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USA
Leading lender CIT files for bankruptcy despite government bailout
The CIT Group, one of the largest small-business lenders in the United States, filed for bankruptcy on Sunday to mark the fifth-largest corporate bankruptcy in the United States and the first firm to do so after receiving government bailout funds.
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ICELAND
Parliament approves refund for British and Dutch savers
Iceland's parliament has voted in a law that will allow 3.8 billion euros to be reimbursed to the British and Dutch governments, who compensated money lost by clients of the country's online Icesave bank after it went bankrupt.
MEDIA
Reader's Digest to file for US bankruptcy protection
Reader's Digest has announced plans to file for bankruptcy protection after signing a restructuring deal with its major lenders. The company publishes 94 magazines including its namesake publication, which claims the world's largest circulation.
USA - BANKING
Colonial Bank dissolved, marking 2009's biggest bank failure
Colonial Bank, a regional US lending group, was dissolved on Friday, becoming the largest bank failure to date in 2009. The majority of Colonial's 25 billion dollars in assets are to be bought by banking group BB&T Corp.
GERMANY
Retail giant Arcandor to cut 3,700 jobs
Arcandor, the German retail giant that controls brands like Karstadt and travel group Thomas Cook, is to axe 3,700 jobs between now and January 2010 in its mail order unit Primondo. The company declared insolvency in June.
AUTO INDUSTRY
French workers drop threat to blow up factory
Employees at the bankrupt New Fabris car parts factory, who had demanded 30,000 euros each in compensation from Renault and Peugeot, have dropped their threat to blow up their plant after agreeing to a revised compensation offer.
TELECOM
Ericsson to buy Nortel's network division for 795 million euros
Swedish telecoms giant Ericsson is set to pay 795 million euros to buy the network division of Canada's now defunct Nortel. The company said the acquisition will have a positive impact on earnings within a year after closing.
THE WEEK IN THE AMERICAS
The Golden State goes bust
In this edition: California, the richest state of the USA, suffers after racking up millions of dollars in debt; a portrait of US Supreme Court candidate, justice Sonia Sotomayor; focus on Honduras, poorer for its political crisis.
ICELAND
Government announces recapitalisation of major banks
Iceland's finance ministry announced a plan on Monday to recapitalise the three major banks it nationalised at the height of the country's financial crisis last October. The government will issue bonds worth 1.5 billion euros.
USA
Troubled bank CIT reported to have reached deal with bondholders
According to media reports, troubled US banking giant CIT has reached an agreement worth $3 billion with major bondholders to save it from bankruptcy. The bank lends capital to small and medium-sized businesses.
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