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The Business Matrix: Tuesday 2 July 2013

Piano-maker sold in £288m deal

160-year-old piano-maker Steinway has been bought for $438m (£288m) by private equity firm Kohlberg & Co. It will pay $35 per share, 15 per cent more than the stock's closing price on Friday of $30.43. The company – which also produces trumpets and saxophones – has manufacturing plants in New York and Hamburg, Germany.

Viscount tightens grip on Mail trust

Viscount Rothermere has strengthened his financial hold over Daily Mail & General Trust by buying out a 29.3 per cent voting stake belonging to family members in a £50m transaction. Lord Rothermere the chairman of DMGT, already held 59.9 per cent of the voting shares through his own vehicle, Rothermere Continuation Ltd.

Banks warned for not seeing abuse

The Financial Conduct Authority has warned British banks that they are not doing enough to protect themselves from being used for criminal activities and could be fined. Some banks may face punishment for failure to spot abuses in their trade finance business, such as money laundering, sanctions busting or funding of terrorists.

Mixed fortunes for Asian titans

Asia's manufacturing titans suffered contrasting fortunes amid rising optimism among Japan's biggest firms while China was hit by a credit squeeze and falling orders. Japan's Tankan survey offered more signs that prime minister Shinzo Abe's programme of monetary stimulus and public spending is boosting the economy.

City boardrooms are all shook up

The City boardroom merry-go-round span yesterday. Steve Clarke took over from Kate Swann at WH Smith, Ivan Menezes from Paul Walsh at Diageo, Alistair Phillips-Davies took the reins at SSE, Ben Magara at Lonmin, Mark Weinberger at Ernst & Young and Simon Segars at ARM.

Eurozone jobless rate hits new high

Unemployment in the eurozone hit a new high in May. The number of jobless people across the single currency area rose by 67,000 taking the unemployment rate to 12.1 per cent, up from 12 per cent in April according to analysts Eurostat. The worst affected countries are Spain and Greece.

Peace deal 'could boost economy'

The outgoing central bank governor of Israel last night urged the country to strike a peace deal with the Palestinians in order to spur economic growth over the long term. Stanley Fischer said Israel could expand at between 4 per cent and 5 per cent a year.

Record amount is pulled out of bonds

A record amount of money poured out of exchange-traded and mutual bond funds in June, according to TrimTabs –nearly double the amount pulled out of bond funds at the height of the financial crisis in October 2008. Some $80bn left bond funds in June, according to the research.

TUI in boost due to £300m credit deal

TUI Travel, owner of Thomson Holidays, has shored up its finances with a £300m credit facility from a syndicate of lenders. The company said the agreement, co-ordinated by Royal Bank of Scotland, would mature in April 2016.

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Dress the situation up all you like, but the truth hurts
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5 News's Andy Bell retraces his grandfather's steps on the First World War battlefields

In grandfather's footsteps

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Lifestyle guru Martha Stewart reveals she has flying robot ... to take photos of her farm

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A tale of two presidents

George W Bush downs his paintbrush to pen father’s life story
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Louis van Gaal has £500,000 video surveillance system installed to monitor Manchester United players

Eye on the prize

Louis van Gaal has £500,000 video surveillance system installed to monitor Manchester United players
Women's rugby: Tamara Taylor adds fuel to the ire in quest to land World Cup

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Save the tiger: The day America’s love of backyard tigers led to a horrific bloodbath

The day America’s love of backyard tigers led to a horrific bloodbath

With only six per cent of the US population of these amazing big cats held in zoos, the Zanesville incident in 2011 was inevitable
Samuel Beckett's biographer reveals secrets of the writer's time as a French Resistance spy

How Samuel Beckett became a French Resistance spy

As this year's Samuel Beckett festival opens in Enniskillen, James Knowlson, recalls how the Irish writer risked his life for liberty and narrowly escaped capture by the Gestapo
We will remember them: relatives still honour those who fought in the Great War

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Relatives still honour those who fought in the Great War
Star Wars Episode VII is being shot on film - and now Kodak is launching a last-ditch bid to keep celluloid alive

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Director J J Abrams and a few digital refuseniks shoot movies on film. Simon Usborne wonders what the fuss is about
Once stilted and melodramatic, Hollywood is giving acting in video games a makeover

Acting in video games gets a makeover

David Crookes meets two of the genre's most popular voices