- British software giant Sage Group has lost out in a bidding battle for Australian firm MYOB after being trumped by US private equity firm Bain Capital. Bain yesterday reached an agreed deal to buy MYOB for an estimated £812m.
- Germany renewed its opposition to growing calls for a move towards bonds that are jointly issued by eurozone members yesterday, with the German Chancellor, Angela Merkel, saying that so-called eurobonds were exactly the wrong answer to the currency union's sovereign debt crisis.
- Michael Spencer said he is prepared to relocate ICAP out of the UK if European leaders push ahead with plans to introduce a financial transaction tax.
- Economist at Citigroup Michael Saunders believes despite the widespread gloom, the consensus is that Britain will not re-enter a recession. 'Our base is not a recession, but an extended period of sluggish growth and rising unemployment.
- Pharmaceuticals giant GlaxoSmithKline is to invest £1.25m in UK based bio-tech firm Autifony in exchange for a 25.4% minority stake.
- Insurance and reinsurance underwriter Amlin reported a pre-tax loss of £192.3m in the six months ended 30 June.
- Essar Energy, the India focussed integrated energy company, saw revenues soar by more than a third over the first half of 2011, primarily due to higher refining and marketing revenues, which offset lower power revenues.
- Gold for December delivery added $30.20 to $1,852.20 an ounce on Friday on the comex division of the Mercantile Exchange after striking an intraday high of $1,881.40 an ounce.
- Asian stocks gave up early gains and fell Monday as fears that the US is slipping back into recession caused investors to dump riskier assets. Hong Kong's Hang Seng fell 0.9% to 19,219.65.
- The FTSE 100 has opened 0.58% up, or 29.1 points and is currently trading at 5069.9.
|Highlights of the day|
- Oilfield services group Petrofac said it is on course to deliver like for like profit growth of at least 15% in 2011, in line with current market expectations.
- Oil for September delivery declined 12 cents to settle at $82.6 a barrel on the New York Mercantile Exchange. Prices fell to an intraday low of $79.17 a barrel on Friday.
- Libyan rebels said they captured two of Muammar Qaddafi's sons as they swept through the capital Tripoli in a drive to end his 42 years of autocratic rule.
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