Business News Headlines

FTSE edges lower, receives support from Barclays

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EDINBURGH - Britain's top share index edged lower on Wednesday as traders digested mixed earnings reports, with Barclays lending support to the index as it benefited from falling costs.

FXpert 9:48am BST

Barclays profits fall as investment bank income sags

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LONDON - Barclays Plc said its underlying profits fell 8 percent in the second quarter as the British bank's attempts to crack down on high-risk trading and subdued market activity took a toll on investment banking revenue.

11:00am BST

BoE says banker bonuses can be clawed back for up to seven years

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LONDON - Bankers who break rules on their conduct may have to hand back bonuses up to seven years after being awarded them, the Bank of England said on Wednesday as it unveiled some of the world's toughest curbs on the sector.

UK 11:26am BST

British American Tobacco profit hit by strong pound

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LONDON - British American Tobacco reported lower revenue and profit for the six months ended June 30, hurt by the strong British pound and a slight decline in volume.

9:20am BST

World Cup helps ITV to first-half earnings beat

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LONDON - ITV Plc , the British commercial broadcaster that has caught the eye of pay-TV group Liberty Global Plc , posted a higher-than-expected 11 percent rise in first-half adjusted earnings, helped by the draw of the football World Cup.

9:27am BST

Peugeot car division back in profit as new CEO makes mark

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PARIS - PSA Peugeot Citroen reported a surprise surge in first-half cash flow and the first auto-division profit in three years, sending the French carmaker's shares soaring as its turnaround plan began to show results.

11:57am BST

Russia's VTB says ready to borrow in other markets after Western sanctions

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MOSCOW - Russia's second-largest bank, VTB , said on Wednesday it was ready to borrow on financial markets outside the European Union and United States after it was included in new Western sanctions over the Ukraine crisis.

12:02pm BST

Russia's Polymetal ups 2014 output forecast by 5 pct

MOSCOW - Russian precious metals miner Polymetal has raised its 2014 production forecast, it said on Wednesday, after reporting a 17-percent increase in first-half output.

11:47am BST

North and South America performance hurts Fiat Chrysler

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MILAN - Fiat Chrysler on Wednesday reported a fall in second-quarter operating profit as a better performance from its luxury brands and its Asia and European operations failed to offset weak Latin American and disappointing North American results.

11:44am BST

HeidelbergCement to start sale of building materials in September

FRANKFURT - HeidelbergCement expects the information on the sale process of its building products business would be sent out to potential buyers in late September, Chief Executive Bernd Scheifele said on Wednesday.

11:38am BST
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UK’s strong GDP has a soft centre

The headline - 0.8 percent second-quarter growth - sounds good. But construction shrank and industrial production was weak. Only services were strong. It sounds like a warning of future problems. Expectations of a UK interest rate rise may be delayed, leading the pound down.