was being used to subsidise second cars for more affluent households. In a report, the Transport Select Committee questioned whether this represented a good use of public money. ...

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Japan exports fall on EU slowdown

19 September 2012 Last updated at 21:20 ET Japanese exports fell for the third consecutive month in August, hurt by a slowdown in demand from the European Union (EU) and China. Shipments fell 5.8% from a year earlier, with exports to the EU sliding by 22.9% and to China by 9.9%. Exports to the EU have dipped for 11 straight months amid the debt crisis. There are now fears that Japan's...

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UK cities get fast broadband cash

20 September 2012 Last updated at 00:06 The government has announced how it will share the money promised to 10 UK cities to allow them to create superfast broadband networks. London gets the largest share of the £114m pot with £25m, followed by Leeds and Bradford, which will divide £14.4m. The money will be used to build city-wide networks, offering homes and businesses speeds of...

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Pensions system roll-out revealed

19 September 2012 Last updated at 19:02 ET Some 600,000 people are expected to be enrolled into a workplace pension by the end of the year under a new system that automatically diverts funds from their pay packet. The automatic enrolment scheme begins on 1 October and will mark one of the biggest changes to the pension system in the UK. It will start with the largest firms. Employers...

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Lufthansa in new low cost move

19 September 2012 Last updated at 16:10 ET Lufthansa says it will merge many of its European and domestic routes under a new low cost brand as it seeks to boost profits. The company's flights within Germany and Europe, excluding those from the Frankfurt and Munich hubs, will be merged with its existing low-cost brand Germanwings from next year. The new service is expecting some 18...

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Bill Gates tops Forbes rich list

19 September 2012 Last updated at 14:45 ET Technology titan Bill Gates has been listed by Forbes magazine as the wealthiest American for the 19th year in a row, with a fortune of $66bn (£41bn), up $7bn from last year. There was no change in the order of the top five richest from a year earlier. The total wealth of the US super-rich grew 13% to $1.7tn, with the top 400 worth an average...

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EADS boss warning over BAE deal

19 September 2012 Last updated at 12:54 ET The chief executive of EADS has said its proposed tie-up with BAE Systems represents a "perfect fit" but that there is "serious work" ahead to convince investors of its value. Tom Enders' thoughts were given in a letter to 136,000 EADS employees, including 17,000 in the UK. Politicians are also looking closely at the planned merger, which...

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HTC unveils Windows Phone mobiles

19 September 2012 Last updated at 16:55 HTC has unveiled two Windows Phone 8 handsets at an event in New York. The firm has said that it intends to promote the 8X, which features a 4.3" (10.9cm) display, as its flagship device alongside the Android-powered One X. The firm is also offering a smaller 8S model with a 4" (10.2cm) screen. HTC's share price has fallen more than 50% since...

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William Hill in Sportingbet talks

19 September 2012 Last updated at 12:08 ET UK bookmaker William Hill has confirmed it is in talks over a possible joint offer for gambling firm Sportingbet. William Hill, which has 2,300 High Street betting shops, is attempting to reach a deal to buy Sportingbet with the European gaming company GVC. Shares in the target company rose 17% as market rumours about the deal circulated. ...

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US home sales at two-year high

19 September 2012 Last updated at 10:36 ET Sales of previously owned US homes reached their highest level for more than two years in August, figures show. Prices for such homes also rose, according to figures from the National Association of Realtors (NAR). The figures added to the picture of an improving US housing market, although the number of first-time buyers fell back from 34%...

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Facebook trials mobile ad system

19 September 2012 Last updated at 15:04 Facebook is testing a system that allows it to make money by placing adverts for other companies on third-party apps and mobile web pages. The placements, on Apple iOS and Android-powered devices, are based on data held by the social network about users and the links they have "liked". The company said it was "a small test" limited to the US....

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DHL workers to take strike action

19 September 2012 Last updated at 07:37 ET Workers at Cumbernauld-based DHL Supply Chain are to take strike action in a dispute over pay and the site's future. The Unite union said more than 350 workers had rejected a pay offer amounting to an annual 2% increase for two years. It added workers were concerned about the future of the Westfield site after key contractor Marks and Spencer...

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Trump 'advert complaints' upheld

Complaints about newspaper adverts commissioned by the Trump Organisation showing broken and rusting wind turbines under the headline 'Welcome to Scotland' have been upheld. A picture in the Press and Journal newspaper showed the turbines, with a disclaimer admitting it was not taken in Scotland. It was not enough to save the advert from criticism from the Advertising Standards Authority...

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FSA 'concerns' about Bob Diamond

19 September 2012 Last updated at 09:02 ET The UK's financial regulator has said it warned Barclays two years ago that Bob Diamond could be unsuitable to be appointed chief executive of the bank. Newly-published letters reveal that the Financial Services Authority felt its investigation into the Libor rate-rigging scandal was relevant. The FSA said it could not prejudge the appointment,...

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BoE sees worse inflation outlook

19 September 2012 Last updated at 07:21 ET Bank of England policymakers think inflation is set to slow less rapidly because of higher oil costs and possible food price rises. Minutes from the latest meeting of the Monetary Policy Committee (MPC) showed that they felt inflation was unlikely to slow as it had forecast in August. They also showed all nine MPC members voted to hold rates...

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Asos enjoys sales boost from US

19 September 2012 Last updated at 07:17 ET Online fashion retailer Asos says a big increase in demand from US customers helped sales grow 31% in the three months to the end of August. Overall sales increased to £141m in that period, up from £107.4m, but 65% of the sales increase came from the US. The company said that sales outside the UK, European Union and the US jumped 53% to...

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Amount paid in bonuses hits £37bn

19 September 2012 Last updated at 06:18 ET The amount paid in bonuses to UK employees in the year to end-March rose 3% to £37bn - about £1,400 per worker - according to official figures. Staff in the finance and insurance sector received £13bn of the total, 9% down on the previous year, the Office for National Statistics (ONS) said. However, the finance sector received 36% of all...

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Lonmin shares rise after pay deal

19 September 2012 Last updated at 05:13 ET Continue reading the main story Shares in Lonmin jumped 9% in the first 20 minutes of trading in London, after the firm signed a pay deal with striking miners in South Africa. The deal brings to an end a strike lasting nearly six weeks at the Marikana mine in Rustenburg. The miners, who are mostly rock drill operators, cheered when they...

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Workers turn away from pensions

19 September 2012 Last updated at 04:59 ET The number of people actively paying into a workplace pension scheme dropped for a third consecutive year in 2011, official figures show. Some 8.2 million people were active members of pension schemes at work, down from 8.3 million the previous year, the Office for National Statistics said (ONS). The fall came from a dip in membership in the...

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Zara owner Inditex profits up 32%

19 September 2012 Last updated at 04:31 ET The world's largest clothing retailer, Inditex, which owns Zara, has posted a jump in first-half profit after opening new stores and gaining new customers. Inditex reported a net profit of 944m euros ($1.23bn; £758m) for the six months to 31 July, up 32% on the same period last year. Net sales rose 17% to 7.2bn euros, while like-for-like...

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Newbury Racecourse in land sale

19 September 2012 Last updated at 04:02 ET The owners of Newbury Racecourse have sold part of the land to property developers who intend to build 1,500 homes over the next 10 years. Newbury Racecourse plc has sold land on its western, central and eastern sites to David Wilson Homes, part of Barratt. David Wilson will pay "a minimum of £42.6m for the land", with the proceeds funding...

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French Connection reports loss

19 September 2012 Last updated at 02:31 ET Fashion chain French Connection has reported a half-year loss after sales fell during what it described as a "very difficult" six months. The firm - which had issued a profit warning in May - reported a loss of £6.3m for the six months to 31 July, down from a £700,000 profit last year. Revenues fell by 7% to £96m, and sales in the UK and Europe...

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BoJ extends asset purchase scheme

19 September 2012 Last updated at 02:35 ET The Bank of Japan (BoJ) has extended its asset purchasing programme by 10 trillion yen ($126bn; £78bn), following similar moves by the Federal Reserve and the European Central Bank. The move, aimed at boosting the economy, increases the overall size of the stimulus programme to 80tn yen. Though the increase had been widely anticipated, some...

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Youth jobs plan is 'insufficient'

18 September 2012 Last updated at 19:49 ET The government's youth contract is not enough to tackle the scale of youth unemployment, a group of MPs has said. The youth contract provides £1bn for a range of schemes aimed at getting young people into work. The Work and Pensions Select Committee said the contract was "a good start" but alone would not be enough "to address the current...

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Heineken ends Tiger beer standoff

19 September 2012 Last updated at 00:25 ET Dutch brewer Heineken has ended the standoff over control of the maker of Tiger beer, by garnering the support of a Thai billionaire. Charoen Sirivadhanabhakdi's ThaiBev and TCC Assets have agreed to back the sale of Singapore-based Fraser and Neave's (F&N) stake in Asia Pacific Breweries (APB) to Heineken. Heineken has offered 5.6bn...

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JAL shares rise on re-listing

18 September 2012 Last updated at 20:45 ET Japan Airlines (JAL) shares rose 2.6% on strong demand, almost three years after it filed for bankruptcy in one of Japan's biggest corporate failures. JAL shares climbed as high as 3,890 yen, up from its re-listing price of 3,790 yen on the Tokyo Stock Exchange. The 663bn yen ($8.4bn; £5.2bn) initial public offering comes after the airline...

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Business bank will 'need £40bn'

18 September 2012 Last updated at 19:07 ET The government-backed "business bank" planned by Vince Cable will need £40bn to successfully boost lending to UK firms, say the think tank IPPR. It says the bank must also be able to tap bond markets for up to £100bn. The IPPR also suggests the government allow the bank to invest in infrastructure projects such as road building to help reflate...

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Rachel Lomax 'no' for Bank chief

18 September 2012 Last updated at 18:41 ET The former deputy governor of the Bank of England Rachel Lomax says she will not be applying to be the bank's next governor. The economist - who previously sat on the Bank's Monetary Policy Committee - had been named as the leading female candidate to take over from Sir Mervyn King. Sir Mervyn is due to step down next year. Ms Lomax made...

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URGENT URGENT

Dear friend, I know that this message will come to you as a surprise. I am Dr.Abu Salam from Burkina Faso the Accounting and Auditing Manager bank of Africa (B.O.A), Ouagadougou I hoped that you will not expose or betray this trust and confident that I am about to repose on you for the mutual benefit of our families. I need your urgent assistance in transferring the sum of (usd$10.5m) million to...

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