Business News

Former Refco CEO sentenced to 16 years
NEW YORK (Reuters) - Phillip Bennett, the former chief executive of Refco, was sentenced to 16 years in prison on Thursday for fleecing investors of more than $2.4 billion (1.21 billion pounds) in a fraud that destroyed the world's largest independent commodities broker. British Airways hit by higher fares
British Airways <BAY.L> said on Thursday its traffic fell 3.7 percent in June, as a hike to ticket prices and the economic slowdown put passengers off travelling on both business and economy flights. Choppy FTSE rises amid data blizzard
The leading share index ended up almost 1 percent during an extremely volatile trading session on Thursday, as data led stocks on a rollercoaster ride with banks rising and oil companies falling. ECB hikes rates to highest level in nearly 7 years
The European Central Bank raised interest rates to their highest level in nearly seven years on Thursday, but dimmed the prospect of further moves, as euro zone growth looks set to falter despite soaring inflation. Oil tops $145 ahead of U.S. holiday
NEW YORK (Reuters) - Oil hit a record above $145 a barrel on Thursday ahead of the Independence Day holiday weekend in the United States before paring gains as the dollar recovered from a two-month low. Bank survey finds credit squeeze set to intensify
The credit squeeze for households and businesses looks set to intensify as lenders brace for rising defaults and the economy slows, a survey by the Bank of England showed on Thursday. Service sector slowdown rings recession alarm bells
The dominant services sector shrank in June at its sharpest rate since the aftermath of the 9/11 attacks on the United States, in a sign the economic slowdown is gaining traction and raising fears of a recession. BA deal with American and Iberia seen possible soon
LONDON/NEW YORK (Reuters) - British Airways <BAY.L>, AMR Corp's <AMR.N> American Airlines and Spain's Iberia <IBLA.MC> are close to forming a transatlantic partnership that would apply for antitrust immunity, a source briefed on the matter said on Thursday. Game Group falls on fear demand has peaked
Computer games retailer Game Group <GMG.L> smashed first-half profit forecasts, boosted by new releases like Grand Theft Auto IV and Wii Fit, but its shares slumped on concern that demand has peaked. Vodafone acquires 70 percent stake in Ghana Telecom
LONDON/ACCRA (Reuters) - Vodafone Group<VOD.L> said on Thursday it paid $900 million (454 million pounds) for a 70 percent stake in Ghana Telecom, the African country's third largest mobile phone operator.