Wonga profits from loan demand

17 September 2012 Last updated at 04:54 ET Money lender Wonga has announced a sharp jump in profits, thanks to strong demand for credit during the downturn. Net profit more than trebled to £45.8m in 2011, from £12.4m in 2010. Revenue grew at a similar rate, to £185m. The number of loans made by the company quadrupled to almost 2.5 million, taking the total number of loans made since...

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India makes move to boost lending

17 September 2012 Last updated at 03:18 ET India central bank has lowered the amount of money that banks need to keep in reserve, in a bid to boost lending and spur domestic demand. The Reserve Bank of India (RBI) cut the Cash Reserve Ration (CRR) by 25 basis points to 4.5%. However, the bank left its key interest rate unchanged at 8%. The CRR cut, which will inject 170bn rupees...

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India party ministers may quit

17 September 2012 Last updated at 00:52 ET A key political ally is to meet on Tuesday to decide on whether or not to withdraw from the Indian government. The Trinamool Congress party has demanded that the government scrap its decision to open up India's retail sector to global supermarket chains. Separately, India's opposition parties have called for a nationwide strike on Thursday...

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Oil trading near four-month high

17 September 2012 Last updated at 02:45 ET Continue reading the main story Oil prices rose for the eighth session in a row, with Brent crude trading near a four-month high, boosted by the Federal Reserve's move last week to stimulate the US economy. The central bank said on Thursday that it would inject $40bn (£25bn) a month into the economy. Brent crude for November delivery...

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Economy may be recovering - Major

16 September 2012 Last updated at 08:11 ET Please turn on JavaScript. Media requires JavaScript to play. Sir John Major tells Andrew Marr UK economic recovery begins "from the darkest moment" The British economy may have passed its "darkest moment" and an economic recovery may be under way, former Prime Minister Sir John Major has said. He said falling unemployment...

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Panasonic in China factory halt

16 September 2012 Last updated at 23:35 ET Japanese electronics maker Panasonic has suspended some of its operations in China after anti-Japan protesters attacked two of its factories. The firm said its factory in Qingdao will remain shut until 18 September. The attacks are a part of wider protests that have spread across China and hurt other firms, including Toyota. They started...

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UK's 'top piracy city' revealed

17 September 2012 Last updated at 00:44 By Dave Lee Technology Reporter Manchester has been named the piracy capital of the UK, according to a new study seen exclusively by the BBC. The research said there were more illegal downloads per person in the city than any other in the country, followed by Nottingham and Southampton. The statistics, from monitoring service Musicmetric,...

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Small firms in 'finance struggle'

16 September 2012 Last updated at 22:30 ET Small firms are struggling to raise the money they need to expand, according to a survey by business leaders. The Federation of Small Businesses (FSB) found that 42% of those who applied for a loan said they were turned down. The FSB said that while companies were weathering the recession well, business confidence was declining. The British...

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Boots agrees deal with China firm

16 September 2012 Last updated at 22:07 ET Alliance Boots, one of Europe's biggest pharmacy chains, has agreed a deal to buy a stake in a Chinese firm as it looks to expand in the country. Boots said it will acquire a 12% stake in Nanjing Pharmaceutical Company Limited, for 560m yuan ($88m; £56m). China, the world's second-largest economy, is home to more than 1.3 billion people,...

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Income levels 'to rise next year'

16 September 2012 Last updated at 10:27 ET UK households will see a rise in real income levels next year for the first time since the onset of the financial crisis, a study suggests. Taking inflation into account, incomes are set to rise by 0.5% in 2013, according to the Centre for Economics and Business Research (CEBR). But they will drop by 0.2% this year, the group said. Households...

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