Restructuring specialist Hilco is the frontrunner in the battle to save music retailer HMV from administration, British media reported on Sunday. Hilco, which bought HMV Canada in 2011 and salvaged home goods firm Habitat, is favoured by an industry consortium, said the Sunday Times. The paper said music labels and film studios, such as Universal, Warner, Sony, and 20th Century Fox were preparing a rescue package, keen to keep the 92-year-old retailer alive. Options for the suppliers include cutting the prices of discs and giving the retailer generous credit terms, it said.

Germany's finance minister Wolfgang Schaeuble has said that the problem of high indebtedness is not limited to the crisis-hit eurozone and that the situation in Britain and the US is worse, The Telegraph reported. Speaking in Parliament, Mr Schaeuble also said he was worried by the policies pledged by the recently elected government in Japan, which has vowed a big increase in spending to bolster the econony, AFP reported. "Britain has a higher state debt than the eurozone average and I don't even want to mention the United States of America," Schaeuble said.

Game, the retailer bought out of administration by investment firm OpCapita, is interested in acquiring up to 45 HMV stores, the Financial Times reported. Martyn Gibbs, chief executive of Game, said the chain’s management had approached Deloitte, administrator to HMV, for more information, but would not confirm the number of stores in which the video game retailer could be interested. But people familiar with the situation said there were 40-45 UK locations where HMV was present, but Game was not.

The U.K. arm of DVD rental firm Blockbuster BLIAQ +16.67% Wednesday called in administrators to sell or wind down the company after U.S. parent Dish Network Corp. failed to find a buyer, The Wall Street Journal reported. The move marks the third failure of a major British retailer this year and underscores the bleak conditions in U.K. retail as well as the shift away from high-street DVD rentals as consumers increasingly opt to stream movies via the Internet or get discs in the mail. Administrator Deloitte LLP said it was working to find a buyer for all or parts of the business.

British music and DVDs retailer HMV confirmed on Monday that it was calling in the administrators as talks over a deal to prevent an imminent covenant breach failed, Reuters reported. "The board regrets to announce that it has been unable to reach a position where it feels able to continue to trade outside of insolvency protection," the company said in a statement on Monday evening. Deloitte would be appointed as administrators and the business would continue to trade while a purchaser was sought, it said.

Goldman Sachs is among a handful of banks considering delaying UK bonus payouts until after April 6 when the top rate of income tax falls from 50 to 45 per cent, the Financial Times reported. The bank’s plan, which relates to bonuses paid for performance in 2009, 2010 and 2011, rather than new awards, is expected to prove controversial despite being perfectly legal.

Camera specialist Jessops called in administrators PwC on Wednesday, becoming Britain's first high street casualty following a tough Christmas for retailers, Reuters reported. The group, which operates from 192 stores and has around 2,000 employees, has seen demand for its digital products come under pressure from the rising use of camera phones and online rivals. Many British retailers have struggled recently as inflation, muted wages growth and government austerity measures squeeze household budgets.

David Cameron will damage Britain's fragile economy if he demands major changes that could threaten the country's relationship with the European Union, business leaders said on Wednesday, Reuters reported. In an open letter, the heads of some of Britain's biggest companies said Britain can't afford to quit a market of 500 million people that buys half of its exports. Other countries in the 27-nation bloc would probably reject Cameron's attempts to claw back powers from Brussels, isolating the country from its biggest trading partner, they said.

Trustees to the UK Coal pension schemes have been given the right to monitor the business risks of the company’s newly formed property arm and to intervene in company strategy where needed, under the terms of an unusual corporate restructuring, the Financial Times reported. Keith Jones, chairman of the UK Coal trustees, said that formal arrangements have been put in place allowing for oversight of both the core coal business and its property arm, which is 75 per cent owned by the schemes.

British parliamentarians will this week quiz UBS investment banking boss Andrea Orcel, former CEO Marcel Rohner and other past and present executives at the Swiss bank as part of their inquiry into industry standards, following a run of scandals that rocked UBS's London arm, Reuters reported. UBS was last month fined a record $1.5 billion (931.3 million pounds) by U.S. and UK regulators for rigging Libor interbank interest rates, more than three times the fine imposed on Barclays in June for manipulating Libor.