SAS staves off bankruptcy
SAS has staved off the immediate threat of bankruptcy after all eight unions representing flight personnel at the Scandinavian airline signed up to wage cuts of up to 15 per cent. In a marathon negotiating session that lasted from Sunday morning until yesterday afternoon, SAS managed to convince one union after another to sign up to the deal.
US banks give $26bn mortgage relief
Five of the largest US banks have provided $26.1bn (£16.4bn) in mortgage relief to financially struggling homeowners as part of a settlement with regulators agreed earlier this year. Joseph Smith, monitor for the national mortgage settlement, said that about 309,000 borrowers had received some form of relief from Ally Financial, Bank of America, JPMorgan Chase, Citigroup or Wells Fargo.
Ecclestone faces new legal case
Bernie Ecclestone faces a new legal challenge over the 2005 sale of Formula One after a private equity group filed a $650m lawsuit claiming he conspired with others to prevent it buying the series.
Commercial hospitals hit by decline
The owner of Britain’s leading chain of commercial hospitals has written £811m off the value of its properties as it struggles with big debts and a declining number of private patients.
Spain offers home for home
Spain is to offer automatic residency to wealthy foreign property buyers in an attempt to lure Chinese and Russians to reduce its huge stockpile of 750,000 unsold properties.
The Daily Telegraph
MP challenged over family firm’s tax
Margaret Hodge’s position as chairman of the Public Accounts Committee has been called into question following revelations over the tax affairs of Stemcor - the £6.3bn-turnover business controlled by her family.
Greek companies face annihilation
Greece’s recession-hit businesses face “annihilation”, a leading chamber of commerce has warned, as a double whammy of falling sales and job cuts meant the state was in its worst economic shape for 14 years.
THE WALL STREET JOURNAL
Weather investments seeks $5bn
Weather Investments, the company controlled by Egyptian billionaire Naguib Sawiris, is seeking $5bn (£3.1bn) in damages from Algeria, claiming its mobile phone unit tjere was the victim of harassment and untoward government interference.
Fiat sweetens offer for CNH Global
Fiat Industrial sweetened its offer to buy out minority shareholders of its US subsidiary, CNH Global, adding a $288m (£181m) cash dividend to its original share swap.