News in brief: Direct Line float range revealed, John Lewis Games store suffers, Metro Bank hunt for new chairman, BlackBerry slide keeps RIM in red

The long-awaited float of Direct Line will be priced at between 160p and 195p, towards the bottom end of expectations, Royal Bank of Scotland said today.

If the IPO is at the mid-point of that range, the insurer — which also owns the Churchill, Green Flag and Privilege brands — will be valued at £2.66 billion. Forecasts had been between £2.5 billion and £3.5 billion.

John Lewis store at Games site suffers

John Lewis’s store in Stratford, east London, suffered dire trading last week, marking an unhappy first anniversary since it opened next to the Olympic Park.

Sales at its Stratford City shop for the week to September 22 were 15.6% lower than a year earlier. The shop was the worst performer in an otherwise storming week for John Lewis, with sales up by 14.2% to £67.1 million.

Metro Bank hunt for new chairman

Metro bank, the first High Street bank to be launched for 100 years, is looking for a new chairman after Anthony Thompson stepped down. Metro, known for its bright colours and less formal approach, wants to appoint a new chairman by January 2013 to help it through to a planned IPO, expected around 2015. The bank has 12 branches in London and the South-East.

BlackBerry slide keeps RIM in red

BlackBerry maker Research In Motion has posted another huge loss as sales continue to be hit by the launch of newer smartphones such as the iPhone 5. The Canadian company lost $235 million (£145 million) in the third quarter and shipped 7.4 million BlackBerries against 10.6 million in the same period last year. This was better than analysts had feared and the shares rose 20% in after-hours trading.