And in the real world... Royal Mail, Microsoft, Sainsbury's and more

LONDON - Today's round-up of the biggest business stories.

And in the real world... Royal Mail, Microsoft, Sainsbury's and more
And in the real world... Royal Mail, Microsoft, Sainsbury's and more

Shareholders in Gala Coral are in the process of drawing up restructuring plans in a bid to avoid losing control of the gaming company to its lenders.
The company is expected to reach the point of a covenant breach in January, as its profits continue to slide, prompting shareholders to begin talks with lenders over restructuring its £2.5billion debt.
Source: The Financial Times

Sainsbury's chief executive Justin King has rebuffed comments by Sir Terry Leahy, the Tesco's chief executive, who claimed this week that Tesco was overtaking its fast-growing rivals. King pointed to a recent 5.4 percent uplift in Sainsbury's like-for-like sales for the 16 week's to October. Although this was down from the 7.8per-cent increase it experienced in the first quarter it trumped Tesco's 3.1 per cent increase for the three months to August.
Source: The Financial Times

Lloyds Banking Group is attempting to extricate itself from the government's asset protection scheme by mooting the possibility of a cash call on investors.
The bank, which is 43 per cent owned by the state, is hoping to convince the Financial Services Authority that it can raise £25billion by sounding out investors and selling off some businesses.
Source: The Guardian

Microsoft's search engine Bing is failing to make the inroads on Google's market share that the company had hoped with its share of US searches falling from 9.48 per cent in August to 8.96 per cent last month, despite being backed by a $80million ad campaign. Microsoft's search partner Yahoo is also suffering a decline in market share falling from 16.96 per cent in August to 16.38 per cent in September.
Source: The Daily Telegraph

Royal Mail is thought to have lost its £25million contract with the online retailer Amazon thanks to the threat of further strikes by its staff over the Christmas period. The Communication Workers Union is expected to make an announcement about a national strike in the coming week's, prompting Amazon to revoke its agreement with the company and begin negotiations with its rival Home Delivery Network.
Source: The Times

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