UK Business News

UK GDP revised up but Britain stays in recession

Second reading of gross domestic product reveals the economy fell by 0.3% between July and September

Struggling bmi sheds 600 staff and cuts routes

Dream of challenging British Airways fades as rival prepares to start returning aircraft to leasing companies

• Bmi revamps Diamond Club frequent flyer scheme

• Heathrow's terminal 2 closes after 54 years

Tesco may spark price war in iPhone scoop

Supermarket giant hope to introduce the phone in stores before Christmas, striking a blow against Orange and Vodafone

Banks given £62bn nearly collapsed

Royal Bank of Scotland and HBOS received secret bridging loans last year when facing far greater peril than first thought

World Business News

Dollar slumps to 15-month low

Gold benefited from the greenback’s weakness and soared to yet another record high of $1,180 an ounce today

EU proposals rattle UK private equity

British Private Equity and Venture Capital Association says requirements worsens deeply defective directive

• Hedge fund directive will cost €1.4bn a year

• London Mayor fights for City’s financiers

Tiffany's sparkle returns as purse strings loosen

New York jeweller beats forecasts in the third quarter as it heads into the crucial Christmas shopping season

• What the wealthy give each other for Christmas

• We are open for business, says Sierra Leone

Deripaska moves to stabilise Rusal

Hong Kong stock exchange will meet to decide whether to grant listing to world’s largest producer of aluminium

Analysis

Shareholders in shock after bombshell

Many at Lloyds thought the HBOS takeover was disastrous. Now it turns out they were sold the deal on incomplete details

• Private equity feels the pain

• The truth is not easy to hear

Bankers think it’s all over. Time to think again

Financiers think they are indispensable to Britain. But times have changed. They face opposition at home and abroad

Tempus: Homeserve loves stormy weather

FTSE 250 domestic-repairs specialist is turning in double-digit gains in sales that it did before recession

Law  

Victims turned away because of legal aid squeeze

Lawyers are turning away vulnerable clients because they have exhausted caps on legal aid spending

Watchdog ticks PM off for terrorism comments

Lord Carlile, independent reviewer of terror laws, says premature statements are ‘unwelcome distraction’ for police

• Anti-terror watchdog attacks intercept evidence

• Should phone-tap evidence be allowed in court?

Straight couple aim to form a civil partnership

Tom Freeman and Katherine Doyle want the same rights as a husband and wife but not in an institution closed to gays

Money  

Q&A - shock bank ruling

We explain how the shock verdict from the Supreme Court affects you

• Comment: decision is bad for consumers and competition

• Banks win legal battle on overdraft charges

Wealthy dump pensions for high-risk schemes

Venture capital trusts set to become saving plan of choice when the government restricts tax relief on pensions from next year

• Can experts really boost my income?

• Ways to rest easier in retirement

Five tricks banks use to cut savings

Savers are seeing returns eroded by rising inflation while banks are using sneaky methods to reduce rates still further

business travel  

Gulf Air could cost Rolls-Royce $1.5bn

The Bahrain-based airline is to renegotiate contracts with suppliers in attempt to save $2.65 billion over five years

Heathrow's terminal 2 closes after 54 years

The old Europa Building will be demolished to make way for a 30 million passenger a year mega-terminal

Bmi revamps Diamond Club frequent flyer scheme

Airline adds family membership and unveils new rules for complimentary upgrades