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Comet's credit insurance cut back as crisis spreads

The UK electricals chain Comet has become the latest big retailer to have its credit insurance scaled back, as the consumer recession and financial crisis gripping the retail sector spreads.

Car hire firm Avis to axe jobs

Car hire firm Avis Europe today said it planned to cut 315 jobs - equivalent to 5 per cent of its workforce - and close some rental locations.

David Prosser: Careless talk costs lives, or banks at least

Outlook The Financial Services Authority has now set out the results of an investigation into market rumours – those nasty, and often untrue, little bits of gossip that have destabilised our leading banks this year. The watchdog has spent much of the past six months asking a wide range of City companies for their policies on rumour-spreading. But fear not: businesses from stockbrokers to hedge funds say they have strict rules in place on such naughtiness. And while the FSA has uncovered a few instances of gossiping that might have caused difficulties, it stamped on them quickly and has warned the rumour-mongers about being naive.

Citi will cut 52,000 more jobs to slash costs by 20 per cent

Citigroup, the ailing US financial giant, shocked the market yesterday by announcing that it would cut 52,000 jobs by the second half of next year.

Surprise as High Street fights back

Official sales figures from the UK high street continued to defy expectations today.

Leaders united by desire to avoid repeat of credit crisis

The leaders of the G20 most powerful nations gathered in Washington last night to plan a new era of international co-operation aimed at preventing a repeat of the financial crisis that has engulfed the global economy.

Premier Foods pays £5m to delay debt test

Premier Foods is to scrap its interim dividend payment after agreeing to pay its creditors almost £5m in return for a postponement of an examination of whether the company has breached its banking covenants.

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Market update - 17 November

The FTSE 100 was down 80.61 points at 4152.36 while the FTSE 250 fell to 6034.42, down 93.34 points, at 12.20pm.

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Former B&B chief 'massively sorry'for demise of lender

The boss of Bradford & Bingley issued a public apology yesterday as he told a Commons Treasury Select Committee hearing that nationalisation had been the only option after a run on his bank. The former Bradford & Bingley chairman Rod Kent apologised for his management's role in the lender's demise and said the bank's board "accepts it is fully accountable for what happened" and was "massively sorry".

US car makers get frosty reception in bailout plea

The bosses of the big three US carmakers were lambasted for flying on corporate jets as they came to Washington to plead for money to stave off their companies' bankruptcy.

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