Business News

Npower axes staff in sales probe
Npower dismisses six staff from its sales team after claims of mis-selling energy contracts.

Microsoft contests $1.4bn EU fine
Microsoft appeals against a $1.4bn fine given for defying sanctions imposed on it for anti-competitive behaviour.

Supply fears push oil beyond $126
Crude oil has hit yet another all-time high in Friday trading, as strong demand and supply fears continue.

Citigroup to shed $400bn assets
US bank giant Citigroup aims to sell $400bn of assets over the next three years to bolster its financial position.

French swoop for British Energy
French utility EDF makes an offer for British Energy, although the price has not been disclosed.

BAA's shareholders agree funding
BAA shareholders have agreed to stump up £400m ($779m) as the firm struggles to refinance its debt.

Weak dollar narrows US trade gap
The US trade deficit shrinks by more than expected as the weak dollar leads to a surge in exports, figures show.

Burma cyclone raises rice prices
Rice prices rise for a sixth straight day as supplies continue to be stretched after cyclone damage in Burma.

BA confirms June move for flights
British Airways will begin to move its long-haul flights to Heathrow's Terminal 5 from June, the firm confirms.

Big fall in French factory output
French industrial output falls four times more sharply than expected in March, raising concerns about the economy.

AIG posts record loss on bad debt
Insurance giant AIG posts its biggest ever quarterly loss due to its continuing exposure to bad US mortgage debt.

Google keen on greater Yahoo ties
Google expresses interest in extending an advertising partnership with fellow search engine Yahoo.

Centrica warns over wind farms
Centrica warns that the prospect of making money from wind farms is looking "marginal" due to high costs.

Crude oil climbs to fresh record
The cost of a barrel of oil goes above the $124 mark for the first time in after-hours trading in New York.

Putin in 2020 pledge on economy
Vladimir Putin promises to rein in inflation and boost social spending in his new job as Russia's prime minister.

Power to SA mines 'not at risk'
South Africa promises that its lucrative mining sector will not suffer further power disruption during the winter months.

UK interest rates stable at 5%
UK interest rates are held at 5% by the Bank of England's Monetary Policy Committee, as inflation concerns persist.

Rice prices rise for a fifth day
Rice prices soar for a fifth straight day as the cyclone damage in Burma worsens already tight supplies.

Slowdown puts brakes on Toyota
Toyota predicts its first annual profit fall for seven years as the US slowdown takes its toll.

Oil falls as Nigeria strike ends
Oil prices fall on news that a strike in Nigeria by Exxon workers which had disrupted production has ended.