India will delay opening commercial coal mining to private companies due to lower-than-expected demand for the fuel, a government official said, which could make it difficult for the country to meet ambitious output targets. The world’s third-largest coal importer wants private companies to contribute about a third of an annual production target of 1.5 billion tonnes by 2020, but the Read More

India’s wholesale prices fell for a 16th straight month in February, declining an annual 0.91 percent, driven down by tumbling oil prices, government data showed on Monday. The pace of fall was faster than a 0.27 percent annual decline forecast by economists in a Reuters poll. In January, the index fell a provisional 0.90 percent. The wholesale fuel prices dropped Read More

China’s industrial output has slowed to its weakest growth since the financial crisis, prompting concerns over the global recovery. Production rose by 5.4% in January and February – the worst since 2008. China is trying to refocus its economy from investment and export-led growth to consumer spending. UK finance minister George Osborne said China’s slowdown is one of a “dangerous Read More

The private security giant G4S has warned its shareholders that it may lose £57m if the Home Office extends its contract to house destitute asylum seekers for a further two years. The warning came as its shares dropped by more than 10% after reporting a 40% fall in its pre-tax profits due to rising losses on a series of contracts Read More

The British gin industry had a record-breaking year in 2015 after 49 new distilleries opened their doors and and consumers spent nearly £1bn on their favourite tipple. The value of gin sold in the UK’s supermarkets and off-licences hit the £400m mark for the first time while sales topped £500m in pubs, restaurants and bars, according to a report from Read More

Supreme court backs HMRC and rules bonus schemes operated by investment banks are not exempt from tax City of London, the capital’s financial district. The supreme court ruling on UBS and Deutsche Bank covers bonuses paid out as far back as 2004. Photograph: Matthew Lloyd/Getty Images UBS and Deutsche Bank may have to pay tens of millions of pounds to Read More

Number 10 has conceded that its plans to relax Sunday trading laws are dead in the water, after David Cameron suffered his first House of Commons defeat since the election at the hands of his own Conservative MPs. The government’s attempt to let shops trade for longer than six hours each Sunday was voted down after 26 Tory backbenchers teamed Read More

Guardian understands quartet from Retail Acquisitions Limited shared £3m days after buying struggling department store chain BHS could implement job cuts as part of effort to turn company fortunes around. Photograph: Dominic Lipinski/PA More than a third of an £8.4m loan taken out of BHS by its new owners in March last year went to four directors who were part Read More

Central bank will open lending facility on three extra days to prevent financial sector suffering a credit squeeze at time of vote Bank of England governor is to face questions on Brexit. Photograph: Luke Macgregor/Reuters The Bank of England has heightened fears that Britain’s referendum on EU membership will destabilise already fragile financial markets, pledging to provide extra funds to Read More

German-owned business said it would cut jobs in the UK and overseas in the next two years Npower employs 11,500 people directly and through outsourced services, 7,500 of whom work directly for Npower in the UK. Photograph: Darren Staples/Reuters Npower plans to cut 2,400 jobs – a fifth of its workforce – to reduce costs after losing customers, offering bad Read More