Paris would “have a card to play” as a new European financial hub should Britons vote to quit the 28-country union, leading players in the city’s financial scene told CNBC.» Read More
Britain's financial watchdog will boost its supervision of top banks after admitting on Wednesday that its supervision of Northern Rock was unacceptable and failed to highlight the mortgage lender's vulnerability.
Liquidity, rumour-mongering and housing market troubles top the list of subjects for discussion when Britain's top bankers meet senior officials from the Bank of England on Thursday.
Two of the nine Bank of England policymakers opposed this month's decision to keep interest rates at 5.25 percent, preferring an immediate quarter-point cut to shore up the economy in the face of a global downturn.
Shares in low-cost European airline easyJet plummeted Tuesday after it said that earnings for the second half of the year will be below its previous guidance if fuel prices continue at current levels.
The Bank of England's emergency offer of 5 billion pounds of 3-day loans was nearly five times oversubscribed on Monday as financial institutions scrambled for cash in the face of a global credit crunch.
British building materials group Wolseley reported a 23 percent fall in first-half profit on Monday, hit by the collapsing U.S. housing market, and warned of tougher conditions, sending its shares to 5-year lows.
British finance minister Alistair Darling cut growth forecasts and sharply ramped up borrowing on Wednesday as the economy faces tough times and his government slides in the polls.
London is still by far Europe's priciest business location, but the cost of buying an office, as opposed to leasing one, is now greater in Madrid, Paris, Dublin, Munich, Barcelona, and Stockholm, according to a report issued on Wednesday.
British housebuilder Bovis Homes reported a 6 percent fall in 2007 profit on Monday and warned that 2008 volumes would be significantly lower if current market conditions continue.
HSBC, Europe's biggest bank, said its profit rose 10 percent last year as strong business in Asia and emerging markets offset bad debts in the U.S.
British mortgage approvals picked up from near record lows in January, the British Bankers' Association said on Monday, indicating an expected slowdown in the housing market may be less severe than some fear.
The British government announced a temporary nationalization of mortgage lender Northern Rock after deeming takeover offers insufficient to recompense taxpayers that balied out the bank.
British waste collection company Biffa said on Friday it had agreed to a takeover offer worth 1.2 billion pounds ($2.34 billion) from a consortium of private equity companies but mightyet get a higher offer.
Britain's main energy network provider National Grid gave a long-awaited update on its dividend policy on Thursday, meeting current-year expectations with a 15 percent hike and setting a long-term target of 8 percent growth.
Britain's Imperial Tobacco Group on Tuesday said earnings grew further in the last three months of 2007 along with higher cigarette volumes and share gains in many of its markets.
British bank Alliance & Leicester said on Tuesday it would take a 185 million pound ($367 million) hit from losses on complex financial instruments, more than three times its previous estimate of 55 million.
Britain's fourth largest grocer William Morrison Supermarkets on Tuesday attributed strong festive sales to increased advertising, price cuts and a wider offering of fresh foods.
British building products retailer Wolseley reported a 25 percent fall in five-month trading profit on Monday and warned that a worsening U.S. housing market is spreading to home repairs and improvement sector and across Europe, sending its shares down 3.7 percent.
U.S. private equity firm JC Flowers said on Monday it was considering making an offer for Britain's Friends Provident, boosting the shares of the stricken insurer.
Britain set a two-week deadline for a private-sector rescue of Northern Rock, as it confirmed plans to convert its almost 25 billions pounds ($49 billion) of loans to the stricken bank into bonds in a bid to smooth a deal.