Royal Mail Staff Reject Pay And Bonus Offer

An offer by Royal Mail of a three-year pay deal to around 125,000 employees has been rejected, amid warnings of industrial conflict. The company said the proposed deal would increase base rates by 8.6%, with a lump sum of £300 in December 2013 and new...

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China's ICBC Bank Now Bigger Than US Giants

A Chinese bank has been ranked as the world's largest, overtaking two American finance giants. Industrial and Commercial Bank of China (ICBC) leapfrogged the US banks to top the global ranking of banks with the most capital. The shock ranking has highlighted...

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Vatican Bank Director Resigns Amid Scandal

The director of the Vatican bank and his deputy have resigned over a financial scandal that has already seen one monsignor jailed. In a statement, the Vatican said Paolo Cipriani and his deputy Massimo Tulli stepped down "in the best interest of the...

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RBS Plots £500m Debt Collector Float

By Mark Kleinman, City Editor One of Britain's biggest debt collectors is targeting a £500m stock market flotation that would loosen its ownership by the state-backed Royal Bank of Scotland (RBS). Sky News has learnt that Arrow Global, which is...

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Winklevoss Twins Launch Bitcoin-Tracking Stock

The Winklevoss twins, who famously alleged that Facebook founder Mark Zuckerberg stole their website idea, have revealed plans for a share offering to give investors exposure to the value of Bitcoins. Winklevoss Bitcoin Trust, which is designed to operate...

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Business Confidence 'Back At 2007 Level'

British business confidence has hit its highest level since 2007, in fresh evidence that the economy is recovering from the financial crisis. The finding, in the British Chambers of Commerce's quarterly economic survey, was backed by a pick-up in exports...

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App-Controlled Budget Hotel Concept To Launch

The owner of the Premier Inn chain is to launch a compact city version of its hotels, with rooms less than the area of three table tennis tables and controlled by an online app. Whitbread says they will be known as "hubs" and initially be in London...

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Top City Rainmaker 'Forfeited £30m Bonuses'

By Mark Kleinman, City Editor A top investment banker was forced to relinquish up to £30m in bonuses from the Wall Street firm JP Morgan after being accused by City watchdogs of improperly supplying inside information about a major oil deal. Sky...

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Bebo Founders Plot Relaunch After $1m Buyback

The people who sold the social networking site Bebo for $850m (£570m) have now bought it back for $1m (£660,000) and are planning a relaunch. Founders Michael and Xochi Birch had racked up 40 million users when they sold Bebo to AOL in 2008 but it failed...

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Lebedev Found Guilty Over TV Chat Show Brawl

Media magnate Alexander Lebedev has been found guilty of battery over a brawl on a TV chat show in his native Russia. The financial backer of Britain's Independent and Evening Standard newspapers was sentenced by a court in Moscow to 150 hours of community...

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