Latest Business News from Times Online

British Airways and Iberia move closer to landing merger deal

Thu, 12 Nov 2009 00:05:00 GMT

British Airways is closing in on its long-awaited merger with Iberia, the Spanish flag carrier. An annoucement could be made as early as Friday, according to Sky News, although sources last night cautioned that any deal could still fall through.

Regulator could force BT’s rivals to help carry burden of its £6bn pension deficit

Thu, 12 Nov 2009 00:01:00 GMT

BT’s rivals could be forced to help to shoulder the telecoms company’s huge pension deficit after a review by the regulator.

Nuclear power industry may benefit from climate change levy exemption

Thu, 12 Nov 2009 00:01:00 GMT

The Government is considering fresh tax breaks for Britain’s nuclear power industry that could smooth the way for the construction of a new generation of UK reactors, The Times has learnt.

Rush to swap debt for equity prompts Lloyds to consider raising £1.5bn more

Thu, 12 Nov 2009 00:01:00 GMT

Lloyds Banking Group said yesterday that it may increase its capital-raising by £1.5 billion to £22.5 billion because of a clamour by investors to take up its offer to swap debt into equity.

Growth without inflation for Britain is a tricky task

Thu, 12 Nov 2009 00:01:00 GMT

Do the Governor’s remarks, coupled with the slowdown in the rate at which unemployment is rising, mean the UK economy is out of the woods?

Lying estate agents confronted with home truths

Thu, 12 Nov 2009 00:01:00 GMT

One in four estate agents has lied to homebuyers about properties or failed to comply with consumer protection laws, an investigation has revealed.

Loose legacy of Chancellor’s fiscal tightening

Thu, 12 Nov 2009 00:01:00 GMT

Mervyn King yesterday achieved the distinction of increasing his growth and inflation forecasts while at the very same time leading financial markets to judge that super-lax monetary policy can stay looser for even longer.

Struggling Guardian to shed more than 100 jobs

Thu, 12 Nov 2009 00:01:00 GMT

Guardian Media Group (GMG) will shed more than 100 jobs in the coming months as the loss-making Guardian and Observer newspapers seek to trim losses that ballooned to £61 million last year.

Smith forced out of Reed Elsevier after only eight months in charge

Thu, 12 Nov 2009 00:01:00 GMT

Ian Smith, the chief executive of Reed Elsevier, walked away with a £1.1 million payoff yesterday as he was forced out of the information giant only eight months after taking charge.

Father’s foul-mouthed wisecracks help to create Twitter-based sitcom

Thu, 12 Nov 2009 00:01:00 GMT

Twitter has passed another milestone on its way to cultural domination by spawning its first television show.

Nakheel debt talks turn spotlight on future of the Islamic bond market

Thu, 12 Nov 2009 00:01:00 GMT

Nakheel, Dubai’s leading property company and owner of the Palm development, offshore of the Gulf city, is in talks with Dubai World, its heavily indebted parent, over the repayment of a $3.5 billion ($£2.1 billion) Islamic bond.

Sainsbury’s takes a look North in drive for growth

Thu, 12 Nov 2009 00:01:00 GMT

J Sainsbury hopes to double the customer base of its larger stores within five years by expanding its non-food range and opening large supermarkets in parts of the country where it has few outlets.

Bmi struggles to get sale of landing slots off the ground

Thu, 12 Nov 2009 00:01:00 GMT

British Midland (bmi) may struggle to raise the £95 million in funding it needs to keep flying because potential buyers for its Heathrow landing slots have become thin on the ground.

Fifty to seek administration after failed sale attempts

Thu, 12 Nov 2009 00:01:00 GMT

The owners of Fifty, the high-roller casino and private members’ club in London patronised by Mike Ashley and Cheryl Cole, have decided to throw in their chips and put the business into administration.

Marks & Spencer may add Simply Food to the menu of continental expansion

Thu, 12 Nov 2009 00:01:00 GMT

Marks & Spencer sparked protests on the streets of London at the start of the decade when it abandoned its stores in countries including Belgium and France — but as a new decade beckons, it is looking toward the Continent again.

The worst is over, says Bank of England Governor

Thu, 12 Nov 2009 00:00:53 GMT

Better-than-expected unemployment figures and a rosier growth forecast from the Bank of England raised hopes yesterday that Britain was beginning to claw its way towards economic recovery.

HP to pay $2.7bn for networking equipment maker$

Wed, 11 Nov 2009 22:42:15 GMT

Hewlett-Packard has pounced on networking software and equipment maker 3Com Corp for $2.7 billion as it gears up to compete across the board with Cisco Systems.$

AIG chief assures staff he will stay at insurer

Wed, 11 Nov 2009 20:15:34 GMT

Robert Benmosche, thenew chief executive of American Insurance Group (AIG), vented his frustration over government-imposed cuts to executives’ pay but denied that he planned to quit only three months into the job.

Airport is latest lavish Japanese public project to fly in the face of facts

Wed, 11 Nov 2009 17:13:00 GMT

Deep in the Ibaraki backwaters, far from anything useful and tucked at the end of an orchard-lined B-road, workmen are putting the finishing touches to a beautiful Japanese disaster: an international airport with (almost) no planes.

China delivers hint on currency rise before Obama arrives in Beijing

Wed, 11 Nov 2009 17:12:00 GMT

China moved yesterday to head off a currency row with President Obama by hinting that it had allowed the renminbi to rise after keeping the exchange rate on ice for 16 months.

Macy's shrinks losses to $31m on cost controls$

Wed, 11 Nov 2009 15:20:42 GMT

Macy’s, the US department store group, reported a smaller third-quarter loss and raised its full-year earnings outlook as tight inventory controls and a move to localize merchandise by region begin to pay off.

First-time buyers benefit as home loans rise

Wed, 11 Nov 2009 14:20:23 GMT

The number of mortgages granted to homebuyers rose for the third consecutive month in September, with first-time buyers accounting for the bulk of new lending.

Bank of England talks up hopes of strong recovery

Wed, 11 Nov 2009 12:08:11 GMT

The Bank of England today surprised economists by raising its forecasts for economic growth over the next two years, stating that the weak pound and its £200 billion money printing scheme should help restore confidence.

Surprise jobless figures boost economic outlook

Wed, 11 Nov 2009 09:39:14 GMT

The rise in British unemployment slowed abruptly in the three months to September to 2.46 million as the number of people landing jobs rose for the first time in more than a year.

Reed Elsevier boss resigns after eight months

Wed, 11 Nov 2009 09:20:12 GMT

Reed Elsevier's chief executive, Ian Smith, has quit the publisher by mutual agreement with the Anglo Dutch publisher's board after just eight months in the job.