News

Two of the world's largest banks suspended, or put on leave, traders in London and New York yesterday as part of an investigation into alleged manipulation of the trillion-dollar currency market.

Business Diary: New strawbs please

Asda is first in the queue for Wimbledon PR stunts, with tennis fans arriving at the tournament given free strawberries to sample. The supermarket points out that the fruit on its shelves retails at less than a fifth of the (traditionally exorbitant) prices at the tournament for a small punnet and a dollop of cream. You might have thought the largely well-heeled tennis fans pouring into SW19 would be customers of Waitrose or M&S – but that didn't stop them snaffling the freebies in record time. There were none left by the time Diary arrived.

EMI's chairman steps down as part of wider strategy revamp

EMI, the debt-laden music group, yesterday surprised the market with a shake up of its board just a week after it received a £105m bailout from its private equity owner that saved it from falling under the control of its bank.

The business on...Guy Hands, Founder, Terra Firma

Hello, Goodbye

Hello Guy Hands, the private equity investor, who founded Terra Firma in 2002 after a stellar career at Goldman Sachs and Nomura, where he made his fortune. And goodbye EMI, Terra Firma's most troublesome investment – if the private equity company doesn't come up with £105m by Monday, it will lose control of the music company, best known as the home of the Beatles.

The Week Ahead: Kingfisher weathers hard times to surprise market

Kingfisher, the home improvement retailer behind the B&Q chain, may surprise the market with news of better-than-feared quarterly trading this week.

Market Report: Housing stocks higher as markets mount recovery

The view that builders, as opposed to builders' merchants, were a better play on the housing recovery boosted the likes of Taylor Wimpey as the wider market firmed up last night.

Terra Firma in race for EMI investor backing

Private equity group Terra Firma was last night locked in talks with investors to secure the funds it needs to avoid losing control of its music label EMI this week.

Morrisons blames falling inflation as sales falter

Morrisons announced a dramatic slump in underlying sales growth for the first quarter of this year, blaming the slowdown on falling price inflation and weaker consumer spending.

Business diary: US business still in dark ages on climate change

Though President Obama is having some success persuading America that climate change is a real and present danger, he still has work to do with some US businessmen. CBS News has just unearthed this posting on Twitter from Don Blankenship, the chief executive of Massey Energy, one of America's biggest mining companies. "Believe me yet? Global warming is a hoax and a Ponzi scheme", says the enlightened Mr Blankenship.

Citigroup gets employee bonus plan through, as Pandit defies his critics

Chief executive Vikram Pandit said yesterday that Citigroup has proved its doubters wrong and is now "positioned for growth".

Citigroup back in the black with $4.4bn profit in first quarter

Bad-loan provisions at the Wall Street bank are now at their lowest level for more than two years

Intel raises its first-quarter profits to record highs

Intel Corporation, the US maker of computer chips, surprised the market as it almost quadrupled profits to record its best ever first- quarter financial performance.

Citigroup bosses under fire for role in credit meltdown

US inquiry says bank's senior members 'lost their grip' during financial crisis

Market Report: Man leads blue chips on AHL recovery hopes

News of a rise in assets values lured the bulls into the hedge fund group Man, which claimed pole position on the FTSE 100 last night.

US Treasury to offload $32bn Citigroup stake

The US government's $32bn stake in the banking giant Citigroup is back on the block and will be sold into the market over the course of this year, the Treasury Department declared yesterday.

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