Business News

Explosion on Gulf of Mexico rig
An explosion rips through an offshore oil rig in the Gulf of Mexico, west of the site of the blast in April that caused a huge oil spill.

Russia extends grain export ban
Russia will consider lifting its grain export ban only after the next year's harvest has been reaped, Vladimir Putin says.

Tube strikes on as talks collapse
Thousands of Tube workers will strike next week as talks between London Underground bosses and two unions break down.

Burger King is sold for $3.26bn
Burger King is being sold to private equity firm 3G Capital in a deal valued at $3.26bn (£2.1bn), it has been announced.

Dell pulls out of battle for 3Par
Dell withdraws its bid for 3Par after rival Hewlett-Packard raises its offer for the data storage company to $2.1bn.

Record sales of smokers' pensions
Smokers and people with weight problems are buying a tailored pension income in greater numbers, according to research.

Four power firms face sales probe
Four of the "big six" UK energy suppliers are to be investigated amid concerns of mis-selling to customers, the regulator says.

Plans for more £5 notes in ATMs
All banks and building societies have put in place plans to begin dispensing £5 notes from the cash machines, a report reveals.

ECB ups eurozone growth forecasts
The European Central Bank raises its forecast for eurozone growth for this year and next year, and keeps interest rates on hold.

RBS to cut a further 3,500 jobs
Royal Bank of Scotland is planning to cut 3,500 jobs from its technical and back office division.

Afghan bank 'to avoid collapse'
The head of Afghanistan's Central Bank tells the BBC he will not allow the country's biggest commercial bank to collapse.

Cold winter boosts Gazprom profit
Russian gas monopoly Gazprom reports a threefold surge in profits for the first three months of the year, despite a sharp fall in gas prices.

Samsung releases iPad competitor
Samsung has become the latest manufacturer to enter into the tablet computer market with its Galaxy Tab.

Boots to dissolve pension scheme
The drug company Alliance Boots is dissolving one of its two final-salary pension schemes to 'ensure long-term security'.

Recruitment firm warns on UK jobs
Although firms are replacing employees who have left, they are not creating new jobs, the UK's largest recruitment company warns.

Zara launches online retail store
Zara starts selling its clothes online for the first time following similar moves from Gap and Banana Republic last month.

House prices fall again in August
House prices fell for the second month in a row in August, according to the Nationwide building society.

TVs and iPads boost Currys sales
DSG International, which owns Currys and PC World, reports a 3% rise in sales, boosted by demand for TVs and iPads.

Ferrari recalls cars after fires
Luxury carmaker Ferrari recalls all of the 458 Italia cars made this year, following reports of the supercars catching fire.

Credit card debt is hitting banks
Banks have written off a record amount of credit card debt despite charities reporting a fall in calls from worried borrowers.