And in the real world... BA, Tesco, Asda, BT and more

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

World news... round-up
World news... round-up

British Airways and the Spanish airline Iberia have agreed to a merger that will create Europe’s third-largest airline by revenue.
Source: Financial Times

Tesco said it will open three large shopping centres in China, while Apple has announced it will open two new stores in Shanghai.
Source: The Times

Asda has promised a seasonal price war, announcing price cuts that it claimed would save customers £150 million by Christmas.
Source: Financial Times

Lloyds Banking Group is chasing £700 million in debts and investments after the property developer it was bankrolling, Kenmore Property, collapsed.
Source: The Times

BT said it is looking to cut £1.5 billion in costs, but that it was too early to speculate whether its job cuts target would rise. 
Source: The Times