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The latest financial headlines from the UK:
- Saudis to boost oil output after US pressure
The announcement of an increase production by about 300,000 barrels a day came after a plea by US president George W. Bush to King Abdullah at a meeting in Riyadh - BA chief to forgo £550,000 bonus
Willie Walsh takes blame for chaotic opening of Heathrow’s Terminal 5 as national flag-carrier reports record profits and hits 10% operating margin for first time - Wrangling on agency staff rights plan
Hundreds of thousands of agency workers would get new pay rights after working for an employer for 12 weeks, under a government-brokered deal - Burma keeps silent on offers of US help
Burma has failed to respond to a series of offers to let the US military deliver aid to the country, as the official death toll from the cyclone rose to 78,000 - Bank of England offices move from cities
The Old Lady is staying in London. But her provincial cousins are leaving city centres for business parks as even the core of the UK’s financial establishment pares back - Suitors lining up for British Energy
The UK’s leading nuclear generator has received proposals for potential bids from three separate groups, keeping open the possibility of a contested auction - Humberts forced to suspend shares
Humberts, one of the oldest estate agent companies in the UK, was forced to suspend its shares on Friday pending clarification of its “financial condition” - Citigroup mulls sale of German retail operations
The US bank is looking to sell its German retail banking operations as part of the radical steps being taken by Vikram Pandit, chief executive, to scale back his company’s operations in the wake of the credit crisis - Nordic banks step in to back Iceland
The central banks of Sweden, Denmark and Norway unveiled a €1.5bn emergency funding package to support Iceland’s troubled currency and stabilise its banking system - MoD gets go-ahead to free up funds
Gordon Brown has agreed to let the cash-strapped ministry break one of its main accounting rules so it can finally give the green light to a £4bn contract for two aircraft carriers - Banks eye £90bn in mortgage asset swaps
The UK’s biggest banks are preparing to swap £80bn-£90bn of mortgage-backed assets for Treasury bills with the Bank of England – nearly twice as much as the central bank originally envisaged when it unveiled its scheme to unblock the frozen bank-lending market - Blackstone focuses on distressed property
Blackstone, which made big profits last year by flipping commercial properties at the height of the market, is considering buying back into some of those assets at distressed prices as part of an effort to cash in on the credit crisis - EDP to spin off part of renewables arm
Energias de Portugal is to press on with an IPO of up to 25 per cent of its renewable energy arm – potentially the biggest European float this year in a sign equity markets are still open to companies with attractive prospects - Wal-Mart reacts to Tesco threat
Wal-Mart said it is to pursue a “passion for fresh and delicious food” and “the highest level of customer service” in new small grocery stores that will be competing head-on with Tesco’s fledgling Fresh & Easy US stores