And in the real world... Tesco, Heineken, Abbey and more

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

The World...latest business news
The World...latest business news

Tesco has confirmed that it won't be bidding on the "good bank" portion of Northern Rock as it reiterated its plans to launch its own full-service bank. The bank will offer current accounts mortgages and also business banking facilities.
Source: The Guardian

National Express has withdrawn from talks with Stagecoach about a possible merger, which would have created transport giant worth around £1.7 billion. Instead the debt-ridden transport company will go ahead with a rights issue.
Source: The Financial Times

GlaxoSmithKline has announced that its sales would reach £1 billion this quarter thanks to sales of its swine flu vaccines. Its third quarter revenues have risen 15 per cent this quarter while its earnings per share were up 13 per cent.
Source: The Guardian

Heineken has expressed confidence over its third quarter performance stating that it had "grown volumes in both cider and beer on a relative basis". While the brewer does not reveal it numbers, according to analysts, its beer volumes have risen an estimated 3-4 per cent.
Source: The Times

Versace, which is expecting to suffer losses of up to €30 million this year, announced it will have to shed 350 jobs world wide by the middle of next year. The news follows a review of the store and its capitol structure by its new chief executive Gian Giacomo Ferraris.
Source: The Times

Abbey has reported a 37 per cent rise in its pre-tax profits for the first nine months of the year.
The bank, which is the UK division of Santander saw its profits rise to £1.17billion,  for the period, while its share of new mortgage lending rose to 20.5 per cent.
Source: The Financial Times

Best Buy, the American electricals giant, is edging closer to its UK launch by beginning a recruitment drive for its "blue shirt" workers. The retailer, which is opening stores in Southampton and Thurrock is seeking 8000 workers for the stores.
Source: The Times

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