Key party quits India government

18 September 2012 Last updated at 12:53 ET A key regional party has pulled out of India's ruling coalition over its plan to open the retail sector to global supermarket chains and other reforms. The Trinamool Congress party of West Bengal Chief Minister Mamata Banerjee said that its six ministers would resign from the coalition on Friday. Ms Banerjee, who is also angry at fuel price...

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SA miners 'to go back to work'

18 September 2012 Last updated at 12:47 ET Striking miners at a Lonmin-owned platinum mine in South Africa have agreed to return to work on Thursday, mediators and reports say. Miners cheered when they were told of a proposed 22% pay rise, a witness told Reuters news agency. But South Africa's labour dispute body told the BBC it was waiting to hear if the latest pay offer had been...

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Uganda confirms new oil deposits

18 September 2012 Last updated at 11:29 ET Uganda has confirmed the discovery of an additional one billion barrels of oil in the country. In 2010, it had announced it had discovered commercially viable deposits of 2.5 billion barrels. However, the commissioner for petroleum exploration told the BBC that deposits were now at least 3.5 billion barrels. "This is because of new discoveries,...

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Fedex warns of weakening economy

18 September 2012 Last updated at 10:19 ET Global shipping service company Fedex has cut its full-year profit forecast, warning that the global economy is continuing to weaken. The company, whose earnings are widely watched because of the number of countries it does business in said its net income for the first quarter had fallen 1% on last year to $459m. Fedex said it expected annual...

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Electronic Arts creates 300 jobs

18 September 2012 Last updated at 09:00 ET Games company Electronic Arts is creating 300 new jobs at its European customer service centre in Galway, in the Republic of Ireland. The centre already has a 400-strong workforce. The US firm said it had received support from the Irish government, which is keen to attract more digital games firms to the country. Irish premier Enda Kenny...

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Man Utd net profits rise to £23m

18 September 2012 Last updated at 09:22 ET Profits at Manchester United football club jumped 79.2% to £23.3m in year to 30 June, according to latest figures. However, the numbers, the first since the club floated on the New York stock exchange last month, show that total revenues fell 3.3% to £320m. Earnings from commercial operations, which includes sponsorship, hit a record £117.6,...

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Bank account exclusion 'rethink'

18 September 2012 Last updated at 08:26 ET Banks need to "look again" at financial inclusion after new bankrupts saw the end to a choice of bank accounts, a minister has said. The new consumer minister, Jo Swinson, said that the Co-op's withdrawal of basic bank accounts for undischarged bankrupts was "disappointing news". She said the government would continue discussions with the...

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Two-speed housing market persists

18 September 2012 Last updated at 06:33 ET House prices continued to accelerate much quicker in London than the rest of the UK, latest figures show. UK property prices rose by 2% in the year to the end of July - lower than the rate of inflation - according to the Office for National Statistics (ONS). However, prices increased by 5.7% in London over the same period, the figures show....

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Spanish bank bad debts at record

The value of bad debts held by Spain's banks in July rose to 169.3bn euros ($221bn; £136bn), according to latest figures from the central bank. The Bank of Spain said 9.9% of banks' total loans were in arrears, up from 9.4% a month before. It was the highest bad loan ratio since the central bank began compiling the data in 1962. Despite the news, Spain raised 4.6bn euros in 12-...

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Lawyers face tax dodging action

18 September 2012 Last updated at 05:52 ET Tax inspectors are to target the legal profession among others during their latest trawl for suspected tax dodging. Solicitors and barristers in London will be examined for a suspected shortfall in tax payments of £3m, HM Revenue and Customs (HMRC) said. Other sectors to be investigated include motor traders in Scotland and hair and beauty...

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