China's Online Firm Alibaba Sees Revenue Soar

Net revenue at Chinese e-commerce company Alibaba fell 39% in its second quarter as the business concentrated on more acquisitions and investment in its mobile and marketing side. However, revenue rose 54% on strong user demand for the company which...

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Watchdog Warns Bank Chairmen On IT Resilience

By Mark Kleinman, City Editor The banking regulator has demanded that Britain's biggest lenders improve the robustness of their IT systems amid concern about a persistent stream of service breakdowns. Sky News has learned that a letter was sent to...

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Primark Posts 'Magnificent' 30% Profit Rise

The chairman of Primark's owner has hailed a "magnificent" year for the discount clothing retailer, with profits rising 30% to £662m. Associated British Foods (ABF) said the performances of its fashion and grocery divisions offset the adverse...

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Virgin Money Flotation Is Back On Track

Virgin Money has confirmed it will go ahead with its stock market flotation, after postponing the listing last month. The bank confirmed on Tuesday an earlier report by Sky News that it was now satisfied market conditions had settled amid volatility...

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Taylor Swift Pulls All Her Music From Spotify

Taylor Swift has pulled all of her songs from Spotify without giving an explanation - setting up a struggle between the industry's most popular artist and the music streaming giant. Spotify said the singer's management asked it to take her music off...

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Greene King Downs Spirit In £774m Takeover

Greene King is on track to become a bigger player in the dining market after reaching agreement on a recommended offer for Spirit Pub Company. The UK's largest pub retailer and brewer said the offer values Spirit at £774m, or 115p per share, and the...

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Holiday Pay Should Include Overtime

Overtime should be taken into account when holiday pay is calculated, the Employment Appeal Tribunal has ruled. The tribunal ruled on two cases against Hertel UK and BEAR Scotland, which related to the UK's interpretation of the Working Time Directive....

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Rolls-Royce To Cut 2,600 Jobs Over 18 Months

Rolls-Royce says it plans to cut 2,600 jobs over the next 18 months, mainly in its aerospace division. Chief executive John Rishton said: "We are taking determined management action and accelerating our progress on cost. "The measures announced today...

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Are Fears Over Holiday Pay Ruling Exaggerated?

A lot of assumptions have swirled around the Employment Appeal Tribunal's ruling on whether to allow overtime into the calculations for holiday pay rates. There have been claims that it would cost businesses billions in backdated reimbursement pay-outs,...

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Former Phones 4U Directors Face Legal Probe

By Mark Kleinman, City Editor Former directors of Phones 4U, the mobile phone retailer which collapsed earlier this year with the loss of thousands of jobs, face a probe into their conduct led by one of America's top law firms. Sky News has learnt...

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