Latest financial news from Reuters - MSN Money UK

UK joins G20 push for levy on banks

Sat, 07 Nov 2009 17:18:14 GMT

By Sumeet Desai and Huw JonesST ANDREWS, Scotland (Reuters) - Britain threw its weight on Saturday behind proposals to impose a global levy on banks to fund future bailouts and called on the G20 to work towards a $100 billion (60 billion pounds) deal to meet the cost of climate change.

U.S. jobless highest in more than 26 years

Sat, 07 Nov 2009 17:18:14 GMT

By Lucia MutikaniWASHINGTON (Reuters) - The U.S. jobless rate unexpectedly jumped to 10.2 percent last month, a 26-1/2-year high, adding to pressure on the Obama administration to do more to tackle unemployment even as signs of recovery mount.

Kraft in waiting game as Cadbury deadline nears

Sat, 07 Nov 2009 17:18:14 GMT

By Victoria Howley and David JonesLONDON (Reuters) - Kraft Foods is persisting in its waiting game as a deadline for its acquisition of confectioner Cadbury nears, and many see a formal bid coming in close to its tight first offer.

Berkshire Hathaway's net income triples

Sat, 07 Nov 2009 17:18:14 GMT

By Jonathan Stempel and Lilla ZuillNEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc on Friday said quarterly earnings tripled, as rising stock markets boosted its investment holdings and a quiet hurricane season contributed to higher insurance profit.

BA hints worst over for business travel

Sat, 07 Nov 2009 17:18:14 GMT

By Rhys JonesLONDON (Reuters) - British Airways signalled business is stabilising, eclipsing news of a worse than expected first half loss and a prediction that revenue would slump by 1 billion pounds this year.

RBS cuts losses, investment bank slumps

Sat, 07 Nov 2009 17:18:14 GMT

By Clara Ferreira-Marques and Steve SlaterLONDON (Reuters) - Losses at part-nationalised Royal Bank of Scotland more than halved in the third quarter with a sharp reduction in bad debt writeoffs, despite a slump in profits at its beleaguered investment bank.

Stocks shrug off U.S. jobs data

Sat, 07 Nov 2009 17:18:14 GMT

By Daniel BasesNEW YORK (Reuters) - Global equity markets ended the week with gains on Friday, shrugging off initial shock at U.S. jobs data, but oil prices never fully recovered.

Britain supports global tax on banks

Sat, 07 Nov 2009 17:18:14 GMT

By Huw JonesST ANDREWS, Scotland (Reuters) - World governments should consider urgently a levy on banks to fund future bailouts, British Prime Minister Gordon Brown said on Saturday, departing from London's longstanding resistance to a global tax.

Gold surges to record after U.S. jobs

Sat, 07 Nov 2009 17:18:14 GMT

By Pratima Desai and Veronica BrownLONDON (Reuters) - Gold surged to a record high above $1,100 per ounce on Friday as investors pounced on the metal in volatile trade after data showed U.S. employers cut a bigger-than-expected 190,000 jobs in October.

Opel chief leaves following failed deal

Sat, 07 Nov 2009 17:18:14 GMT

By Christiaan Hetzner and Angelika GruberFRANKFURT (Reuters) - General Motors Co said on Friday the head of its European operations, Carl-Peter Forster, is leaving, three days after the automaker's decision to scrap a planned sale of its Opel unit.

Britain gives impetus to global tax on banks

Sat, 07 Nov 2009 17:18:14 GMT

UK gives ground on global tax on banks

Sat, 07 Nov 2009 17:18:14 GMT

By Huw JonesST ANDREWS, Scotland (Reuters) - World governments should consider urgently a levy on banks to fund future bailouts, Prime Minister Gordon Brown said on Saturday, departing from London's longstanding resistance to a global tax.

UK joins G20 push for world levy on banks

Sat, 07 Nov 2009 17:18:14 GMT

Darling urges divided G20 to reach climate finance deal

Sat, 07 Nov 2009 17:18:14 GMT

By Toni Vorobyova and Anna WillardST ANDREWS, Scotland (Reuters) - Chancellor Alistair Darling urged his G20 counterparts on Saturday to work towards a $100 billion (60 billion pound) deal on tackling climate change as developing nations held firm they did not want to talk about it.

Brown - G20 should consider bank tax

Sat, 07 Nov 2009 17:18:14 GMT

ST ANDREWS, Scotland (Reuters) - A tax on financial transactions to fund future bank bailouts should be considered with urgency, Prime Minister Gordon Brown said on Saturday, a significant departure from London's line to date.Policymakers are looking at ways to learn from the credit crunch and avoid the need for more massive taxpayer funded bank bailouts in future.

Lottery firm Camelot for sale - bankers

Sat, 07 Nov 2009 17:18:14 GMT

LONDON (Reuters) - National lottery operator Camelot's five shareholders have asked bidders to submit offers in around two weeks in a sale that could fetch more than 500 million pounds, two bankers said on Friday.Camelot has been reviewing its options since earlier this year when some of its shareholders -- Cadbury Schweppes, Royal Mail Enterprises, De La Rue, Fujitsu Services and Thales Electronics -- indicated interest in selling.

IMF warns G20 off cutting support too fast

Sat, 07 Nov 2009 17:18:14 GMT

By Sumeet Desai and Jan StrupczewskiST ANDREWS, Scotland (Reuters) - The International Monetary Fund warned global financial leaders on Friday not to repeat the mistakes of the Great Depression and choke off emergency support for their economies too quickly.

Buffett's Berkshire net income triples

Sat, 07 Nov 2009 17:18:14 GMT

By Jonathan Stempel and Lilla ZuillNEW YORK (Reuters) - Warren Buffett's Berkshire Hathaway Inc on Friday said third quarter net income tripled, as rising stock markets boosted its investment holdings and a quiet hurricane season contributed to higher insurance profit.

Warren Buffett's Berkshire says net income triples

Sat, 07 Nov 2009 17:18:14 GMT

FSA makes arrest in "boiler rooms" probe

Sat, 07 Nov 2009 17:18:14 GMT

LONDON (Reuters) - The financial services watchdog arrested one person and searched three premises on Thursday as part of clampdown on share fraud.The Financial Services Authority said in a statement on Friday its investigation centred on two individuals suspected of profiting from the activities of suspected overseas "boiler rooms."

FTSE up on third day of gains

Sat, 07 Nov 2009 17:18:14 GMT

By David BrettLONDON (Reuters) - The leading share index rose for the third day in a row on Friday, reversing earlier losses after the release of bearish U.S. jobs data, on a belief the sell-off had been overdone.

GM Europe chief to leave company

Sat, 07 Nov 2009 17:18:14 GMT

By Christiaan Hetzner and Angelika GruberFRANKFURT (Reuters) - The head of General Motors' European business, Carl-Peter Forster, is leaving the company after the surprise decision by GM's board to block the sale of Opel, two sources close to the situation told Reuters.

IMF warns G20 off cutting economic support too fast

Sat, 07 Nov 2009 17:18:14 GMT

U.S. unemployment rate hits 10.2 percent

Sat, 07 Nov 2009 17:18:14 GMT

By Lucia MutikaniWASHINGTON (Reuters) - The U.S. jobless rate unexpectedly jumped to a 26-1/2-year high of 10.2 percent last month, adding to pressure on the Obama administration to do more to tackle unemployment even as signs of recovery mount.

GM Europe chief to leave - sources

Sat, 07 Nov 2009 17:18:14 GMT

By Christiaan Hetzner and Angelika GruberFRANKFURT (Reuters) - The head of General Motors' European business, Carl-Peter Forster, is leaving the company following the surprise decision by GM's board to block the sale of Opel, two sources close to the situation told Reuters.

G20 agree too early to remove stimulus - Darling

Sat, 07 Nov 2009 17:18:14 GMT

By Sumeet DesaiLONDON (Reuters) - G20 policymakers are agreed that it is too early to pull the plug on economic life-support packages as the global recovery is still fragile, Chancellor Alistair Darling told Reuters in an interview.

Europe shares close higher as banks gain

Sat, 07 Nov 2009 17:18:14 GMT

LONDON (Reuters) - European shares closed higher on Friday for the third consecutive session after investors decided U.S. monthly payroll data was not as bad as first feared, with banking stocks the major gainers.The FTSEurofirst 300 <.FTEU3> index of top European shares provisionally closed up 0.2 percent at 992.42 points in a choppy session, having earlier been up as much as 995.78 points and down as low as 979.69 points.

IMF warns G20 on cutting support too fast

Sat, 07 Nov 2009 17:18:14 GMT

ST ANDREWS, Scotland (Reuters) - The global economic recovery is uneven and the timing of any exit strategies should err towards supporting demand, according to an International Monetary Fund paper prepared for the G20 and seen by Reuters.In the document prepared for a meeting of Group of 20 finance ministers and central bankers in Scotland, the IMF stressed the fragility of the global recovery, saying it was largely dependent on special government support.

Pound falls vs dollar after U.S. data

Sat, 07 Nov 2009 17:18:14 GMT

LONDON (Reuters) - Sterling fell more than half a cent against the dollar on Friday after a bigger-than-expected fall in U.S. employment raised concerns about the extent of the recovery in the world's largest economy.The data showed U.S. employers cut a deeper-than-expected 190,000 jobs in October, driving the unemployment rate to 10.2 percent, the highest in 26-1/2 years.

Banks help FTSE gain 0.2 percent

Sat, 07 Nov 2009 17:18:14 GMT

By Jon HopkinsLONDON (Reuters) - Britain's leading share index was up 0.2 percent approaching midday on Friday with a rally by banks offsetting weakness in oil majors in thin trade as investors await the key U.S. October jobs report.

PwC readies Lehman assets return plan

Sat, 07 Nov 2009 17:18:14 GMT

By Tom FrekeLONDON (Reuters) - The administrator of Lehman Brothers' European arm will proceed with a revised plan to return billions of hedge fund assets after a London appeal court on Friday rejected earlier proposals.

Sainsbury H1 profit seen up 16 percent

Sat, 07 Nov 2009 17:18:14 GMT

By Mark PotterLONDON (Reuters) - J Sainsbury , Britain's third-biggest grocer, is expected to post a 16 percent rise in first-half profit on Wednesday and flag a tougher second half amid falling food price inflation and stiff competition.

EU finmins to firm up pledge for 2011 fiscal exit

Sat, 07 Nov 2009 17:18:14 GMT

By Jan StrupczewskiST. ANDREWS, Scotland (Reuters) - Euro zone finance ministers will affirm next week a pledge to slash budget deficits from 2011 at the latest after forecasts showed economic recovery would continue over the next two years, sources said.

Kraft in waiting game over Cadbury

Sat, 07 Nov 2009 17:18:14 GMT

BA sees improved outlook

Sat, 07 Nov 2009 17:18:14 GMT

By Rhys JonesLONDON (Reuters) - British Airways Plc fell to a worse than expected first-half loss and forecast revenue would slump by 1 billion pounds this year, but analysts said the worst could be over as the airline signalled business was stabilising.

Producer input price inflation jumps

Sat, 07 Nov 2009 17:18:14 GMT

By Fiona Shaikh and Christina FincherLONDON (Reuters) - Firms' raw materials costs posted their first annual rise in 8 months in October, propelled by rising oil prices and the weak pound which made imported goods dearer, official data showed on Friday.

RBS loss halves, shares up 7.5 percent

Sat, 07 Nov 2009 17:18:14 GMT

By Clara Ferreira-Marques and Steve SlaterLONDON (Reuters) - Royal Bank of Scotland more than halved third-quarter losses as bad debts shrank in results released on Friday and its shares rose over 7.5 percent.

AIG posts another quarterly profit

Sat, 07 Nov 2009 17:18:14 GMT

NEW YORK (Reuters) - American International Group Inc , the insurer bailed out by the U.S. government, posted its second-straight quarterly profit on Friday, helped by recovery in the value of its investments.Net profit was $455 million (274 million pounds), or 68 cents a share, compared with a loss of $24.47 billion, or $181.02 a share, in the year-earlier quarter.

Rentokil turnaround on track, shares fall

Sat, 07 Nov 2009 17:18:14 GMT

By James DaveyLONDON (Reuters) - Pest control to parcel delivery firm Rentokil Initial said its five-year turnaround plan was gathering pace as it posted an 82 percent increase in third-quarter profit and forecast more progress in the balance of 2009.

Halloween shopping lifts John Lewis

Sat, 07 Nov 2009 17:18:14 GMT

LONDON (Reuters) - Weekly sales at John Lewis department stores jumped 7.8 percent year-on-year, boosted by demand for Halloween products and early Christmas shopping and adding to signs of a consumer recovery in Britain.However the employee-owned group, which is seen as a barometer for British retail spending, signalled on Friday the recovery remained fragile, noting that sales rose at only four of its 28 department stores against the same week in 2007.

Company liquidations up 14.6 percent

Sat, 07 Nov 2009 17:18:14 GMT

By Kylie MacLellanLONDON (Reuters) - A record number of people in England and Wales succumbed to bad debts in the third quarter of this year but the pace at which companies went bust slowed, official figures showed on Friday.

Oil slips back under $80 a barrel

Sat, 07 Nov 2009 17:18:14 GMT

By Chris BaldwinLONDON (Reuters) - Oil slipped below $80 a barrel on Friday, in line with timid gains across financial markets as dealers awaited monthly U.S. jobless data, expected to show a slow-down in rising unemployment in the world's biggest economy.

Insider trading probe ensnares 14 more

Sat, 07 Nov 2009 17:18:14 GMT

By Matthew Goldstein and Jonathan StempelNEW YORK (Reuters) - Fourteen people were charged with fraud and conspiracy in a dramatic widening of an insider trading scandal that has ensnared hedge fund managers, top Silicon Valley executives and a bevy of white-shoe advisers.

Oil slips under $80 before U.S. jobs data

Sat, 07 Nov 2009 17:18:14 GMT

Company liquidations up 14.6 pct in Q3

Sat, 07 Nov 2009 17:18:14 GMT

Bank to pump £25 bln more into economy

Sat, 07 Nov 2009 17:18:14 GMT

By Sumeet DesaiLONDON (Reuters) - The Bank of England expanded its asset-purchase programme by 25 billion pounds on Thursday, halving the pace at which it buys bonds and suggesting the scheme to revive Britain's recession-hit economy may be coming to an end.

Postal workers suspend strike action

Sat, 07 Nov 2009 17:18:14 GMT

By Stefano AmbrogiLONDON (Reuters) - Postal workers said on Thursday they would suspend strike action until at least after Christmas under an interim agreement reached between unions and state-owned Royal Mail.

RBS's loss halves but more bad debts to come

Sat, 07 Nov 2009 17:18:14 GMT

LONDON (Reuters) - Royal Bank of Scotland more than halved its operating losses to 1.5 billion pounds in the third quarter as impairments fell, but less favourable trading battered investment banking profits.Part-nationalised RBS said impairment losses totalled 3.3 billion pounds, down 30 percent from 4.7 billion in the second quarter and were showing signs of levelling off.