Sir Richard Branson has lost out in another key transport battle.

The London market closed higher today following positive US retail sales and amid hopes two of the eurozone's struggling members would receive bailouts later this week.

Transport giant FirstGroup lost more than a fifth of its stock market value today after an embarrassing British government u-turn dealt a blow to its hopes of running the West Coast franchise.

Future Government rail plans were thrown completely off track today after ministers scrapped a deal which would have seen Richard Branson’s train company lose its West Coast franchise

The British transport group that beat Richard Branson’s Virgin Rail to win the West Coast main line today said it still expected to commence the franchise as scheduled despite a legal challenge.

David Cameron, the British prime minister, must intervene in the row over the West Coast Mainline contract to “get some sense” into the Department for Transport over the controversial deal, Richard Branson urged yesterday.

Richard Branson today offered to run the West Coast Main Line for free to allow Parliament time to scrutinise an “outrageous” decision to award the franchise to rival FirstGroup.

Virgin Atlantic will go head-to-head with rival British Airways on routes between London and Manchester next year after unveiling plans to make its first foray into the British short-haul market.

Richard Branson threatened to walk away from the rail industry today after Virgin Rail today lost its West Coast main line franchise to rival transport company FirstGroup.

Doubts over the ability of EU leaders to deliver measures to ease the region’s debt crisis triggered a 2.5% slump for London’s leading shares index today.

A rise in Spain’s borrowing costs today fuelled fears about the eurozone debt crisis and triggered a sell-off on world markets.

The London market fell into the red today in the face of deepening concerns over a European debt crisis, with the banking sector bearing the brunt of the pressure.

BP outperformed its oil rivals in the FTSE 100 Index today after incoming chief executive Bob Dudley announced a raft of measures aimed at rebuilding the shaken company.

The founder of transport giant FirstGroup today announced plans to step down from his role as chief executive after 21 years with the company.

Channel Tunnel operator Eurotunnel snapped up the UK’s third biggest rail freight firm in a £31m deal today.

Broadcaster BSkyB was centre of attention on the London market today after a better-than-feared verdict from regulator Ofcom over the amount it can charge rivals for premium sports.

BSkyB's clash with regulator Ofcom over the amount it can charge rivals for premium sports content failed to dent its shares today.

British transport firm Arriva today said talks with France’s national rail operator about creating a new European industry giant had come to nothing.

Disappointing economic readings in the US sent London's FTSE 100 Index into the red today after a poor final session of the second quarter.

A takeover move from FirstGroup for rival National Express sent transport shares higher on the London market today.

Aviva suffered another torrid session on the London market today as fears over the insurance sector failed to subside.

The FTSE 100 Index slumped to its lowest close for almost three months today as economic fears dogged blue chip stocks.

The FTSE 100 Index shed more than 2% today as markets reacted with initial disappointment to US economic rescue plans.

Miners left the FTSE 100 Index in negative territory today as traders awaited economic rescue plans from the US.

The FTSE 100 Index pushed ahead today as better-than-expected overseas news cheered investors.

A further loss of confidence in the banking sector dragged the FTSE 100 Index down 5% today in a grim day for stock markets worldwide.

Shares in British firm FirstGroup slid today after the firm’s Greyhound Bus arm suffered a poor festive season and growth rates in UK rail showed signs of strain.

The FTSE 100 Index joined stock markets globally in kicking off 2009 with a bang today in spite of more gloomy economic data.

The worst year on record for London’s FTSE 100 Index ended today with a positive session for blue-chip stocks.

Further pressure on banking stocks and more mixed economic data combined to keep the FTSE 100 Index close to its opening mark today.

There were more woes for retail stocks today after Carpetright and Comet owner Kesa Electricals became the latest to offer gloomy news.

The FTSE 100 Index struggled to make headway today as worries over the impact of an alleged 50 billion US dollar (£33 billion) Wall Street fraud weighed on the market.

Shares in transport firms were plunged into reverse today after blue-chip firm Stagecoach warned `

Stagecoach shares went into reverse today after the transport company warned of downward pressure on profits in its rail division.

The FTSE 100 Index’s six-day winning streak came to an end today as investors took profits after recent gains.

A six-session winning run for the FTSE 100 Index looked set to end today after European markets suffered losses of around 2%.

Interest rate cut hopes and a smaller-than-expected contraction in the US economy helped the London market consolidate recent gains today.

The FTSE 100 Index jumped 8% today as hopes for another round of interest rate cuts led to the third biggest gain in the benchmark’s history.

Much-needed gains for retailers Marks & Spencer and Next failed to halt a London market slide today as weaker mining stocks weighed on trading.

Holidaymakers heading for sun abroad are facing up to a weaker pound after sterling fell on fears of a possible UK recession.

The FTSE 100 Index returned above the 5500 mark today as heavyweight players in the oil and mining sector powered advances on the London market.

The London market dipped into the red today amid jitters on Wall Street and signs of energy market fallout from the conflict between Russia and Georgia.

Housebuilding shares were the stand out performers today as the London market made strong gains amid further falls in oil prices.

The London market plunged more than 2% for the second successive session today as sky-high oil prices and fears for two US mortgage giants sent shockwaves through the City.