Supermarket Asda is preparing to do battle with rival Morrisons in the £1.5bn (€1.68bn) auction of frozen food retailer Iceland, it was reported today.

Frozen food supermarket Iceland and toy emporium Hamleys are to be sold by failed Icelandic bank Landsbanki, according to reports today.

BUDGET supermarket chain Iceland is to create up to 2,000 jobs in Ireland with the opening of more than 100 stores over the next four years.

The owner of fashion chains including Oasis, Coast and Warehouse today said it was accelerating its growth plans after a successful half-year performance.

Shoppers' growing appetite for menswear and beauty products helped spur an "improving trend" in sales, UK department store chain House of Fraser said today.

The London market soared more than 4% today as better than expected sales figures from retail giant Marks & Spencer helped lift spirits.

House of Fraser and other well-known UK retailers could be part owned by the Icelandic government under plans to reform the country’s failed financial system, it was reported today.

The Icelandic investment group that owns a host of retailers including Hamleys today denied it was looking at placing its UK business into administration.

The financial crisis engulfing Iceland showed no sign of easing today.

Iceland nationalised its second-largest bank today under new emergency legislation as it moved to get a grip on the escalating economic crisis.

Shares fell around the world again today as one country battled for economic survival.

Iceland’s banks face a battle for survival today, after the country’s government introduced emergency legislation giving it sweeping new powers over the collapsing financial sector.

The Icelandic government was today reported to be in crisis talks with the country's central bank over moves to prop up the banking sector.

House of Fraser today said it was ready to roll out a host of brands across its revamped department stores, despite facing “difficult” trading conditions.

A weaker dollar and fluctuating oil prices coloured trading today as the London market slipped into the red.

Shares in Woolworths rose sharply today as investors awaited Iceland founder Malcolm Walker’s next move in his pursuit of the group’s retail arm.

Top-flight stocks drifted lower today despite a solid session for miners cheered by results from BHP Billiton.

The founder of the Iceland frozen food chain has launched a surprise bid for Woolworths retail arm, a report said today.

The FTSE 100 Index enjoyed its second winning session in a row today as news of a £5bn (€6.3bn) takeover move in the mining sector helped boost blue chips.

Moss Bros reported a deterioration in sales today, but said it was well placed to limit any further downside from the current testing conditions.

Weaker oil and energy stocks after falling crude prices saw the FTSE 100 Index end a volatile session in the red today.

Shares in UK housebuilders took a fresh hit today after traders reported the sale of seven million shares in leading firm Barratt Developments.

Icelandic investment group Baugur today dropped its bid for struggling men’s fashion chain Moss Bros.

Around 2,500 jobs are under threat at budget clothing chain MK One after the group was put into administration.

An investment group run by retail entrepreneur Mickey Jagtiani snapped up a bigger slice of British department store chain Debenhams today.

Former TopShop boss Jane Shepherdson today made her high street comeback after taking a stake in Whistles and becoming its chief executive.

Shares in department store group Debenhams jumped ahead today amid speculation that a retail entrepreneur could be behind a 7% holding in the business.

Upbeat trading news from Lloyds TSB saw the bank make strong gains today but failed to provide direction on the wider London market.

Icelandic investment group Baugur today confirmed it was considering a possible offer for high street retailer Moss Bros.

Icelandic investment group Baugur is understood to be considering launching a £40m (€55m) takeover bid for retailer Moss Bros.

Supermarket giant Tesco tightened its grip on Dobbies Garden Centres in the UK today by revealing it now owned just over 28% of its takeover target.

London’s blue-chips finished the week in the red today after a downbeat opening on Wall Street sent the market lower.

Life insurer Friends Provident led the London market today amid trader talk of a potential bid for the company.

Icelandic investment group Baugur today moved to dampen speculation that it is mulling a bid for department store chain Debenhams.

Banking stocks were under pressure today after Halifax Bank of Scotland sparked concerns over difficult trading in its mortgages arm.

Philip Green is today reportedly looking to conduct a strategic view of his Arcadia empire as he looks to ramp up the expansion of Topshop.

Toy shop Hamleys looks to be nearing a deal which could see it open its first store in India, according to reports today.

Some of the UK’s best-known fashion brands could be returned to private ownership after details of a £400m (€568m) takeover move emerged today.

The Qatari investment group involved in a raid on Sainsbury's shares has said it holds a stake of 17.4% in the British supermarket chain.

Catalogue and internet sales came to the rescue of Next today after the fashion chain endured a worse-than-expected time on the high street.

House of Fraser was today celebrating its best ever week of trading after a “terrific” Christmas trading period for the department store chain.

Traders were still in the festive spirit today as drinks firms helped boost stocks during an upbeat return following the Christmas break.

Excitement over a possible Icelandic bid for Moss Bros caused shares in the menswear retailer to jump by 15% today.

The London market was on the rise today after takeover interest in cigarette giant Gallaher lit up the tobacco sector.

The new owner of UK department store House of Fraser today promised a shake-up for Britain’s “boring” high street after buying the chain for £351m (€522.3m) this week.

Matalan boss John King was named chief executive of House of Fraser today after the department store chain changed hands in a £351m (€523.4m) deal.

Woolworths vowed to rescue sales in time for Christmas today after the struggling high street chain plunged deeper into the red.

The FTSE 100 Index was in negative territory today after traders in New York returned from the public holiday in downbeat mood.

A strong performance from financial stocks boosted the London markets today, offsetting heavy losses from steel maker Corus.

Shares in H Samuel owner Signet slumped today as the market reacted to the decision of two private equity firms to opt against a joint bid for the jeweller.