Virgin France is to declare itself insolvent, the latest music chain to fail against a backdrop of consumers shifting to buying digital music.

Activity in the UK's services sector fell for the first time in two years in December, a survey suggests, raising fears that the economy is contracting again.

The UK housing market shows signs of picking up as mortgage approvals for home buyers rose again in November, Bank of England figures show.

The Co-op bank has been fined £113,300 by the Financial Services Authority for delaying complaints about the mis-selling of Payment Protection Insurance.

The US economy added a further 155,000 jobs in December, while the unemployment rate held steady at 7.8%, official figures show.

Child benefit cuts could cause "incoherence in the welfare system" and lead to some facing a 65% marginal tax rate, a think tank says.

Aberdeen oil firm Faroe Petroleum secures provisional exploration licences on the Icelandic Continental Shelf.

Iceland awards two licences for oil and gas exploration and production in the waters off the north east coast of the Atlantic island.