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Latest Headlines

Bank cuts interest rates to record low

The Bank of England cut interest rates by half a percentage point on Thursday to a record low of 1.5 percent, and economists expect another cut in February to try to prevent Britain from falling into a deep slump.

FTSE eases on weak miners

The top share index closed a fraction lower on Thursday, helped off session lows as Wall Street pared earlier falls but held back by weak miners and underwhelmed by an expected 50 basis points interest rate cut by the Bank of England.

Watchdogs probe Madoff as lawsuits loom

Fraud-busters set about scrutinising Bernard Madoff's UK business on Thursday, and European investors readied lawsuits, as U.S. prosecutors laid out new grounds for revoking the suspected fraudster's bail.

Nissan to cut 1,200 jobs at Sunderland plant

Japanese car maker Nissan is cutting 1,200 jobs at its Sunderland plant in response to a dramatic decline in demand that has seen sales fall upwards of 20 percent in recent months.

Obama pushes stimulus and warns on recession

President-elect Barack Obama warned on Thursday that the U.S. economy could stay mired in recession for years without bold action and he urged lawmakers to work day and night to pass a massive stimulus plan.

Glaxo CEO sees more bolt-on acquisitions in 2009

NEW YORK/LONDON (Reuters) - GlaxoSmithKline <GSK.L> expects to make further acquisitions in 2009 to bolster its business in emerging markets and in selling over-the-counter medicines, its chief executive said on Thursday.

European pessimism grows and U.S. retail disappoints

NEW YORK/LONDON (Reuters) - Economic weakness in Europe worsened and disappointing sales from Wal-Mart, the world's largest retailer, knocked financial markets lower on Thursday, strengthening the case for government stimulus and new rate cuts.

Shoppers seek value as economy darkens

Europe's shoppers are focusing on cheaper goods and essentials, despite policymakers' best efforts to boost spending, resulting in the best ever Christmas for supermarket group J. Sainsbury, but hitting specialists like German DIY chain Praktiker

Satyam in crisis as India vows to end company fraud

HYDERABAD, India (Reuters) - India's Satyam Computer faces a crisis of "unimaginable proportions," its interim chief executive said a day after the chairman revealed profits had been falsely inflated for years.

KPS in talks to buy Waterford Wedgwood assets

U.S. private equity group KPS Capital Partners has agreed to buy some assets of the Irish china maker Waterford Wedgwood that fell into administration earlier this week, receiver Deloitte said on Thursday.