U.K. & Ireland

Financial News

U.K. Notes Head for Biggest Four-Day Drop Since 1996 as Rate Cut Recedes U.K. two-year government bonds dropped the most in 12 years this week as traders abandoned bets the Bank of England will cut interest rates next month.

Barclays First-Quarter Earnings Fall After $3.3 Billion Credit Writedowns Barclays Plc, the U.K.'s third-biggest bank, reported a drop in first-quarter earnings because of 1.7 billion pounds ($3.3 billion) of writedowns and said further losses from the credit markets are possible.

Cadbury Rises After Saying Sales Will Beat Target, Profit Margins Improved Cadbury Plc, the world's largest candy maker, gained the most in more than two months in London trading after unexpectedly saying sales will beat its targets and profit margins are strengthening.

DSG Will Close Stores, Cut Dividend After PC World, Currys Revenue Drops DSG International Plc, the U.K. owner of PC World and Currys electronics stores, will slash its dividend by 50 percent and close as many as 77 outlets after three years of falling earnings.

Stocks Rise, Led by Cadbury, SABMiller; Cairn Energy, Cookson Shares Climb U.K. stocks advanced, led by BT Group Plc, Britain's largest phone company, and SABMiller Plc after their earnings topped analysts' estimates.

SABMiller Second-Half Net Rises 24% on Price Increases, East Europe Sales SABMiller Plc, the world's third- largest brewer, lifted second-half profit 24 percent by raising prices and selling more beer in eastern Europe and the U.S.

Axa's Thinc Is Fined $1.75 Million by U.K. Regulator Over Subprime Records AXA SA's Thinc Group unit was fined 900,000 pounds ($1.75 million), the largest penalty levied by the U.K. financial markets regulator in a subprime mortgage case, over a failure to keep proper customer records.

WH Smith Falls After Citigroup Cuts Rating, Chief Executive Sells Shares WH Smith Plc, the U.K.'s largest magazine retailer, declined in London trading after Citigroup Inc. cut its rating and Chief Executive Officer Kate Swann sold almost half her stake in the company.

General News

Gordon Brown Vows to Defend Britain's Economy, Fight on as Prime Minister Gordon Brown vowed to fight on as prime minister, saying he is the best person to lead Britain through a worsening economic slowdown.

Ferdinand Signs Five-Year Contract to Stay at Manchester United Until 2013 Manchester United defender Rio Ferdinand signed a five-year contract that will keep him at the Premier League champion until 2013.

Hugh Grant, Elizabeth Hurley Get $112,000 in Photograph Privacy Settlement Hugh Grant and Elizabeth Hurley will get 58,000 pounds ($112,000) as part of a settlement with two photo agencies over pictures taken of them while on vacation.

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