UK's First Quench Retailing Ltd., the beleaguered owner of the Threshers off-licence chain, went into administration, putting the future of about 6,500 workers at risk.
First Quench, which operates around 1,300 outlets and also owns The Local and Wine Rack chains, had been struggling hard because of cut-throat competition for drink sales from superstores. First Quench, which suffered a loss of £30 million in 2008, confirmed that KPMG was appointed as administrator.
GMAC Financial Services, the car financing company, is reportedly pursuing talks with the Treasury Department with a view to receive another capital injection of $2.8 billion to $5.6 billion.
Treasury Department has confirmed that it is pursuing discussions with the GMAC about providing capital aid for the third time.
The government has already provided $12.5 billion to the GMAC and possesses 35 per cent stake in the lender.
GMAC provides wholesale financing to numerous GM and Chrysler dealerships to pay for vehicles on their lots.
The struggling transport group National Express has ended all talks with British bus and rail group Stagecoach about a potential merger.
National Express has decided to resort to fundraising after it found that a merger would not offer greater value and certainty to shareholders.
Moreover, concerns over regulatory hurdles plus debt deadlines compelled the transporter to cease talks with Stagecoach.
The Financial Services Authority has fined Swinton group £770000 and ordered to offer refunds to 350,000 customers after the City watchdog found it guilty of mis-selling payment protection insurance.
The FSA said that Swinton breached the sales rules deliberately between December 2006 and March 2008, when PPI was automatically included in Swinton's quotes without finding out whether customers needed the cover or not.
UK insurer Prudential's new chief executive Tidjane Thiam has high hopes from Asian region as third quarter sales from Asia showed recovery and helped the insurer counterbalance drop in UK sales.
Tidjane Thiam said that third quarter sales from Asia jumped 4 per cent to settle at £293 million, the highest since June 2008.
Speaking on the Asian results, Tidjane Thiam said, "We are becoming progressively more optimistic about the economic situation in Asia following the turbulence of the previous 12 months."
Air passengers may encounter travel misery this Christmas as British Airways has become at a loggers head with the Unite union after the union said it would ballot 14,000 cabin crew members on industrial action over the new contract.
BA, which last year reported a loss of £401 million, has plans to axe as many as 1,700 cabin crew jobs and to decrease the pay for new recruits under cost-cutting measures.
Over 1,000 cabin crew members will be granted voluntary redundancy and 3,000 will become part-time workers.
Capmark Financial Group Inc., one of the main US commercial real estate finance companies, announced on Sunday that it had filed for Chapter 11 bankruptcy protection.
Capmark Financial Group suffered a loss of around $1.6 billion during second quarter of the year.
As per bankruptcy filing with the US Bankruptcy Court in Wilmington, Capmark Financial Group had debt of $21 billion and assets of $20.1 billion as of June 30.
Lancashire-based retailer Matalan has confirmed speculation that it was mulling over offers for the business.
Budget fashion chain Matalan is said to be a £1.5 billion target for a number private equity firms.
However, Matalan's CEO Alistair McGeorge informed that the clothing chain had received many unsolicited offers, which were being considered by PricewaterhouseCoopers.
European regulators have cautioned British Airways, American Airlines and Spain's Iberia that they might be forced to quit take-off and landing slots in case they want their Oneworld transatlantic alliance to become a reality.
The BA, AA and Iberia want to focus on routes between the United States, Mexico, Canada, the EU, Norway and Switzerland, taking advantage of the US-EU "Open Skies" agreement.
Virgin Money, which currently offers credit cards, savings and investments, has applied to the Financial Services Authority for a banking license.
The company is pursuing talks with Bryan Sanderson, the former chairman of Northern Rock, to become a non-executive director of the newly formed bank.
Sir Richard Branson’s financial arm Virgin Money’s recent move may pose it as a potential bidder for the for Northern Rock’s assets. Virgin Money had tried to acquire the Northern Rock past year too.
Swiss insurer’s UK arm, Zurich Insurance, admitted yesterday that it had lost a tape containing the personal data of 51,000 of UK customers.
Zurich Insurance said the back-up tape was lost when it was being transferred to a data storage centre in South Africa in August previous year.
Zurich Insurance has apologized for the unpleasant incident and has asked accountancy firm KPMG to probe into the matter.
Land Registry announced Thursday its plan to close five regional offices, which will result into as many as 1,500 job-cuts.
Land Registry expects to save £92 million per year by shutting its offices in Portsmouth, Croydon, Peterborough, Tunbridge Wells and Stevenage.
In addition, the agency has plans to merge two offices in Plymouth, which provides work for around 800 people.
Peter Collis, CEO of the company, said that its current move is an effort to safeguard its future after the recent housing market slump.
UK's consumer regulator, the Office of Fair Trading, found no evidence that ties between pub companies and landlords are preventing competition.
A 'super-complaint' from the Campaign for Real Ale (CAMRA) had said that landlords had to pay up to 50p per pint more as 'beer ties' compel them to buy beer from pub owners.
But, the OFT gave the green signal to the leased pub operators to continue with 'beer ties'.
Mining giant Anglo American PLC announced on Thursday that it would reorganize its business into seven units.
South Africa will host company's three core businesses viz. Anglo Platinum, Kumba Iron Ore and Thermal Coal.
Copper business will be based in Chile, Metallugical Coal in Australia, while Brazil will host Iron Ore and Nickel businesses.
In addition, Anglo American also said that it would axe about 2,700 administrative plus management jobs and sell non-core assets.
Airports operator BAA has finally sold Gatwick Airport for a smaller-than-expected £1.51billion to the owner of London City Airport.
Ferrovial, the Spanish parent of BAA, said that the sum it received against the sale of Gatwick was £128 million less as compared with its own valuation of the airport.
US-based Global Infrastructure Partners, which is buying Gatwick, already possesses London City Airport.