UK Business News

Vodafone defeats Customs in £2bn tax fight

High court rules HMRC was wrong to try and tax Vodafone's Luxembourg subsidiary at UK corporation tax rates

Qatari's make fresh swoop on Sainsbury's shares

Retailer shares rally after QIA raises its stake in Britain's third largest supermarket chain to 26 per cent

• Supermarkets fire first shots in food price war

• Sainsbury’s ‘bang in line’

G8 agenda to be dominated by oil prices

Prices of over $145 a barrel set tone while lack of main oil players attending raises concerns over decision making

• Record oil prices: Iran and the Strait of Hormuz

• Fears of oil price rises after attacks

TNS returns fire in bid scuffle with WPP

Market research group hits back at claims by potential bidder WPP that it has not provided enough information

World Business News

UBS moves to allay fears of more huge writedowns

The Swiss bank insists a second rights issue is not needed and will make only a small loss in the second quarter

Shareholder demands scalp of TUI chief

Billionaire investor makes allegations of 'special arrangements' between Michael Frenzel and other shareholders

• TUI feels the sun as holidays become essential

• TUI staff face more cuts as 100 UK shops close

Origin Energy spurns $13bn bid from BG

Origin will pursue separate deals after rejecting BG's suggestions its coal seam gas reserves are overvalued

• BG Group launches £6.7bn hostile bid for Origin

• BG Group's £6.6bn offer for Origin rejected

IRS officials move in on tax evaders

US Revenue to meet top five accounting firms as part of a $20bn tax evasion clampdown in which UBS is embroiled

Analysis

Better to burn out than to fade away

The downturn will be unpleasant, but there may be advantages in an abrupt slowdown rather than a more prolonged decline

• Sir Martin Sorrell's probing hits sore point

• Steiff’s decision is barely believable

BBC values present one-sided picture

The England of the BBC, incorporating Wimbledon and Glastonbury, is quite different from the picture presented by the broadcaster ITV

Tempus: Greene King ... Centrica ... Game Group

Greene King weathers the storm as profits rise ... Centrica thinks creatively about supply ... Game may yet take hit from slowdown

Money 

Is it too early to jump back into the market?

Some adventurous investors are snapping up cheap banks and housebuilders

• Seven stocks that are profiting from middle class thrift

Homeowners turn to loans to pay mortgages

More than 4 million households have taken out a loan or credit card to cover their mortgage or rent in the past year

• Falling house prices raise spectre of a crash

• Rock borrowers face payments rise

Consumers lose out in power play

Extra vigilance is needed when energy companies hike prices

Law 

Linklaters hits record on 15% revenue rise

City law firm says corporate work fell during the second half but growth in new markets compensated for declines

• Tempus analysis: Delayed reaction

• A&O's £1billion result confirms London status

Guy Hands sues Baker Tilly over 'negligent' tax advice

Investors including the private equity heavyweight have sued the accounting firm for £23m over a failed film-financing scheme

• Guy Hands in tax battle over 7ft shrimp

• Baker Tilly refused to sign off Langbar's accounts

Refco boss Bennett jailed in US for 16 years

British former chief executive of commodity broker pleads guilty to criminal charges involving cover-up of firm's finances