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Business headlines at 10:39

BT Staff Offered Year-Long Hols For Pay Cuts
BT employees have been offered the chance of 12 month holidays if they agree to huge pay cuts, the company said.

Prudent Brits Knock £8bn Off Mortgage Debt
British homeowners poured a record £8.14bn into paying down their mortgage debt during the first quarter of the year, latest figures show.

Jobs Misery For Graduates In Recession
Graduate job prospects are looking bleak as youth unemployment surges to its highest level for 15 years.

Oil Spike 'Rogue Trader' Causes £6m Losses
A London firm was hit with losses of £6m after a suspected rogue trader made a massive, unauthorised bet on the oil market.

Graduates 'Could be Jobless For Years'
A record 270,000 students are expected to join the jobs queue this summer because of the recession, according to a new report.

BA Hit As Premium Flyers Continue To Flee
Beleaguered carrier British Airways was hit by a 14.9% drop in first- and business-class passengers in June compared to the same month last year.

Greedy Bankers To Be 'Brought Back To Earth'
Alistair Darling has warned bankers they will be "brought back to Earth" if they engage in excessively risky trading.

Tesco Faces Down Exploitation Protests
Supermarket chain Tesco has faced down a rebel resolution calling for an end to what protesters called the "exploitation and discrimination" of workers.

Madoff's Wife Evicted As Penthouse Seized
Police have seized the £4.2m penthouse of Bernard Madoff, evicting the multi-billion dollar fraudster's wife.

Debt Burden Leaves Young Having Less Fun
The young are not having as much fun as the older generation because they are so much in debt, according to a survey.