The UK banking sector is shaping up to deliver combined profits of more than £38bn (€56.4bn) for 2006 as the major players line up to release their full year results.

The boss of Coffee Republic today condemned internet bulletin boards for moving the price of the firm’s shares and damaging progress as it rolls out its franchise programme.

BP will report a sharp jump in profits today, although the figure is unlikely to top the record set by rival Royal Dutch Shell last week.

The FTSE 100 Index ended Tuesday above the 4900 barrier as takeover talk sent a buzz through the City.

Technology shares started Friday with the traditional end-of-the-week torpor exacerbated by the prospect of a three-day weekend, with the main direction coming from last night's slide on the NASDAQ, dealers said.