The 10 biggest business stories on Tuesday March 08

Npower confirms it is to axe 2,400 jobs; Nike suspends deal with Maria Sharapova after failed drugs test; Oil hits $40 a barrel amid commodities comeback

Nike suspends deal with Maria Sharapova after failed drugs test (2012 AFP)

1. Energy firm Npower has confirmed it is cutting 2,400 jobs in the UK as it reported an annual loss of €137 million (£106 million), compared with €227 million profit in 2014.

2. Mark Carney is preparing to face questions from MPs in parliament to discuss the potential implication leaving the EU would have on the economy. This comes after the central bank said it would open its lending facility on three extra days as a precautionary measure to prevent Britain’s financial sector suffering a credit squeeze on Monday.

3. Shares in British designer Burberry have risen over 4 per cent. The jump comes after reports that an unknown investor has built up a 5 per cent stake in the company, prompting speculation of a potential takeover bid.

4. Japan's economy shrank less than previously thought in the last three months of 2015, analysts said. Gross domestic product contracted at an annualised rate of 1.1 per cent for the period, compared with an earlier reading of 1.4 per cent, official figures showed.

5. Nike, the sportswear company, announced that it was halting its relationship with Maria Sharapova, former world number 1 tennis player after she announced she failed a drug test at the Australian Open.

6. The oil price has gone above $40 a barrel for the first time this year as commodities continue to rally. Brent crude, used as an international benchmark, rose more than 5 per cent to trade at $40.83 a barrel yesterday.

7. Demand for jobs across the UK is at the strongest it has been in years, with London racing out in front, according to a study by Manpower Group.

8. The average Wall Street bonus fell 9 per cent to $146,200 in 2015 as volatile financial markets hurt profits at New York's broker dealer firms, according to a report released by a top New York state financial watchdog.

9. Foxtons, the estate agent, has reported a fall in profit, blaming the London property market for the disappointing result. Pre-tax profit fell 2.6 per cent to £41 million, lower than the £42.3 million forecast by analysts.

10. Apple CEO Tim Cook, Tesla CEO Elon Musk, Alphabet CEO Larry Page, and Napster creator Sean Parker all attended an exclusive event where the “main topic” was preventing Donald Trump from getting the Republican nomination for president, The Huffington Post reports