Live updates

Marks & Spencer reports 6.1% rise in pre-tax profits

Marks & Spencer has reported a 6.1% rise in underlying annual pre-tax profits to £661.2 million.

The group has reported a rise in annual pre-tax profits. Credit: PA Wire

The rise in profits was driven by an "outstanding year" in food sales which M&S said had exceeded expectations in "a difficult market".

However, the group admitted general merchandise sales "did not meet expectations" despite claiming an improvement in style and quality.

Marc Bolland, the firm's chief executive, said: “We are transforming M&S into a stronger, more agile business – putting the right infrastructure, capabilities and talent in place to drive our strategic priorities.”

Advertisement

Deutsche Bank 'considers moving operations from UK'

Credit: Reuters

Deutsche Bank will consider whether it should relocate some of its UK operation to mainland Europe if Britain decides to leave the EU, according to reports.

The German lender, which employs about 8,000 people in the UK, has established a working group to assess the consequences of a possible "Brexit" following an in/out referendum, which David Cameron has pledged to hold by 2017.

The Financial Times said it was the first financial giant to formally review its position and it will consider whether to move some parts of the business back to Germany

Advertisement

Five year plan to cut £10bn from business red tape

At least £10 billion is to be cut from business red tape over the next five years, the Conservatives are to announce.

New Business Secretary Sajid Javid said an Enterprise Bill will be included in next week's Queen's Speech, aimed at helping to create two million jobs.

In a visit today to Bristol, where he grew up above his parent's shop, Mr Javid is expected to say:

Small businesses are Britain's engine room and the success of our whole economy is built on the hard work and determination of the people who run and work for them.

We will sweep away burdensome red tape, get heavy handed regulators off firms' backs and create a Small Business Conciliation Service to help resolve disputes.

– Sajid Javid

Honda recalls another 4.8m cars over airbag fears

Honda has announced it recalling another 4.8 million cars to replace potentially fatal air bags.

Honda has announced it recalling another 4.8 million cars to replace potentially fatal air bag inflators Credit: PA

The global recall comes a day after Toyota Motor Corp and Nissan Motor Co announced they were recalling 6.5 million vehicles worldwide.

All three firms used airbags by Japanese company Takata Corp, which investigations showed were not properly sealed and could be damaged by moisture.

The airbags can erupt with too much force, spraying shrapnel inside the car.

Six deaths have so far been linked to the defective air bags, all on cars made by Honda.

Today's recall brings Honda's total number of recalls to 19.6 million vehicles.

More: Tens of thousands of Japanese cars recalled over 'faulty' airbags

Load more updates