Business News

FTSE hits 2-mth closing high on banks
The leading share index rose 1.3 percent on Thursday as data showing the U.S. economy grew stronger than initially estimated in the second quarter boosted financials and retailers, while acquisition talk lifted grocer Sainsbury. Bank's Blanchflower says big rate cuts needed
Two million Britons may be out of work by Christmas and big cuts in interest rates are needed now to stop the economy heading into a deep and prolonged slump, Bank of England policymaker David Blanchflower told Reuters. British Energy optimistic about EDF
British Energy <BGY.L> described as "optimistic" government hopes that it may agree a merger with French power group EDF <EDF.PA> in the next two weeks, saying a deal in September or October is more likely. Top central banks eye foreign currency collateral
Major central banks are working on new rules to bolster global liquidity flows in times of crisis by accepting assets denominated in foreign currencies, a Group of Ten central banking source said on Thursday. Zoom scraps flights and starts insolvency proceedings
Canada's Zoom Airlines, a low-cost transatlantic carrier, has begun insolvency proceedings after high fuel costs and a downturn in the economy pushed it to cancel all flights, it said on Thursday. E.ON to appeal over Scottish wind farm rejection
E.ON UK is to appeal against a local government refusal to grant planning permission for a wind farm at Auchencorth Moss in Scotland, the German-owned utility said on Thursday. Oil falls as U.S. and IEA ready emergency stockpiles
NEW YORK (Reuters) - Oil prices fell more than $2 on Thursday after the U.S. government and the International Energy Agency pledged to release emergency stockpiles if Tropical Storm Gustav disrupted U.S. oil production. Sinopec rules out bid for Imperial Energy
MOSCOW/NEW DELHI (Reuters) - China's Sinopec <SNP.N> has ruled out a counterbid for Russia-focused, London-listed Imperial Energy <IEC.L>, leaving the field clear for India's ONGC <ONGC.BO> to proceed with a takeover deal. House prices and retail sales slide
House prices fell 1.9 percent this month alone and retail sales dropped at their sharpest pace in at least 25 years, two separate surveys showed on Thursday, adding to the gloom on the economic outlook. Sainsbury shares surge on renewed takeover talk
Shares in J. Sainsbury <SBRY.L> jumped more than 8 percent as traders cited renewed talk of a bid for Britain's third largest supermarket chain.