BP's $20bn Oil Disaster Fund Nearly Drained

BP's $20bn (£13bn) Gulf of Mexico oil spill compensation fund has almost run out after provision for costs so far climbed by $1.4bn (£910m) in the second quarter. The British oil giant now has just $300m (£200m) left in the fund, and the deadline to...

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Deloitte Found Guilty Over MG Rover Demise

Accountancy giant Deloitte faces a fine of up to £20m after being found guilty of "persistent" failings on professional standards in its dealings with collapsed car manufacturer MG Rover. Accountancy watchdog the Financial Reporting Council (FRC) ruled...

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Dreamliner Grounding 'Cost Carrier ANA £53m'

Japan's All Nippon Airways (ANA) has said the grounding of its Boeing Dreamliner fleet has cost it 8bn yen (£53m). The announcement comes after the carrier made a second-quarter loss of 6.6bn yen (£44m). It reversed a small year-earlier profit, despite...

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Court Challenge Against 'Bedroom Tax' Fails

The High Court has dismissed claims the Government's so-called "bedroom tax" unlawfully discriminates against disabled people. Campaigners had been fighting to block the controversial housing benefit regulations that came into force on April 1. Despite...

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Dubai Plans To Repay Property Bubble Losers

Dubai will liquidate scores of cancelled building projects and use the funds to repay investors who lost billions in the emirate's property market, it has been reported. The Dubai skyline has seen spectacular growth State news agency WAM said a decree...

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Barclays Half-Year Profit Down 17% To £3.59bn

Barclays has reported a 17% drop in half-year adjusted profit of £3.59bn, as it announced a £5.8bn capital-raising rights issue. It said adjusted income decreased 3% to £15bn, in the six months to June 30. Barclays said a payment protection insurance...

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City Watchdog Rules Barclays Misled Investors

By Mark Kleinman, City Editor The City watchdog has warned Barclays that it could impose financial penalties on the bank and some of its top executives as part of a probe into fundraisings that allowed the British lender to avoid taxpayers' clutches...

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Western Union Profit Down 27% In Online War

Money transfer network Western Union has seen a 27% plunge in quarterly profit as it struggles to fend off online rivals. The world's largest money-transfer company reported the decline after cutting prices and spending more on its online business....

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Chinese Banking Giant In London Trading Swoop

By Mark Kleinman, City Editor The Chinese bank that until recently topped the rankings as the world's biggest lender is in fresh talks to buy a major City of London commodities trading operation. Sky News understands that Industrial & Commercial...

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Lord Howell Sorry Over 'Desolate' North East

George Osborne's father-in-law has apologised after telling a shocked House of Lords fracking should happen in the North East because it is filled with "desolate areas". Lord Howell of Guildford, whose daughter Frances is married to the Chancellor,...

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