The 10 biggest business stories on Friday February 26

RBS posts full-year loss of £2bn, British Airways owner IAG reports big rise in profit

 

1.    Royal Bank of Scotland has reported a loss of £1.98 billion loss for 2015, its eighth year of annual losses.

2.    International Airlines Group (IAG) British Airways-owner reported a 65 per cent rise in annual profit, at the top end of guidance, and said for 2016 it expected further profit increases as it benefits from a lower crude price.

3.    There is no reason for China's yuan currency to keep falling and Beijing has more room to boost the world's second-largest economy, Zhou Xiaochuan, head of the People's Bank of China said on Friday as he sought to reassure markets.

4.    Asda is restoring food bank collections to its stores after they were quietly removed prompting a public outcry. The points are to be reinstated a week after the Guardian broke the news that the collection points were being removed across Britain.

5.    Sports Direct has said it will no longer draw on loan facility provided by Mike Ashley, the founder of the company.

6.    Sales at publisher Pearson decline 2 per cent in underlying terms during 2015 to £4.47 billion, although revenues grew by 8 per cent.

7.    Woolworths, Australia's biggest supermarket chain, has announced a $1 billion loss in the first half after booking $1.9 billion in write-downs on its Masters home improvement foray. Announcing the retailer's first loss in 23 years, chairman Gordon Cairns also ended months of leadership speculation, announcing supermarkets boss Brad Banducci will step up as the company's new chief executive, the Sydney Morning Herald reports.

8.    Sharp lost 14 per cent of its value, for the second day. The troubled Japanese electronics maker also lost 14.4 per cent on February 25 yesterday after Foxconn, which was planning to buy the company, delayed signing a deal

9.    Nintendo, the Japanese game maker, cut its full-year profit forecast due to a stronger yen and weaker than expected sales of its 3DS handheld gaming consoles and software. Nintendo said it now expects 33 billion yen ($293 million).

10.    Apple is reportedly making it impossible for the company to comply with future demands for data from law enforcement. According to FT and New York Times, the tech giant is introducing new security measures that will make it impossible to access customers' data, both on devices and in the cloud.

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