Falling clothes sales at Marks & Spencer have dragged down the retail giant's annual profits to an eight-year low, as it said the executive behind the �Your M&S� branding is to step down.

Britain will be advised to sell off the state's holdings in the Royal Bank of Scotland and Lloyds Bank by the International Monetary Fund (IMF) in a move that will embolden George Osborne as he attempts to justify his economic strategy.

The annual rate of inflation eased to 2.4 per cent last month, thanks to falls in petrol prices and air fares, the Office for National Statistics reported yesterday.

TOKYO - Japan on Wednesday posted its worst April trade deficit as a weak yen ramped up import costs and helped extend the run of monthly shortfalls to the longest in more than three decades.

Fiat Industrial aims to move its tax residency to the UK from Italy after a merger with US business CNH to take advantage of a lighter fiscal regime, according to a regulatory filing.