Bank accounts of two firms of Sahara, one of India's biggest business houses, are frozen for failing to refund money to millions of investors.
Public Accounts Committee chair Margaret Hodge tells HM Revenue and Customs to "get a grip", after it misses a target to tackle tax credit fraud and error "by a mile".
American Airlines and US Airways are planning to form one of the world's biggest airlines, according to media and newswire sources.
Japan's economy slips again in the final quarter of 2012, according to preliminary data released by the cabinet office.
Japan's economy has shrunk for the third straight quarter, underlining the challenges the new government faces in reviving growth.