Travel operator Thomas Cook said it had agreed the main terms of a rescue package that will see Hong Kong’s Fosun Tourism take over its tour operations and creditor banks and bondholders acquire its airline.

Tourist travel giant TUI said the grounding of Boeing’s 737 Max jets was a big burden as it reported a 46% decline in underlying quarterly core earnings, sending its shares lower.

The UK Treasury yesterday announced its intention to sell at least £2bn worth of shares in Lloyds Banking Group to private retail investors in spring 2016 to return the bank to full private ownership.