Business News

U.S. takes control of embattled Fannie and Freddie
The U.S. government announced on Sunday that it was taking control of troubled mortgage finance giants Fannie Mae <FNM.N> and Freddie Mac <FRE.N>, effectively wiping out shareholders' interest in the publicly traded companies. Nationwide in merger talks with rivals
Nationwide Building Society <NAT.UL>, one of Britain's biggest home-loan leaders, said on Sunday that it was in advanced talks over proposed mergers with both the Derbyshire and the Cheshire Building Societies. Morrison to top growth league
Wm Morrison Supermarkets <MRW.L> is set to post a 19 percent rise in first-half underlying profit on Thursday and confirm it is taking market share from bigger rivals as cash-strapped shoppers flock to its lower price stores. HBOS chief warns credit crunch to last
The chief executive of home lender, HBOS <HBOS.L>, warned on Saturday that the credit crunch was likely to last until early 2010. Boeing machinists walk off the job as talks fail
NEW YORK/EVERETT, Washington (Reuters) - Boeing's <BA.N> 27,000-strong machinists' union walked off the job on Saturday after the plane maker failed to improve its contract offer following two days of emergency talks. Media Markt rejects DSG bid
Germany's Media Markt, Europe's biggest electrical goods retailer, has rejected a request from DSG International <DSGI.L> to consider a bid for its closest rival, the Financial Times said on its Web site. Alitalia adviser to meet BA on rescue plan
Alitalia's <AZPIa.MI> adviser will soon present its rescue plan for the airline to British Airways <BAY.L>, considered by Italy as a possible foreign partner for the bankrupt airline, an executive told a newspaper. Elson to front biggest ever John Lewis campaign
Department stores group John Lewis <JLP.UL> announced its biggest ever fashion advertising campaign on Saturday, stepping up competition in a market suffering from weaker consumer spending and a wet summer. Italy's Mediaset has eyes on ITV
FLORENCE, Italy (Reuters) - Mediaset <MS.MI> , Italy's biggest independent broadcaster, controlled by the family of Prime Minister Silvio Berlusconi, is looking at a number of possible acquisitions, including Britain's ITV Plc <ITV.L>, a board member said. Munich Re says subprime crisis may aid reinsurer prices
Reinsurance companies may benefit indirectly from the downturn in capital markets that has hit investment income in the sector because it may prevent them from lowering prices for the risk cover they provide to insurers, Munich Re <MUVGn.DE> said on Sunday.