UK's finances show improvement
The UK public finances showed a surprise improvement in July as higher taxes and the bank levy boosted government receipts, bringing overall borrowing this fiscal year down and getting the government closer to its deficit reduction targets. The public sector swung into a surplus of nearly £2bn in July, the Office for National Statistics said yesterday.
Euro gains on dollar after sell-off cools
The euro gained against the dollar yesterday after an early sell-off lost steam, but the currency remains susceptible to selling on worries about bank holdings of eurozone debt and a gloomy global economic landscape. Against the yen, however, the dollar plumbed to a record low of 76 yen, with traders emboldened by a 'Wall Street Journal' report citing Japan's top currency official saying Japanese authorities did not plan to intervene often.
Biggest wave of deals in 10 years
The biggest wave of deals for mobile-phone assets in more than a decade may help Research In Motion's shareholders almost double their money in a sale. Led by Google's takeover of Motorola Mobility and Nortel Networks' patent auction, acquisitions of wireless and telecoms equipment makers may top €18.76bn this year and approach the record in 1999.
Boeing's new plane gets FAA go-ahead
Boeing's new 747-8 freighter won certification from the US Federal Aviation Administration (FAA) to enter commercial service, capping a two-year, $2.04bn delay for the company's biggest plane ever. Luxembourg's Cargolux Airlines International will receive the first of the jumbo jets early next month, Boeing said in a statement.
Short selling is at two-year high
BEARISH wagers against global stocks at hedge funds have surged to the highest level since July 2009 as the European debt crisis and reports showing an economic slowdown cause the biggest losses in almost three years. An index of hedge fund assets from International Strategy & Investment dropped to 45.8 on Tuesday, showing the most short selling in two years.