And in the real world: Sun-Times, supermarkets, Google, M&S

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

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

Sun-Times Media, the owner of the flagship title Chicago Sun-Times and part of Conrad Black's former newspaper empire, has filed for bankruptcy. The company is being pursued by the Internal Revenue Service in the US for up to $608 million in back taxes and penalties relating to past business practices by its former owner. Source: The Guardian
The Home Office plans to shake up the mandatory code of practice for pubs, clubs, supermarkets and off-licences as it looks to end Britain’s happy hour culture. It is launching a public consultation soon, which would allow ministers to impose nine new mandatory conditions. Source: The Guardian

The supermarket groups Wm Morrison and Asda gained share of the grocery market in the first three months of 2009, while Tesco slipped back, as consumers shift to cheaper own-label groceries. Source: The Financial Times

Google will invest $100 million in start-ups, in its first year as a venture capitalist investor, after announcing its new financing arm Google Ventures yesterday. Source: The Financial Times

A report by the all-party Commons business select committee has not given its support to the business secretary Lord Mandelson’s plans to part-privatise the Royal Mail. Source: The Financial Times

Porsche has announced higher profits for its financial dealings and share options in Volkswagen, rather than from car sales, in the first six months of its financial year, quadrupling its pre-tax profits. Source: The Guardian

General Motors is talking to the UK Government with the intention of securing a £600 million aid package for the Vauxhall marque. Source: The Financial Times

Sir Stuart Rose, the chief executive and executive chairman of Marks & Spencer, says he is relaxed about the growing unrest among shareholders over his dual role, as the retailer announced better-than-expected trading results yesterday. Source: The Financial Times