Business update......

The current economic downturn shows no signs of improving and each day seems to bring another business related news story. Here are some "highlights" from the last week.....

• RBS announced a record UK loss of £24.1bn
  

• HBOS announce pre-tax losses of £10.8bn in 2008
  

• Lloyds TSB's 2008 profits fell by 80% to £807m.
  

• Mosaic, which owns Oasis, Karen Millen, Warehouse and Coast, has gone into administration. All of these brands have been sold to their main creditor but Principles and the Shoe Studio remain in administration, which could affect 4,200 jobs.
  

There are many more business stories and I recommend you keep following the BBC Business News website.  It really helps to see the stuff we do in class in real life situations.