Trade gap wider

BRITAIN'S trade deficit hit another record in November as the country imported more oil than it exported for the fifth consecutive month, figures showed.

The Office for National Statistics said the trade gap in goods widened from £5.1bn in October to £6bn in November - the highest level since records began when William of Orange was on the throne more than 300 years ago. It beats the previous record of £5.9bn, which was set in August.

Matalan decline

SALES at budget retailer Matalan fell over Christmas, though the rate of decline slowed, and markdowns in homeware dented profitability, pushing the shares lower as analysts trimmed forecasts again.

The company, which sells clothing and homeware from more than 190 mostly edge-of-town stores, said yesterday like-for-like sales fell 5.5 per cent in the 10 weeks to January 7.

BP storms bill

OIL giant BP said the devastating season of hurricanes in the United States had cost it more than one billion US dollars (£569m) in 2005.

The bulk of the losses were absorbed in its refinery business in the United States after its Texas City site was shut down in the aftermath of Hurricane Katrina after previously having capacity cut by a fire.

Pensions fight

UNION Amicus pledged to fight the decision by Scottish Power to close its final salary pension scheme to new members.

The move comes after it emerged the energy group was closing its final salary scheme to new staff from April and replacing it with a defined contribution pension.

It is also increasing the contributions paid by 60% of the scheme's 7,600 members from 5% to 7% over four years, and raising the retirement age from 63 to 65.