Australia's struggling flagship carrier Qantas Airways cancelled orders for 35 Boeing Dreamliner jets to further cut costs. Posting a full-year net loss for the first time in 17 years due to its bleeding international division, the airline suffered a A$244m (£161m) loss for the year to the end of June.

Phoenix appoint Sir Howard Davies

Phoenix, the life fund that looks after policies on behalf of six million savers, swapped one City grandee for another today: it appointed Sir Howard Davies as chairman, replacing Ron Sandler, who will step down as of October. The move came as Phoenix posted a rise in half-year profits to £207m.

Anglo American yields to Codelco

Anglo American has agreed to sell a stake in its coveted south-central Chile copper mines to Chilean rival Codelco. They settled for $1.7bn, a discount on their initial $2.8bn market price, ending a bruising 10-month battle between the mining titans.

Diageo toasts 32% profit rise

Diageo shrugged off a slowdown in Europe thanks to surging sales of Guinness, Smirnoff, and Johnnie Walker in emerging markets. Sales in these markets, now nearly 40 per cent of its business, grew 15 per cent over the year. That helped annual profits rise 32 per cent to £3.1bn.