latest world business news

Online payment service Paypal plans to enter the discount coupon market. The eBay-owned business said it planned to launch the service in the US before April 2012.  Paypal's president, Scott Thompson, told the Bloomberg news agency that his firm would use its knowledge of its 103 million members' past purchases to tailor offers. The move poses a challenge to the sector's two biggest player, Groupon and Livingsocial.  Daily deal businesses offer their members the chance to buy goods or services - from spa treatments and sushi to cheap flights and theatre tickets - at a steep discount.  Buyers are usually limited to using the coupons within a restricted time span. The daily dealer business then splits the revenue with the organisation providing the goods. Companies may make a loss on the specific offer, but profit if customers return for repeat business. Discount deluge According to the daily deal data aggregator Yipit four of the biggest players sold cl

West Midlands-based firm Tarmac Building Products Ltd is to cut 550 jobs and close one of its divisions due to "tough market conditions". The firm, which is based in Wolverhampton, said it planned to close its precast solutions and flooring arm. It said 217 jobs would be lost in Tallington, Lincolnshire and 106 in Henlade, Somerset. The remainder are to go in Derby, Lound in Nottinghamshire and Dolyhir in Powys, Wales. A company spokesman said it was consulting with staff and unions over the plans to cut 500 full-time staff and 50 agency employees . The company blamed tough trading conditions and uncertain market demand. "This affects five sites across the UK and, unfortunately, means that around 550 people are at risk of redundancy," the spokesman said. "We are very conscious of the impact this will have on our employees, their families and the local communities around our sites if the closure goes ahead. "It is not a decision we have ta