T Oakley

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Pound jumps as Bank of England hints at rate rise

<b>The Bank of England has said that higher inflation and a pick up in growth could lead to a rate hike in "the coming months".</b><p>Members of the Bank's nine-strong Monetary Policy Committee voted 7-2 to keep interest rates on hold at 0.25%.<p>But the committee was talking in much stronger terms about an …

Google sued over 'sex discrimination'

<b>Three women who used to work at Google have filed a lawsuit against the technology giant, alleging it pays women less than men for comparable work.</b><p>The suit says Google is aware of the situation, but has not moved to fix it.<p>It comes as companies in Silicon Valley face growing scrutiny over gender …

Wage growth hit by higher inflation

<b>The amount of money workers are taking home continues to fall as inflation takes its toll, official figures show.</b><p>Average earnings fell in real terms by 0.6% in three months to April, compared with the same period last year.<p>Before inflation, earnings rose by 1.7% excluding bonuses and were up 2.1% …

UK inflation rate at near four-year high

<b>The rising cost of foreign package holidays and imported computer games helped to push the UK inflation rate up to 2.9% last month from 2.7% in April.</b><p>The latest inflation rate is the highest since June 2013, and above the Bank of England's 2% target.<p>The Office for National Statistics said the price …

Amazon's newest bricks and mortar store opens in New York

<b>Amazon, in its third decade of business, dominates the world of online shopping.</b><p>But an actual bricks and mortar Amazon store? That's still as rare as an A-list celebrity sighting.<p>The company opened its seventh US bookshop in New York on Thursday, drawing a steady stream of selfie-snapping gawkers, …

UK wage growth lags inflation for first time since mid-2014

Click to see content: Inflation_vs_earnings<p><b>Wage growth is lagging behind inflation for the first time since mid-2014, official figures show.</b><p>Average weekly earnings excluding bonuses increased by 2.1%. in the three months to March, while inflation rose by 2.3% in the year to March 2017.<p>In the first …

Deliveroo overhauls controversial courier contracts

<b>Deliveroo has changed the contract for its couriers after receiving a drubbing from MPs over the so-called "gig economy's" treatment of workers.</b><p>The takeaway delivery business has removed a clause that banned couriers from challenging their self-employed status before an employment tribunal.<p>The …

UK virtual reality firm Improbable raises $500m

<b>A London-based virtual reality firm has raised $500m (£388m) in one of the biggest investments in an early stage European technology business.</b><p>Japan's Softbank is backing Improbable in a funding round that values the business at more than $1bn.<p>The deal is further evidence that the UK's technology …

BT to shed 4,000 jobs in new overhaul

<b>BT is to shed 4,000 jobs worldwide over the next two years and is stripping the chief executive of his annual bonus.</b><p>The telecoms giant said the job cuts would fall on back-office and managerial sectors as it simplifies its Global Services operations.<p>The shake-up follows an accounting scandal at the …

UK economy grows by 0.3% as service sector slows

<b>The UK economy grew by just 0.3% at the start of the year, the slowest growth rate since the first three months of 2016, according to official figures.</b><p>The Office for National Statistics said that the slower pace in the January-to-March period was due mainly to the service sector, which sank to 0.3% …

Two million workers receive 4% pay rise

<b>Minimum pay for workers aged 25 and over is rising by more than 4% as the National Living Wage increases from £7.20 an hour to £7.50.</b><p>For somebody working full-time, the 1 April increase means a pay rise of nearly £600 a year to about £14,625.<p>But business groups have again raised concerns that …

Next sees first annual profit fall in eight years

<b>Next has reported its first fall in annual profit for eight years and warned of "another tough year ahead".</b><p>Pre-tax profit at the clothing and homeware retailer dropped 5.5% from £836.1m to £790.2m last year.<p>The firm, which had already warned profits would fall, said it remained "extremely cautious" …

Plusnet fined £880,000 for billing former customers

<b>Plusnet, an internet service provider owned by BT, has been fined £880,000 for wrongly billing more than 1,000 former customers.</b><p>An investigation by watchdog Ofcom found that the ISP broke a fundamental billing rule by continuing to charge a group of customers for landline and broadband after they …

BA owner IAG launches new long-haul airline Level

<b>The owner of British Airways is launching a new long-haul budget airline based in Barcelona.</b><p>IAG said the new airline, Level, would initially fly to Los Angeles, Oakland, Buenos Aires and Punta Cana in the Dominican Republic from June.<p>The airline will use Iberia crew and two new Airbus A330 …

Toyota to invest £240m in UK plant at Burnaston

<b>Toyota is to invest £240m in upgrading its UK factory that makes the Auris and Avensis models.</b><p>The Japanese carmaker's investment in the Burnaston plant near Derby will allow production of vehicles using its new global manufacturing system.<p>The factory employs about 2,500 people, while another 590 …

BT Openreach deal aims to shake up UK broadband

<b>BT has bowed to demands by the telecoms regulator Ofcom to legally separate Openreach, which runs the UK's broadband infrastructure.</b><p>Ofcom said that Openreach will become a distinct company with its own staff, management and strategy "to serve all of its customers equally".<p>It must consult with …

Budget 2017: £2bn for social care and tax rise for self-employed

<b>Chancellor Philip Hammond has increased National Insurance bills for self-employed people in his first Budget - leading to accusations he has broken a manifesto pledge not to raise taxes.</b><p>There was also £2bn for social care services in England, and help for firms hit by business rate rises.<p>On the …

'Long shadow' of financial crisis hits incomes

<b>Typical household incomes in the UK will not grow for the next two years due to the "long shadow" of the financial crisis, a report suggests.</b><p>In five years' time, median income will be 4% higher than it is now, the Institute for Fiscal Studies predicts.<p>The recession and tepid recovery mean that from …

John Lewis cuts hundreds of jobs amid online shift

<b>John Lewis plans to cut nearly 400 jobs in its home fittings services and restaurants amid a shift to online shopping.</b><p>The changes will affect administration staff in its carpet, curtain and blinds fittings service.<p>No jobs will be cut among the estimators and fitters.<p>However, administration roles …

BA owner IAG's profits hit by weak pound

<b>Airline group IAG, which owns British Airways and Iberia, has reported a rise in profits despite being affected by last year's fall in the pound.</b><p>Pre-tax profits at the company rose by nearly a third last year to 2.4bn euros (£2bn), with operating profits up 8.6% to 2.5bn euros.<p>IAG said the fall in …

UK economy grows faster than thought

<b>The UK economy grew by more than previously reported in the final three months of 2016, according to the latest official estimate.</b><p>Gross Domestic Product (GDP) increased by 0.7%, up from 0.6%, according to the Office for National Statistics (ONS).<p>The upward revision is mainly due to manufacturing …

The Body Shop: A short history

French owner L'Oreal is reportedly considering putting The Body Shop up for sale.<p>BBC News looks back at the story of The Body Shop, which established itself as a well-known presence on UK High Streets in the 1980s.<p>Video Journalist: Dougal Shaw

Aldi overtakes Co-op to become UK's fifth largest grocer

<b>German-owned Aldi has overtaken the Co-operative as Britain's fifth biggest supermarket, industry data shows.</b><p>Aldi's sales rose 12.4% year-on-year in the 12 weeks to 29 January, taking its market share to 6.2% and ahead of the Co-op's 6%, according to research firm Kantar Worldpanel.<p>It underlines …

Apple App Store prices rise in UK, India and Turkey

<b>Apple is to put up the price it charges for apps in the UK, India and Turkey.</b><p>UK costs will numerically match those of the US, meaning that a program that costs $0.99 will now be 99p.<p>That represents a 25% rise over the previous currency conversion, which was 79p.<p>"Price tiers on the App Store are set …

UK inflation rate jumps to 1.6%

<b>Rising air fares and food prices helped to push up UK inflation to its highest rate since July 2014 in December.</b><p>The annual rate of Consumer Prices Index (CPI) inflation rose to 1.6% last month, up from 1.2% in November, the Office for National Statistics said.<p>And higher costs for imported materials …

Brexit: UK to leave single market, says Theresa May

<b>Theresa May has said the UK "cannot possibly" remain within the European single market, as staying in it would mean "not leaving the EU at all".</b><p>The PM promised to push for the "freest possible trade" with European countries and warned the EU that to try to "punish" the UK would be "an act of …

Top business tips for 2017

<b>With 2017 now five days old, any business leader worth his or her salt has got their plans in place for the next 12 months.</b><p>Be it a strategy to boost sales, a schedule to expand into new territories, or a way to deal with problems, this is the time of year to look ahead.<p>Here, some of the best …

Eurozone inflation surges to 1.1% in December

<b>Eurozone inflation has surged to its highest rate in more than three years, driven by increased prices for energy, food, alcohol and tobacco.</b><p>The annual inflation rate hit 1.1% last month, according to official statistics agency Eurostat, a sharp jump from November's rate of 0.6%.<p>The rate is the …

BP fills up with $1.3bn Australian petrol station deal

<b>BP has paid $1.3bn (£1.1bn) for the petrol station business of Woolworths, the Australian supermarket chain.</b><p>The deal adds 527 service stations and 16 sites under construction to the 350 outlets BP already owns in the country.<p>The two firms will trial a convenience store business at 200 stations as …

UK third quarter GDP growth revised up to 0.6%

<b>The UK economy grew by 0.6% in the third quarter, according to official figures, faster than previous estimates.</b><p>Growth for the July-to-September period had originally been estimated at 0.5%.<p>New data from the Office for National Statistics (ONS) suggested that the business and financial sector was …