Phoenix Energy has agreed to sell its gas supply business to rival power firm Airtricity.

London’s leading shares index took a fresh beating today as continued deadlock over America’s budget deficit added to worries about European debt.

Insurance tycoon Clive Cowdery, whose recent acquisitions have included Friends Provident and parts of Axa UK, has failed with an attempt to land the UK’s biggest owner of “zombie” insurance funds.

Motor racing chiefs insisted today that Charles Nickerson’s British team would not be allowed to compete in the Formula One World Championship this year.