The British government is hiring. Requirements: A candidate who can keep markets calm, put up with criticism from politicians and deftly respond to an unprecedented economic event as Britain tears itself away from the European Union, while the rest of the world economy stutters, the International New York Times reported. Send applications to: Unknown. The person who succeeds Mark Carney as leader of the Bank of England will have to brace for a challenge. When Britain voted to leave the European Union, Mr.

Germany’s Condor, which is owned by British travel operator Thomas Cook, said on Thursday that a Frankfurt court had begun investor protection proceedings that should allow the airline to be restructured, Reuters reported. Thomas Cook, the world’s oldest travel firm, collapsed this week, sparking a scramble for survival among many of its subsidiaries. Germany said on Tuesday it would guarantee a 380 million euro ($419 million) bridging loan for Condor to enable it to continue flying and save jobs.

The euro-area’s bailout fund will start using Luxembourg law to govern its debt rather than English law, the latest blow dealt by Brexit to the U.K.’s financial industry, Bloomberg News reported. The European Stability Mechanism will start adopting Luxembourg law for all its euro-denominated bonds and bills starting Oct. 1, according to an investor newsletter Thursday. Dollar-denominated debt will continue to be issued under English law.

Ulster Bank’s chief executive said there will be a fresh round of jobs cuts at the group as it seeks to rein in costs as ultra-low central bank interest rates squeeze lending margins, The Irish Times reported. “I think we all thought that by now we were going to be in a position where interest rates were rising, but, from the latest coming out of the ECB, it looks like it could be four years,” Jane Howard told The Irish Times in her first profile interview since taking over the helm of the bank last September. “It is going to be a challenge to generate new income.

Pearson warned that a 20 per cent drop in demand for US college textbooks would hit its profit and jeopardise a return to sales growth next year, triggering an 18 per cent share price fall, The Irish Times reported. In an echo of Pearson’s past profit warnings, the world’s biggest education company said on Thursday that, while 75 per cent of its sales continued to grow, US higher education courseware revenue was set to fall as much as 12 per cent in 2019.

Aer Lingus owner IAG warned that challenges facing the European airline industry are set to continue into 2020 after cutting profit guidance for this year. Earnings will be about 6 per cent lower than forecast in the wake of strikes at British Airways, its biggest unit, and depressed ticket prices at low-cost operations Vueling and Level, The Irish Times reported. IAG lowered capacity growth in the final quarter and will provide details in November of a decrease next year, chief executive Willie Walsh said on a call with analysts on Thursday.

Santander has taken a €1.5bn writedown on the value of its UK business, blaming new regulations and the expected economic fallout from Brexit, the Financial Times reported. The move highlights the challenges facing the UK’s fifth-largest bank, which is grappling with sluggish growth and rising competition while its Spanish owner looks to cut costs and increase investment in other parts of its empire. Santander, the eurozone’s largest retail bank, announced the news late on Tuesday after markets closed in Mexico, where the group has a secondary listing.

Ratings agency Standard & Poor’s has cut its credit rating on storied carmaker Aston Martin Lagonda Holdings deeper into junk territory on Wednesday amid concerns over the UK’s exit from the European Union and threat of U.S. tariffs, Reuters reported. The ratings agency trimmed its rating by one notch to ‘CCC+’, which reflects substantial risks and takes it close to default territory after a faster-than-expected cash burn this year. The outlook is negative.

In a related story, Reuters reported that Thomas Cook’s Polish business Neckermann Polska said on Wednesday it was insolvent as the effects of the demise of the world’s oldest travel firm spread to central Europe, leaving around 3,600 Polish tourists stuck abroad. Thomas Cook, which started life in 1841 running local rail excursions and grew to pioneer package holidays, collapsed early on Monday stranding hundreds of thousands of holidaymakers.

Thomas Cook’s German tour business filed for insolvency on Wednesday in a move aimed at separating its brands and operations from its failed parent, and said it was in talks with potential new investors, Reuters reported. The German government said it was considering an application for a bridging loan from Thomas Cook Germany, a day after it said it would guarantee a 380 million euro ($418 million) bridging loan for the British group’s German airline, Condor.