Glencore shares skyrocketed as much as 72% on Monday in Hong Kong on hopes it would be able to cut debt with a sale of a stake in its agricultural assets.» Read More
There is a real danger that the housing market crisis in the US could be repeated in Britain, analysts said on Tuesday.
The credit squeeze for households and businesses looks set to intensify over the coming months as lenders grow increasingly nervous over the economic outlook, a survey by the Bank of England showed on Thursday.
British insurer Friends Provident rejected a 3.5 billion pound ($7 billion) cash takeover proposal from U.S. private equity firm JC Flowers because it "significantly undervalues" the firm, Friends said.
Travelers hoping to fly from the new Terminal 5 at London's Heathrow airport on Monday face more delays from teething troubles with the computerised baggage handling system, British Airways said.
British Airways cancelled three dozen flights out of its new $8.6 billion terminal at Heathrow on Friday -- a fifth of scheduled departures -- as the chaos from its shambolic opening spilled into a second day.
British house prices fell for a fifth straight month in March, bringing the annual rate of increase to its lowest in 12 years, in a clear sign the once red-hot property market is weakening fast.
Kingfisher, Europe's biggest home-improvements retailer, reported lower annual profit as expected on Thursday and said it was slashing its full-year dividend by nearly a third.
British supermarket retailer J. Sainsbury reported a 4.1 percent rise in like-for-like sales excluding fuel in the fourth quarter, above expectations, and said it saw "strong growth" in sales of non-food items.
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.