SAVE MONEY ON TRAVEL DEALS

Iceland took over Glitnir, which forced Icelandic businessman Jon Asgeir Johannesson to place one of his investment companies, Stodir, into receivership, The Times of London reported.

Stodir owned 32 percent of Glitnir, which accepted an $896 million cash injection as the government took it over.

Johannesson's Baugur Group is an almost $18 billion empire, comprised mainly of retail businesses, including Hamleys, Karen Millen, House of Fraser, Goldsmiths, Whistles, Oasis, and portions of Woolworths, French Connection and Debenhams, the Times said.

"What we have seen today could trigger yet another domino effect", an unnamed market analyst told the Times. "We just don't know if it will be contained in Iceland, or spill over on to the High Street", he said.

 BREAKING STORIES

Britain set for drastic economy moves

Study: U.S. Web users tops in online use

Lloyds TSB shareholders approve merger

Britain prodded reluctant banks on rates

British banks to lower interest rates

British home price down 15 percent on year

Britain guarantees Icesave accounts

Lloyds to pass rate cut on to customers

Two key banks cut lending rates in Europe

PMI in Britain gains slightly in month

Union calls for merger details on jobs

Iceland slams Britain's use of terror law

Report: Brown to back Heathrow expansion

Banks in Britain fail to lower rates

BP profits jumped 148 percent in quarter

Banks seize homes over credit card debt

Automakers to cut production in Britain

British Prudential keeping its eye on AIG

Thousands fall into negative equity

Prices at pump catch prime minister's ire