General Business News - Incl Video

Sony announced overnight that it expects to post a 260 billion yen ($2.9 billion) loss the the current financial year. This has shocked a market anticipating a loss of around 100 billion yen, and it would be the company's largest loss ever. In December Sony announced it was cutting 16,000 jobs world-wide, it now says it will announce details of further restructuring later today.

Apple on the other hand reported a record net profit of $1.61bn (£1.15bn) and posted record revenue of $10.7bn for the quarter to the end of December.

'There will be only two London-listed banks left by the end of 2009,' says the Telegraph today: here

Morrisons report a sales increase of over 8% over Christmas as shoppers tightened their belts and moved into lower-priced foodstuffs.

The FTSE has opened higher, with the banks being three of the top four gainers. RBS up 16.8%, Lloyds up 15.3% and Barclays up 10%. Cranswick appear amongst the top ten losers, down 2.4%.

The pound is up from a 23-year low of $1.3620 hit yesterday at around $1.39.