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Growth in personal debt is slowing, says BBA

Media playback is unsupported on your device The growth in borrowing on loans, credit cards and overdrafts slowed in May, figures from UK banks have shown, following fears of runaway debt levels. Personal debt grew at an annual pace of 5.1% in May compared with 6.4% a month earlier, the ...

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Lord Adonis: Brexit delay over Heathrow must end

Brexit and the UK’s hung parliament should not hold up crucial projects such as the expansion of Heathrow airport, the government’s top infrastructure adviser has said. There must be a limit to the “dither and delay”, said Lord Adonis, head of the National Infrastructure Commission. He told the BBC that ...

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FTSE 100 rises as bank stocks rally

Bank shares helped to lift stock markets across Europe after Italy reached a deal to bail out two banks. In London, the FTSE 100 index was up 39.30 points at 7,463.43 in early morning trade, with Barclays up 1.2%. However, sub-prime lender Provident Financial slipped 1,3% after RBC cut its ...

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Energy industry has an 'opportunity' to oppose price cap

Energy suppliers have a “window of opportunity” to address government proposals for a cap on energy prices, according to Steve Holliday, the vice president of the Energy Institute. Mr Holliday said there was an opportunity “to come back with some serious suggestions”. Last week’s Queen’s Speech appeared to water down ...

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Co-operative Bank no longer up for sale

The Co-operative Bank says it is no longer up for sale, pending an announcement on fund-raising proposals aimed at safeguarding its future. Co-op Bank was forced to put itself on the market in February after it was unable to reach a strong enough footing to satisfy Bank of England regulations. ...

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Crown Resorts staff jailed for enticing Chinese gamblers

Three Australian employees of casino group Crown Resorts have been jailed after pleading guilty to illegally promoting gambling in China. Jason O’Connor, a senior executive in charge of attracting Chinese high-rollers, was sentenced to 10 months by the Baoshan District Court in Shanghai. Jerry Xuan and Pan Dan received nine-month ...

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Takata: Airbag-maker files for bankruptcy

Japanese car parts maker Takata has filed for bankruptcy protection in the US and Japan. The company is facing billions of dollars in liabilities for its defective airbags, which have been linked to at least 17 deaths worldwide. Some of the airbags contained faulty inflators which expanded with too much ...

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Holland & Barrett sold for £1.8bn to Russian billionaire

Holland & Barrett, the UK’s biggest health food retailer, is being bought by a Russian billionaire for £1.8bn. L1 Retail, a fund controlled by Mikhail Fridman, is buying the 1,150-store chain from Carlyle, the US private equity firm, the Financial Times reported. Carlyle acquired Holland & Barrett as part of ...

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Business confidence on the up, Lloyds survey finds

Business confidence has jumped to an 18-month high, but companies are having trouble recruiting skilled workers, according to a new survey. The Lloyds Bank Business in Britain report’s confidence index rose to 24% – double the level immediately following the EU referendum last year. The index is a measure of ...

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Italy bails out two banks for 5.2bn euros

Italy’s government is bailing out two banks in the Venice region at a cost of 5.2bn euros (£4.6bn; $5.8bn). The good assets of Banca Popolare di Vicenza and Veneto Banca will be taken on by Intesa Sanpaolo. Economy Minister Pier Carlo Padoan said Rome would also offer guarantees of up ...

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