Business  July 25, 2014
UK economy grew 0.8% in second quarter, above pre-crisis level
Construction cranes surround the Britain's economy grew strongly in the second quarter, overtaking the size it achieved before the global financial crisis, data showed on Friday in the latest sign of robust recovery.The latest figures, along with a sharp fall in unemployment to the lowest level for five years, give a boost to the government before a general election next year.Gros...  Full Story
Britain's Lloyds bank says expects fine over Libor
The Financial Times reported that next week LBG will announce it is paying fines of up to £300 million ($509 million, 379 million euros) to British and US regulators after it was allegedly found to have manipulated inter-bank lending rates.Britain's Lloyds Banking Group said on Friday that it expects to be fined for its role in the Libor rate-rigging scandal.LBG said in statement that it had noted media coverage regarding potential settlements with a number of government agencies "around the setting of Interbank Offered Rates and other benchmarks".It added: "The settlements remain to...  Full Story
German business confidence hit by Ukraine, Middle East woes
GermanyThe crises in Ukraine and the Middle East are eroding business confidence in Germany, Europe's top economy, a key indicator showed on Friday.The Ifo economic institute's closely watched business climate index fell sharply to 108.0 points in July from 109.7 points in June -- the third drop in a row, to the lowest level since October 2013.Analysts po...  Full Story
Royal Bank of Scotland reports recovery, shares leap
Net profit at Royal Bank of Scotland (RBS) almost tripled to £1.425 billion ($2.42 billion, 1.8 billion euros) in the six months to the end of June, compared with the outcome equivalent period in 2013, the bank saidBritain's state-rescued Royal Bank of Scotland posted a surge in profits on Friday, boosting its share price, but warned over future earnings. Net profit almost tripled to £1.425 billion ($2.42 billion, 1.8 billion euros) in the six months to the end of June, compared with the same period in 2013, the bank said.Pre-tax profits jumped 93 percent to...  Full Story
BSkyB reveals deal to create pan-European pay TV giant
British satellite television group BSkyB said on Friday it had agreed multi-billion-dolla deals with Rupert Murdoch's media empire 21st Century Fox to create a pan-European pay-TV giant.Murdoch's 21st Century Fox media conglomerate owns 39 percent of BSkyB.This latest shake-up in the sector is seen as a bid by the media mogul to strengthen his Euro...  Full Story
Argentina, hedge funds fail to strike debt deal
A man counts Argentine pesos bills in Buenos Aires on January 24, 2014Argentina failed to reach a deal with hedge funds demanding full payment on its defaulted bonds, veering closer to what the IMF warned could be a painful new default.With less than a week to go to either pay up or risk being declared in default, Argentine officials met with the US court-appointed mediator trying to break the impasse, but refused to...  Full Story
Amazon loss widens despite climbing sales
The "Amazon" logo is displayed on a tablet on November 13, 2012 in ParisInternet retail titan Amazon reported a money-losing quarter despite impressive growth in sales, sending shares plummeting by more than 10 percent.The Seattle-based firm said that it had a net loss of $126 million in the quarter that ended June 30, widening the deficit from $7 million in the same period a year earlier.Sales, meanwhile, climbed to $...  Full Story
IMF cuts 2014 global growth forecast, sees rising risks
The IMF has lowered its forecast for the US economy to 1.7%, from an earlier estimate of 2.8% in AprilThe International Monetary Fund warned Thursday that geopolitical risks in Ukraine and the Middle East are looming over a global economy already hit by slowdowns in the US and China. After "negative surprises" from the United States and China, the global economy is now expected to grow only 3.4 percent this year, the IMF said, lowering its April es...  Full Story