Mothercare is set to close all its British stores with the loss of at least 2,500 jobs after its domestic operations buckled under the weight of the pressures plaguing the retail sector, Reuters reported. The company, a baby products retailer that operates 1,010 overseas franchise stores, has fallen victim to extremely difficult conditions in Britain on the back of stiff competition from online retailers and rising costs. “The UK high street is facing a near existential problem with intensifying and compounding pressures across numerous fronts,” Mothercare Chairman Clive Whiley said.

Factory activity across the euro zone contracted sharply last month as demand was again stifled by the U.S. trade war with China and the persistent lack of clarity over Britain's departure from the European Union, a survey showed, the International New York Times reported on a Reuters story. Worryingly for policymakers at the European Central Bank, who have restarted a 2.6 trillion euro (£2.3 trillion) bond-buying programme after cutting interest rates on deposits in September, the malaise appears to be spread across the region.

Struggling baby products retailer Mothercare is set to appoint administrators to its loss-making British business, putting about 2,500 jobs at risk and dealing yet another blow to the country’s beleaguered retail sector, Reuters reported. Mothercare’s UK sales have been hammered by intense competition from supermarket groups and online retailers as well as by rising costs. The group also has a profitable international business, with over 1,000 stores in over 40 territories.

Stockpiling ahead of the now-postponed October 31 Brexit deadline limited the contraction in UK manufacturing activity at the start of the final quarter of the year, according to a business survey, the Financial Times reported. The IHS Markit purchasing managers’ index for manufacturing rose to 49.6 in October from 48.3 in September. Economists polled by Reuters had expected a marginal decline to 48.1.

Geir Karlsen has been busy. Over the past four months, the chief executive of Norwegian Air Shuttle has sold off a large chunk of the airline’s assets at a remarkable pace as he attempts to secure the future of the world’s fifth-biggest low-cost carrier, the Financial Times reported. But the 54-year old acting chief executive, who took the top job in July and also wears the airline’s chief financial officer hat, remains sombre. “We’re not happy”, he said, when asked if he is pleased with the changes he has made, but added that the airline is “on the right track”.

Nikolaos Karamouzis has honed his knowledge of Greece’s crisis-stricken economy over more than three decades in finance and perhaps sees investment opportunities where others fear to tread, Bloomberg News reported. The former banker is putting together a fund to invest in some of the struggling small and medium-sized enterprises that still play a critical role in the Greek economy, providing six out of 10 jobs -- twice the European Union average. Many are weighed down by soured loans but Karamouzis believes some retain significant potential if money is targeted in the right places.

China’s Fosun Tourism Group said on Friday it would acquire the Thomas Cook and related hotel brands for 11 million pounds ($14.25 million), in a bid to expand its presence in the tourism business, Reuters reported. The assets include trademarks, domain names, software applications and licenses of the British travel firm and related hotel brands, Hong Kong-listed Fosun said, adding that it did not plan to buy overseas assets or businesses related to Thomas Cook for the time being.

Britain's Carpetright is in talks with its largest shareholder Meditor over a possible takeover at a huge discount to its closing value on Wednesday, prompting a 50% crash in its shareprice, the International New York Times reported on a Reuters story. The floor coverings retailer, which trades from about 330 stores, has been struggling for years and fought off collapse last year by entering a Company Voluntary Arrangement (CVA) restructuring that closed shops and reduced rents.

Chinese conglomerate Fosun is close to acquiring Thomas Cook’s brand and its intellectual property assets, which could allow the business to be revived again as an online travel agent just months after collapsing into administration, the Financial Times reported. The deal to acquire the Thomas Cook assets could be announced as soon as this week, said two people briefed on the situation, although they cautioned that the deal had not been finalised. A number of other groups have been bidding, including rival travel agency, Tui.

Greece’s chief anti-corruption prosecutor has accused Piraeus Bank, the country’s largest lender, of violating capital controls in transactions relating to Libra Group, a US conglomerate that had earlier bailed it out, the Financial Times reported.