Financial

Asda was forced to release draft results to investors after the auditor failed to sign company accounts. Asda's managers made the unusual choice to give a private presentation to lenders at the end of last month. Asda announced unaudited…

In a post-Brexit boost to the City, EU rules on research into stock markets that support Britain's £9 trillion (£9 billion) money management industry are being scrapped. The Financial Conduct Authority is currently consulting on plans to…

Energy prices dropped from their record highs, resulting in a $2 billion drop in profits for Vitol. According to people familiar with the group's finances, it has a net profit of $13 billion. This is down from its record profit of $15…

The UK government is being urged by consumers to act against the unregulated “buy now, Pay Later” credit. This has led to a rise in online spending of up to £1.7bn per month. Many people use deferred payment to purchase household…

The Bank of England warned that the private equity industry poses a threat to financial stability, as it launched a review of this $8 trillion ($6.3 trillion) sector. Officials are worried about the value assets such as commercial…

Red state investment funds pulled $13.3bn out of BlackRock, the world's biggest asset manager, nearly two years after the Republican campaign began to punish BlackRock because it insisted that climate change poses a financial risk. This…

Nationwide claims it cannot give its building society members the right to vote on its £2.9bn purchase of Virgin Money due to City takeover regulations. The lender announced the acquisition on Friday and said that it had been able to…

ITV is cutting staff as it struggles to cope with a dramatic drop in advertising revenue. ITV terminated employees from its internal advertising agency in the last month. The job cuts come as ITV faces its biggest advertising slump since…

This weekend, the boss of the Belgian insurance company that made the audacious bid for Direct Line to the tune of £3 billion will be flying to China to meet with his largest shareholder amid rumors that he's racing to gain support for a…

Imports of energy, which are expensive, contributed to a larger trade deficit than anticipated at the beginning of the year. The official figures show that the UK's trade deficit with the rest the world increased by £2.2 billion, to…

Lego warned that the bottom line of its business would continue to be under pressure in 2019. In 2023, the Danish plastic brick manufacturer, founded in 1932, and still family-controlled, posted revenues of 65.9 (£7.55billion), up by 2…

When it won the UK’s largest contract in the public sector, the company that runs the UK’s national lottery borrowed millions from Kremlin owned banks. VTB and Sberbank were two of Russia's largest lenders. They formed a syndicate to…

William Hill's owner is considering leaving the US gambling market because of "intense" competition and high operating costs. 888 announced that it has ended its partnership, which was with Authentic Brands Group (owner of Sports…

The Falkland Islands government has selected the shipyard responsible for building the Titanic as its preferred bidder to win a £120million contract for a new Falkland Island port. The Falkland Islands government selected Harland &…

The banks have raised the alarm about a "rapid increase" in people borrowing mortgages for more than 35 years. Nearly one-fourth of first-time homebuyers are now borrowing to retirement. New figures from UK Finance reveal that 23 percent…

Major banks have demanded a crackdown against Apple, claiming that the tech giant has access to the transactions of millions of iPhone users. This will give Apple an unfair advantage in its push into financial services. The Financial…

Profits for the operator of Britain's biggest and most controversial power plant have increased by more than tenfold as a result of higher energy prices. Drax's profits before tax in 2023 will be £796m, compared to £78m a year earlier.…

Rolls-Royce has a habit of occupying the top spot in the FTSE 100 leaderboard. Today was no different, after some bullish remarks from Deutsche Bank. According to Christophe Menard of the German bank, the engine maker's results showed…