A round of job cuts has been made at O2 to strengthen the British mobile network’s performance, as parent company Telefónica continues to weigh options for the business. About 5 per cent of the UK network’s 6,500 workforce left the company in the fourth quarter, triggering a restructuring charge of €38m, the Financial Times reported. O2’s operating income for the quarter rose 4 per cent to £324m, excluding the charge. The full-year figure was 1.7 per cent higher at £1.4bn.

At first glance, it is not obvious watching the cargo moving on and off the Leverkusen Express at the Port of Southampton that the container shipping industry has been contending with the biggest financial crunch in its 60-year history. Cranes lift boxes over the towering sides of the 367m long vessel, just as they did before a glut of ships and a slowdown in global trade sent freight rates tumbling. But on a closer look, there are signs of financial stress on the Southampton quayside, the Financial Times reported.

Tata steelworkers in the UK have voted to accept the closure of their £15bn pension fund, a historic sacrifice that brings the industry closer to resolving the crisis in British steel, the Financial Times reported. Thousands of trade union members backed a rescue package that Tata Steel offered its British operation, whose future came under threat after the Indian group threatened to quit the country last March. A key condition of the plan — aimed at saving thousands of jobs and maintaining production — was shutting the British Steel Pension Scheme to further contributions.

An investigation into the collapse of BHS could take as long as two years to determine whether any of the department-store chain’s former directors should be disqualified, the head of the Insolvency Service has said, while expressing “confidence” that the inquiry could be concluded “significantly” earlier, the Financial Times reported. The probe into BHS is consuming as much as one-tenth of the regulator’s resources, officials have previously disclosed.

Britain's energy market regulator Ofgem will review the way it awards supply licences and financial requirements on energy suppliers later this year, it said, following calls for firms to undergo stricter financial stress tests, the International New York Times reported on a Reuters story. In a speech on Thursday, Ofgem Chief Executive Dermot Nolan said there had been a lot of interest in the energy sector's financial stability due to the increasing number of suppliers, many of which are very small.

British insurer RSA has strengthened its capital base above its target range with a deal to dispose of a book of mainly asbestos-related insurance policies, the firm's chief financial officer said on Wednesday, Reuters reported. RSA, best known in Britain for its More Than insurance brand, signed a deal to dispose of 834 million pounds ($1.04 billion) of legacy insurance liabilities - policies that are closed to new customers - through a reinsurance deal with Enstar Group, the firms said late on Tuesday.

Europe’s leading central bankers are at loggerheads over one of the biggest economic judgments facing the continent: does a disorderly Brexit pose a financial stability risk? Mark Carney, Bank of England governor, fears a messy and severe Brexit could be a “Jenga” moment that leads to the collapse of the legal architecture the underpins financial flows, hurting the City of London’s European customers even more than the UK itself, the Financial Times reported. Mario Draghi, meanwhile, is largely unfazed.

Differences among Bank of England officials about the outlook for interest rates moved into sharper focus on Tuesday, as one of them said rates might need to rise soon if the growth remains solid and inflation continues to accelerate. Last week the central bank signalled it was in no rush to hike rates, with BoE Governor Mark Carney stressing that Britain's economy would face "twists and turns" during its departure from the European Union.

It took nearly a year for Britain’s Premier Oil PLC to restructure $3.9 billion in debt, because it had to satisfy more than 40 investors. On Friday the oil and gas company announced it had struck a deal with private lenders and bondholders, The Wall Street Journal reported. “The process has taken longer than what would have been ideal,” said finance director Richard Rose in an interview with CFO Journal. “We have been talking to our lenders for over 11 months.” The company has aligned maturity dates to May 31, 2021, giving it more flexibility on its covenants.

Premier Oil is preparing to seek finance for a $1.5bn development off the Falkland Islands, as the UK company refreshes its strategy after its long-awaited debt restructuring deal last week, the Financial Times reported. Tony Durrant, Premier chief executive, said calmer relations between the UK and Argentina had improved the outlook for investing in the Falklands, where Premier has an estimated 520m barrels of resources in a field called Sea Lion.