Citigroup Inc. will halve the minimum balance on checking accounts with the highest level of service, in a push to get more customers to use the bank for their primary accounts.

Clients with Citigold accounts can avoid monthly fees if they keep $50,000 in combined balances at Citigroup starting Nov. 1, Continue reading this post…

Burger King is being sold to private equity firm 3G Capital in a deal valued at $3.26bn (£2.1bn), it has been announced.

The fast food chain, with 12,100 outlets worldwide, had been the subject of takeover rumors for days. Continue reading this post…

The European Union has reached agreement on reforms to financial supervision, officials have said.

EU states and the European Commission agreed to create agencies that from next year are to oversee banks, insurers, and financial Continue reading this post…

Samsung has become the latest challenger to enter the tablet computer battle, unveiling its Galaxy Tab at the IFA conference in Berlin.

The device will run on Google’s Android operating system, with a capacity of 16 or 32GB, expandable by 32GB more. Continue reading this post…

Computer giant Dell has agreed to take over data storage firm 3Par after tabling an improved offer for the company.

Dell says its new offer of $24.30 a share has been accepted by 3Par, following a battle for the company with rival Hewlett Packard (HP). Continue reading this post…

Diageo, the world’s biggest drinks maker, saw pre-tax profits increase by 12% to £2.24bn in the year to the end of June.

The firm, whose brands include Guinness, Smirnoff and Johnnie Walker, said developing markets had offset weakness in western Europe and the US. Continue reading this post…

Air New Zealand has reported a fourfold increase in profits, leading signs of recovery in the airline industry.

The flag carrier said net profits for the year to the end of June totalled 82m New Zealand dollars ($58m; £37m), up from NZ$21m in the previous year. Continue reading this post…

New homes sales in the US fell sharply in July, according to official data, adding to concerns over the weakness of the US economic recovery.

The rate of new home sales fell 12.4% in July from a month earlier to an annualised rate of 276,600 a year, the US Commerce Department Continue reading this post…

Retail sales in July rose much faster than expected, with almost all non-food sectors showing strong growth.

Sales volumes jumped 1.1% compared with June, the Office for National Statistics (ONS) said. Analysts had forecast a rise of just 0.4%. Continue reading this post…

Iceland’s central bank has cut its key interest rate to 7% from 8%.
A rate cut had been predicted after inflation eased and the country’s currency strengthened, although the reduction was larger than expected.

Iceland’s interest rate hit a peak of 18% in October 2008 when the Continue reading this post…