Stricken UK outdoors retailer Blacks Leisure confirmed today it will go into administration but said it still hopes most of the business will be salvaged by buyers.

The London market lost more ground today despite an expected boost from hopes of an interest rate cut in the US.

Stricken bank Northern Rock was today named as one of seven blue chip firms set for relegation from the FTSE 100 Index in its biggest shake-up since the September 11 terrorist attacks.

Stricken telecoms firm Marconi today unveiled a long-awaited overhaul of its finances that will leave shareholders with a mere 0.5% stake in the business.