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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