The 10 biggest business stories on Thursday March 10

Morrisons' profits hit by price wars; Low-income households to get energy price cap; House prices are still going to rise by 25% over the next five years

Morrisons reported an expected fall in annual profit on Thursday (AP)

1. Millions of low-income households could see power bills cut after a watchdog's report into the UK's energy sector. The Competition Markets Authority (CMA) proposals are the provisional outcome of an investigation into whether the country's largest energy suppliers, also known as the 'big six', have distorted competition in the energy market.

2. Morrisons, UK's fourth biggest supermarket, reported an expected fall in annual profit on Thursday, as the industry's brutal price war took its toll.

3. House prices are still going to rise by 25 per cent over the next five years, according to the Royal Institution of Chartered Surveyors (RICS).

4. London has climbed to its highest level in almost a decade on the Economist Intelligence Unit's list of the world's most expensive cities.

5. Savills, international estate agent, posted a 21 per cent rise in pre-tax profit to a better-than-expected £121.4 million in 2015 as it benefited from expansion across the U and growing profitability in Europe, it said on Thursday.

6. Saudi Arabia is seeking a bank loan of $6 billion to $8 billion, sources familiar with the matter told Reuters, in what would be the first significant foreign borrowing by the kingdom's government for over a decade.

7. Stephen Hawking, the renowned cosmologist, was among 150 academics to declare support for Britain remaining in the European Union on Thursday in a letter that said leaving the bloc would damage science and research.

8. Hugo Boss, the German fashion house, is taking a range of steps to try to revive its fortunes, including reviewing costs and the further expansion of its own stores, after its chief executive stepped down last month following a profit warning.

9. São Paulo state prosecutors charged Luiz Inácio Lula da Silva, Brazil’s former president, with hiding an ownership interest in a luxury beach apartment. Local media said Lula was accused of money laundering, concealment of assets, and other crimes.

10. Volkswagen's top executive in the US is stepping down nearly six months after the German carmaker became engulfed in the diesel emissions scandal. Michael Horn, president and chief executive officer of Volkswagen (VW) of America since 2014, is leaving “through mutual agreement”, the company said.