The head of energy regulator Ofgem has been appointed as the chairman of City watchdog the Financial Services Authority. Callum McCarthy will take over one of the most influential roles in the City in September when the current chairman, Sir Howard Davies, leaves to become chairman of the London School of Economics.

Caution remains: Investors stayed cautious in February with sales of investment trusts failing to pick up despite the end of the tax year approaching. Total sales of unit trusts and OEICs (open-ended investment companies) to individuals reached £1.73bn, down from £1.93bn in January, according to the Investment Management Association. Once transfers and people cashing in their investments were taken into account, net sales were also down at £193.9m, compared with £222.5m the previous month and nearly half the £569.7m recorded in February last year.

Flat revenues: Technology company Scipher warned full year losses would be worse than feared after sales stalled in the final month of its financial year. The group, of Hayes, Middlesex, said revenues would be flat compared with a year earlier and predicted difficult market conditions "for some time". Shares fell 31 per cent - down 8p to 17.5p - following the update. Scipher, spun off from music group EMI six years ago, develops and licenses technology covering surround sound, audio-visual communication displays and smart cards.

Homes deal: Housebuilder Wilson Bowden said it had agreed to buy construction group Henry Boot's housing business in a deal worth £47.8m. Leicester-based Wilson said the deal would strengthen its presence in the Midlands, South-West and North-West. The tie-up, which includes debts of £18.7m on top of a purchase price of £29.1m, adds 1,792 plots to Wilson Bowden's land bank.

Phone deal: Carphone Warehouse has signed an exclusive agreement with Sainsbury's to offer the supermarket group's customers mobile and fixed-line telephone services. Carphone will provide all aspects of customer management, including credit checking, network connection, logistics, billing, collection and customer care.