Business News

Europe's largest lender HSBC suffered a fall of 20 per cent in quarterly profits, despite implementing sweeping cost-cutting measures.

Mining giant Glencore Xstrata Plc is reportedly all set to name former BP Chief Executive Officer Tony Hayward as its new chairman.

Sources familiar with the developments at the mining group said the appointment of Mr. Hayward could be announced as early as late Thursday. Mr. Hayward has been a Glencore board member since April 2011 and interim chairman since May 2013.

Prominent environment group Greenpeace has accused the House of Lords Economic Affairs Committee of 'cherry-picking' evidence for the report that called on the government to make regulated fracking an 'urgent national priority'.

The Royal Institution of Chartered Surveyors (RICS) has cautioned that Britain's housing crisis is getting worse as lack of supply continues to restrict the market.

The number of homes available for purchase in the market has been declining for the last four month. It is the first time that supply of residential property has declined for four months in a row since 2000.

The Co-operative Group has welcomed former City minister Lord Myners' review report that suggests urgent radical reforms to save the UK's largest mutual.

Ursula Lidbetter, chairman of the Co-op, said they were very grateful to Mr. Myners' and his team for producing such a detailed & comprehensive review of the struggling mutual in a short span of time.