Jobs saved as two North-East stores are bought out of administration

MORE than 300 jobs in the region have been saved after Vergo Retail Limited bought two troubled department stores from parent company Owen Owen. Vergo, a new company set up by managing director of Owen Owen David Thompson, has purchased Joplings in Sunderland and Robbs in Hexham.The firm is also in talks to acquire Owen Owen's third and largest store, Lewis' in Liverpool. Mr Thompson told The Northern Echo that both Joplings and Robbs are "good strong brands". Read more about the sale in tomorrow's paper.

BA posts fall in profits as is sets aside £350m for possible fines

BRITISH Airways has set aside £350m to pay possible fines for anti-competitive behaviour. BA said the money will be used to cover any fines and legal action that may stem from an investigation into whether senior staff had discussed long-haul fuel surcharges with rivals.

The news came as BA posted a 13 per cent drop in annual operating profits to £602m, on revenue of £8.5bn. BA's chief executive Willie Walsh said the results were strong in what had been a challenging year.

Price rises on the high street

HIGH street prices have risen at their fastest annual rate for eight years, according to figures released by the Office for National Statistics. The cost of goods rose by one per cent in April compared to a year ago - the fastest rate since February 1999.

For more business news pick up a copy of The Northern Echo