Northern Rock’s former deputy chief executive was handed a record fine and banned for life today as the City regulator lifted the lid on staff manipulation of mortgage arrears figures at the lender.

A market abuse inquiry launched by the City regulator following the spectacular collapse of HBOS shares in March will not result in action being taken against any individual, it was reported today.

The UK’s third biggest supermarket Sainsbury’s is today reported to be seeking a “put up or shut up” order if it does not receive a firm offer from its Qatari-backed suitors this week.

Shares in Sainsbury’s staged a fresh surge today amid ongoing speculation about takeover interest in the supermarket chain.

Set-top box maker Pace Micro Technology today confirmed its involvement in an investigation into the breaching of British stock market rules.