UK Business News

Network Rail promises punctual £8.6bn upgrade

Upgrade promised to be completed by next month, but operator Virgin Trains remains sceptical over further delays

UK adds £2.2bn to IMF's Iceland bailout fund

UK will contribute to IMF rescue plan to help rescue stricken island’s economy by formally lending money it owes UK

• Iceland secures $4.6bn rescue package

• Refund for savers as Iceland seeks IMF cash

Scrap empty property tax in North East, demands MP

Nick Brown, the Chief Whip and Minister for the North East, said that the tax was still appropriate for London and South East

National Grid profits rise ahead of winter peak

The gas and electricity transmission group said it is on track to deliver growth from its US acquisitions in full year

World Business News

Google mulls pre-installing Chrome browser

The move would significantly ramp up browser war Google launched against Microsoft when it revealed Chrome

Gloom spreads to Europe and Asia carmakers

France's Peugeot has announced cuts while Japanese manufacturers trim jobs and output in Thailand

• Thailand: the Detroit of Asia

• UK carmakers seek government funding aid

German minister reveals rescue plan

Recovery package, which EU’s executive arm plans to unveil next Thursday, will amount to 1 per cent of each country’s GDP

• European Union doubles crisis fund

• European finance ministers dismiss recession

Deutsche Bank expected to axe 900 staff

The staff will be cut from the bank’s global markets division which employs 7,000 traders mostly in London and New York

Analysis

Testing times for retail paramedics

Confirmation that Bank of England considered cutting interest rates by more than 1.5% did nothing to calm investors’ nerves

• Investors can bank on gold

• Exclusion may prove a blessing

Barclays left thoroughly shaken

If you think big City investors were upset about M&S’s boardroom reshuffle, you should hear them on the subject of Barclays

In a supply chain, all parts matter

Tales of supplier rescue finance are emerging thick and fast, especially in sectors such as automotive and aerospace

Money 

Fury at U-turn on IVAs

Insolvency experts attack Government's retreat from plans for simplified Individual Voluntary Arrangements

Premium bond payouts reduced

Bond holders have less chance of being visited by an "Agent Million" after the base rate cut

• NS&I slashes savings rates amid cash influx

• Increased demand forces NS&I to cut rates

Barclays customers wait almost a year to benefit from rate cut

Homeowners on tracker deals are told their repayments will be reviewed next October

Law 

Bribery law reform focuses on overseas work

Changes to rules would make it easier for prosecuting authorities to pursue such cases as that involving BAE in Saudi Arabia

• UK slammed for 'inaction' on corruption

• SFO to allow companies to plea-bargain over fraud

Legal fees to be squeezed under new accounting rules

New rules governing fees for advising on M&A deals could lead to clients putting pressure on law firms to reduce rates

• Law firm partners take home £1.1m in profits

• Law firms look to cut costs

Solicitors tell tribunal 'we did nothing wrong'

Law firm that earned £141m industrial disease compensation scheme has denied it had exploited sick miners

business travel 

Profile:Dame Mary Perkins, Specsavers

Founder of £1bn chain of opticians explains how she once took the Queen Mary 2 to visit the company's stores

Northwest to end Heathrow-Seattle flights

Airline, which has just merged with rival Delta, announces end of non-stop services just five months after launch

Double miles on Jet Airways' Delhi/Mumbai flights

Indian carrier also signs reciprocal earn and burn deal with United Airlines