South African miners rejected a pay offer from Lonmin that would have seen workers get at least 5,550 rand (£413) a month, far less than the 12,500 rand demanded by strikers. But Lonmin shares bounced along with the rest of the mining sector as stock markets took heart from the US decision to try to boost growth with QE3.

Eads hits back at merger 'snipers'

Eads, the owner of Airbus, has attacked critics of its proposed £30bn mega-merger with the UK defence giant BAE Systems as "anonymous snipers". The political aspect has worried the markets since the deal was announced. Shares in BAE and Eads were badly hit, although the UK group recovered yesterday.

UK sees better construction figures

A shallower than feared decline of 3 per cent for Britain's builders between April and June looks likely to see growth estimates for the UK economy lifted again in the second quarter. Analysts said the better construction figures meant the UK was likely to have shrunk by 0.4 per cent instead of 0.5 per cent.

Timeweave spurns Joe Lewis offer

Joe Lewis, the billionaire owner Tottenham Hotspur, suffered a setback yesterday when Timeweave rejected his £50m bid to acquire the horseracing broadcaster. Timeweave, which holds licences with 34 courses to televise races in betting shops, said the offer of 22p a share "fails to reflect fully the value" of the company.