– Year profit up 13 percent to 714 million sterling vs forecast 710 million – To test new store formats from October – Good start to new financial year, but cautious on outlook  British retailer Marks & Spencer plans to test new store formats more tailored to their localities as it looks to counter tough trading

– Greek default likely to have contagion effect – Moody's  – Greek banks would require recapitalisation  – Says changes in term of debt, reprofiling would be default  A Greek debt default would hurt other peripheral euro zone states, Moody's said in a statement on Tuesday, becoming the last of the three major rating agencies to

Flights from parts of the UK will probably be disrupted on Tuesday by an ash cloud billowing from a volcano in Iceland, the Civil Aviation Authority (CAA) said. The Met Office is predicting a plume of ash from the Grimsvotn volcano will cover the Irish Republic, Northern Ireland, Scotland and parts of northern Britain by

Greece should set up a trustee institution to help privatise state assets, similar to the body that privatised East German companies after the fall of communism, Eurogroup's Jean-Claude Juncker said. Juncker, who chairs meetings of euro zone finance ministers, suggested setting up a Greek version of Germany's so-called Treuhandanstalt agency in an interview with news

Greek Prime Minister George Papandreou discussed new emergency measures with his cabinet on Monday to cut the deficit, keen to convince lenders Athens can deal with a debt crisis without a restructuring. A raft of new austerity measures being studied include deeper cuts in public sector wages, more consumer tax increases, and even the taboo

– Spanish, Greek, Italian bond yields spike on concerns – Greek cabinet debates more cuts amid loan uncertainty  Financial markets piled pressure on peripheral euro zone countries on Monday as investors worried about heightened risks in Spain and Greece and fresh concerns over Italy. A weekend wipe-out of Spain's ruling Socialists in regional and municipal

– Former Sony executives slam bureaucracy, complacency – Turf wars remain a problem despite CEO's efforts – Apple had looked up to Sony, now it's worth 12 times Sony – Problem was "all the misfits" left — former executive – Sony needs to discover "liberal arts side" — Wozniak Had Sony stuck with the Airboard portable

– Iceland to keep main airport shut as volcano erupts  – Routes elsewhere in Europe still operating  An eruption by Iceland's most active volcano was set to keep the island's main airport shut on Monday, while other European nations watched for any impact on their air routes from a towering plume of smoke and ash. Experts