Business News Headlines

Tesco accounting black hole deepens, chairman to step down

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LONDON - The chairman of Britain's biggest grocery chain, Tesco, announced his resignation on Thursday after the company reported a bigger than expected hole in its finances and said accounting transgressions went back further than initially thought. | Video

3:03pm BST

FTSE edges lower as Tesco's woes mount

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LONDON - Britain's top equity index edged lower in late trading on Thursday, with a slump in the share prices of supermarket operator Tesco and consumer goods group Unilever hurting sentiment.

FXpert 3:11pm BST

Lawmakers blame bosses, regulator in Co-op Bank probe

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LONDON - The former bosses of Britain's Co-operative Bank are to blame for the lender's near-demise last year, a committee of lawmakers said, in a report which also questioned the role played by regulators and auditors KPMG.

UK 2:54pm BST

Euro zone consumer confidence rises in October

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BRUSSELS - Euro zone consumer confidence defied market expectations of a fifth straight month of decline and rose slightly in October, a flash estimate from the European Commission showed on Thursday.

3:09pm BST

UK's rebounding economy sees slowing industrial orders, retail sales

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LONDON - Britain's brisk economic recovery is showing more signs of cooling after shoppers bought less, exporters took a hit from Europe's slump and banks approved the fewest mortgages in more than a year.

UK, 1:32pm BST

Unilever promises more cheap goods, cost cuts to tackle slowdown

LONDON - Unilever promised investors that new, cheaper products and more cost cuts would help it grow profits, even as reticent consumers dragged its sales growth in the third quarter to its weakest in nearly five years. | Video

3:04pm BST

Bank of England's Broadbent says underlying interest rates to eventually rise

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LONDON - The Bank of England is only likely to raise interest rates gradually, as headwinds to growth and long-term downward pressures on borrowing costs pass, the central bank's deputy governor said on Thursday.

UK, 2:21pm BST

Big bang, not big bucks, the key for euro zone bank lending

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DUBLIN/FRANKFURT - If the European Central Bank really wants to kick-start the euro zone economy, it should ensure the bloc's banks are up to the task of lending.

2:48pm BST

Factory export orders drop at fastest pace since Jan 2013 - CBI

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LONDON - British factory export orders fell in the three months to October at the fastest pace since January 2013, according to a survey from the Confederation of British Industry published on Thursday.

11:46am BST

Old Mutual, Henderson to merge two property funds

- Money manager Old Mutual Global Investors (OMGI) said it would merge its Old Mutual Property Fund into Henderson Global Investors' Henderson UK Property OEIC, forming a 2.7 billion pound ($4.32 billion) fund.

UK, 12:16pm BST