Business News

Inflation soars to 16-year high in Sept
Inflation hit a 16-year high of 5.2 percent in September, but that is likely to be the peak and interest rates are still expected to come down sharply over the next few months in order to prevent a deep recession. House sales fall to 30-year low
The decline in house prices accelerated in September and sales fell to the lowest level in at least 30 years, a survey showed Tuesday, in a sign the housing market slump may have some way to go yet. Bush says U.S. to inject capital into banks
U.S. President George W. Bush said on Tuesday the U.S. government will directly inject capital into financial institutions to help thaw frozen credit markets, create jobs and fuel economic growth. FTSE up 6.3 pct ahead of U.S. bank announcement
The top share index was up 6.3 percent by midday on Tuesday, extending the previous session's sharp gain, with Washington set to unveil a $250 billion (142 billion pounds) injection into its banks, further easing market anxiety. Northern Rock loan repayment ahead of schedule
Nationalised mortgage lender Northern Rock said it was repaying its emergency government loan more quickly than planned, but warned the housing market slump could hinder further progress. Cadbury cuts more jobs as sales rise 6 pct
Confectionery giant Cadbury reported a 6 percent rise in third-quarter underlying sales as it announced a further 580 job cuts to keep it on track to meet its annual sales and profit margin goals. Carphone/Best Buy JV sets out expansion plans
Best Buy Europe, the electrical goods venture between Carphone Warehouse and U.S. group Best Buy <BBY.N>, plans to double Carphone's existing retail earnings in five years, despite a tough consumer outlook. Regulator says Irish bank guarantee scheme working
Ireland's plan to guarantee some 485 billion euros (378.6 billion pounds) worth of bank liabilities has succeeded because it has stabilised their funding, Ireland's Financial Regulator said on Tuesday. Fortis shares fall 63 percent
Fortis NV shares slumped 63 percent as they returned from suspension after the group outlined a drastically reduced business structure and asked to be exempt from reporting forthcoming quarterly results. Whitbread boosted by strong Premier Inn sales
Whitbread hotel and restaurant operator reported first-half pretax profit ahead of expectations as its budget Premier Inn hotels benefited from customers trading down from more expensive accommodation.