Banks Pay Out £1.2bn Over Mis-Selling Swaps

Britain's banks are paying out more than £1bn to small business that were mis-sold complex interest rate swaps, according to the City regulator. The Financial Conduct Authority (FCA) said the first tranche of payments amounted to £1.2bn. It said the...

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The Week's Big Business Stories

Watchdog's Warning Over In-App Purchases Updated: 2:24pm UK, Friday 11 July 2014 A consumer watchdog has warned parents to check settings on their mobile devices, after Amazon was sued over children making unauthorised in-app purchases. Britain's...

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Asian Group Swoops On New Look's French Arm

By Mark Kleinman, City Editor New Look, one of Britain's biggest fashion retailers, is in advanced talks to sell its struggling French operations to a Far Eastern conglomerate. Sky News has learnt that the private equity-backed chain is close to...

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Church Of England Severs Ties With Wonga

The Church of England has announced it has withdrawn its investment from controversial payday lender Wonga. It comes a week after the firm agreed to pay £2.6m in compensation to 45,000 customers after it was found to have sent letters from two fake...

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Watchdog's Warning Over In-App Purchases

A consumer watchdog has warned parents to check settings on their mobile devices, after Amazon was sued over children making unauthorised in-app purchases. Britain's Competition and Markets Authority (CMA) told Sky News: "Our advice to parents is to...

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BA Owner IAG 'To Cut 1,600 Jobs' At Iberia

The owner of British Airways and Iberia said it would begin consultations over nearly 1,600 job cuts at the struggling Spanish carrier. International Airlines Group (IAG) said up to 1,581 staff may be at risk of losing their jobs. The move follows...

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Mystery Belize Tech Stock's Value Soars 25,000%

A mysterious technology stock has gained nearly 25,000% in a matter of weeks - giving it a market cap of $6bn (£3.5bn). However, financial statements reportedly indicate that Cynk Technology has no revenue, assets or full-time employees. It operates...

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Shareholders Slam £23m Burberry Boss Pay Deal

More than half of shareholders at the annual general meeting (AGM) for luxury retailer Burberry have rejected a pay deal worth up to £23.6m for the chief executive. Some 52% of votes cast in the non-binding ballot did not support the remuneration report...

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World Cup Betting Set To Smash £1bn Barrier

Bookmakers are expecting to smash betting records for Sunday's Fifa World Cup, as punters embrace placing wagers through mobile devices. Ladbrokes, Britain's second biggest bookie, has predicted an industry-wide taking for the tournament to break the...

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MPs: Taxpayer Short-Changed On Royal Mail Sale

By Mark Kleinman, City Editor The controversy over the £3.3bn privatisation of Royal Mail has erupted again as an influential group of MPs has criticised Vince Cable over his handling of the sale. In a coruscating report, the Business, Innovation...

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