Sainsbury’s-Asda merger in jeopardy

Image copyright Alamy Customers could see higher prices and less choice as a result of the proposed merger between Sainsbury’s and Asda, the UK’s competition watchdog has said. The Competition and Markets Authority (CMA) said it could block the deal or force the sale of a large number of stores or even one of the […]

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UBS fined €3.7bn in tax fraud case

Image copyright Getty Images Swiss banking giant UBS has been fined €3.7bn (£3.2bn; $4.2bn) in a French tax fraud case. A court in Paris found that the bank had illegally helped French clients hide billions of euros from French tax authorities between 2004 and 2012. UBS said it had consistently contested any criminal wrongdoing and […]

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Laura Ashley profit warning as sales slump

Image copyright Getty Images Laura Ashley has warned investors that it will post profits lower than it had forecast for the financial year. It also said it made zero profit for the last six months of 2018 as sales fell 4.2%. “Trading conditions have been difficult,” the company said. While fashion sales increased, furniture and […]

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Lloyds PPI bill grows £750m to £19.4bn

Image copyright Getty Images Lloyds Banking Group said it set aside £750m in 2018 for further payment protection insurance (PPI) claims. Banks are having to repay customers who did not want, need or understand the loan insurance. The addition takes the bank’s total provision pot to £19.4bn. The bank is making fewer of these additions, […]

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Asda sales growth slows amid ‘challenging’ trade

Image copyright Reuters Supermarket chain Asda has reported a slowdown in sales growth amid another “challenging year” for retailers. In the final three months of 2018, like-for-like sales grew 1%, compared with a 2% rise in the previous quarter. Asda chief executive Roger Burnley said that Brexit uncertainties were “playing on our customers’ minds”. Asda […]

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Estonia orders Danske Bank branch to shut

Image copyright Reuters Image caption The Tallinn branch must close by 19 October Estonia has told Danske Bank to close its branch in Tallinn before the end of 2019 after a money-laundering scandal. Chief executive Thomas Borgen resigned last year after an investigation into payments of about €200bn (£174bn) which were made through the branch. […]

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UK employment hits another record high

Image copyright Getty Images The number of people in work in the UK has continued to climb, with a record 32.6 million employed between October and December, the latest Office for National Statistics figures show. Unemployment was little-changed in the three-month period at 1.36 million. The jobless rate, remaining at 4%, is at its lowest […]

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Honda confirms Swindon car plant closure

Media playback is unsupported on your device Media captionHonda Europe boss Ian Howells says the decision was driven by big changes in the industry Honda has confirmed it will close its Swindon car plant in 2021, with the loss of about 3,500 jobs. The Japanese company builds 160,000 Honda Civics a year in Swindon, its […]

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HSBC profits hit by China slowdown

Image copyright Reuters HSBC has reported a lower-than-expected 15.9% rise in pre-tax profits for 2018, partly because of an economic slowdown in China and Hong Kong. Europe’s largest bank made $19.9bn (£15.4bn) before tax last year, compared with $17.2bn in 2017. Reported revenue was $53.8bn, a rise of 5% from the previous year. HSBC makes […]

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