Business

Government meddling makes energy costlier, peers say

Image copyright PA Interventions in the energy market by successive governments have pushed up prices, but not secured supplies, peers found. A House of Lords committee said the interventions have led to an opaque, complicated and uncompetitive market. The peers blame “poorly designed government interventions in pursuit of decarbonisation” that they say have put pressure […]

Business

John Lewis cuts hundreds of jobs amid online shift

Image copyright Reuters John Lewis plans to cut nearly 400 jobs in its home fittings services and restaurants amid a shift to online shopping. The changes will affect administration staff in its carpet, curtain and blinds fittings service. No jobs will be cut among the estimators and fitters. However, administration roles will move from stores […]

Business

Trump's Treasury Secretary targets tax reform 'by August'

Image copyright Getty Images Image caption Steven Mnuchin was sworn in as Treasury Secretary earlier this month US Treasury Secretary, Steven Mnuchin, has promised “very significant” tax reform before the Congressional break in August. In his first television interview, since taking office Mr Mnuchin told CNBC his priority was boosting growth. Mr Mnuchin said that […]

Business

German budget surplus highest since 1990

Image copyright Getty Images Image caption Higher consumer spending has helped to boost growth in the economy Germany’s budget surplus hit a post-reunification high of nearly 24bn euros (£20bn) in 2016 boosted by a higher tax take and increased employment. This is the third year running that German government revenue has outstripped expenditure. However, there […]

Business

FTSE 100 lower as Centrica shares fall

Image copyright Getty Images (Close): The London market ended the day in the red, with Centrica among the biggest fallers following its latest results. The British Gas owner closed 3.7% lower after Centrica reported a 4% rise in annual profits. However, profits at its British Gas domestic business fell 11%. The FTSE 100 index closed […]

Business

Barclays full-year profits almost treble to £3.2bn

Image copyright Getty Images Barclays has reported a jump in annual profits after making “strong progress” in restructuring. The bank reported a profit before tax of £3.2bn for 2016, up from £1.1bn the year before. Its reorganisation has included the sale of its Africa business and selling off “non-core” assets. Chief executive Jes Staley told […]

Business

Peugeot owner PSA sees profits nearly double

Image copyright Getty Images The owner of French carmaker Peugeot has reported a near doubling of profits, as it considers buying General Motors’ (GM) Opel and Vauxhall brands. Net income at PSA Group, which also owns Citroen, jumped 92% last year to 1.73bn euros (£1.47bn). PSA’s possible purchase of GM’s European brands has raised fears […]

Business

British Gas says competition has hit profits

Media captionBritish Gas boss Iain Conn: “We’re no longer the company that has the highest prices” British Gas has said the competitive nature of the UK’s energy market was one of the reasons why its profits fell last year. Operating profits at its residential energy supply business fell 11% last year to £553m, from £623m […]