And in the real world... Phorm, RBS, L'Oréal and more

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

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

Phorm plans to cut its sales and administrative expenses after announcing a pre-tax loss of $48 million, compared with $32.1 million in 2007.
Source: Financial Times

Sir Fred Goodwin, the former chief executive of the Royal Bank of Scotland, has agreed to reduce his £17 million pension by £4.7 million after mounting public pressure.
Source: The Times

General Motors will relaunch in mid-July with a new board of directors and senior managers a month ahead of schedule after filing for bankruptcy protection.
Source:  Financial Times

L’Oréal has won a legal case against rival Bellure, which sells cheap imitations of the French cosmetics giant's perfumes.
Source: Financial Times

Retail rent across the UK will fall by 20 per cent by the end of 2010 and will not return to growth until 2012.
Source: Financial Times