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Will Opec extend output cuts in bid to push up oil prices?

Crude oil is too cheap for the taste of many producers. Energy ministers from Opec, the oil exporters’ group, are meeting at their headquarters in Vienna to do something about it. They will be joined by delegates from some oil suppliers outside the group. On the agenda: whether to extend ...

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US accuses Fiat Chrysler of using 'defeat devices'

The US government is suing car firm Fiat Chrysler, alleging the firm sold vehicles with “defeat devices” that helped them pass emissions tests. The firm did not disclose the emissions control software to regulators, the Department of Justice (DoJ) alleged. The software enabled the vehicles to produce lower emissions during ...

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SFO to investigate pension liberation scams

The Serious Fraud Office (SFO) is to investigate a series of pension liberation scams, in which investors have lost at least £120m. Since 2011 it’s thought that more than 1,000 people moved their pension savings into schemes such as Capita Oak and Henley Retirement. They were typically told their money ...

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German police raid Daimler offices

German police have searched 11 offices of carmaker Daimler as part of their investigation into possible fraudulent emissions data by employees. A total of 23 prosecutors and 230 police officers took part in the search in the states of Baden-Wuerttemberg, Berlin, Lower Saxony and Saxony, Daimler, which owns Mercedes-Benz, said ...

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Sean FitzPatrick cleared as Anglo Irish trial collapses

The longest criminal trial in the history of the Irish state has collapsed after a judge ordered the acquittal of former Anglo Irish Bank chairman Sean FitzPatrick. Mr FitzPatrick was accused of misleading the bank’s auditors about millions of euros in loans made to him. The 68-year-old had pleaded not ...

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Firms pledge to recruit more over-50s

Aviva, Barclays, Atos and five other firms have agreed to promote over-50s employment by publishing data about the age of their workforce. They are responding to a call from the government’s Business Champion for Older Workers, Andy Briggs. In February, he asked firms to increase older worker numbers by 12% ...

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Further signs of UK property slowdown in April

There were further signs of a slowdown in the property market in April, as the number of sales fell significantly, while fewer people took out mortgages. The number of residential property transactions in the UK dropped by 22.5% between March and April, according to HM Revenue and Customs (HMRC). Analysis ...

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Government borrowing at three-year April high

Government borrowing was at its highest April level for three years, according to the latest figures from the Office for National Statistics (ONS). Public sector net borrowing, excluding public sector banks, was £10.4bn last month, up by £1.2bn from April 2016. The ONS also adjusted the shortfall total from the ...

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FTSE 100 bolstered by Severn Trent

London’s stock market edged higher, with shares in Severn Trent rising after the water company reported an increase in full-year profits. Severn Trent shares rose 1.7% after it said underlying pre-tax profits rose 4.3% to £525m, helped by fewer leaks following an investment programme. Severn was one of the biggest ...

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Nationwide profits hit by low interest rates

Profits have fallen at Nationwide after the building society sought to protect savers from the impact of last year’s interest rate cut. Statutory pre-tax profits for the year to March to £1.054bn, down 17% from last year’s figure of £1.279bn. However, Nationwide said 795,000 new current accounts had been opened ...

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