The City roundup video: Stagecoach and Virgin Trains win East Coast contract

Video: Alex Lawson provides a run-down of the day's major news from the City

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The Independent Online

Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.

Today the headlines have been dominated by a deal which the City didn't see coming down the track – Stagecoach and Virgin Trains have won the East Coast mainline contract.

The £3.3 billion, eight-year East Coast mainline contract has been awarded to the joint venture between Sir Richard Branson’s Virgin and Scottish tycoon Brian Souter.

The contract award is another major blow for FirstGroup, which was shortlisted for five franchises at the beginning of the year but has come away empty handed.

Elsewhere, the saga of King Digital's life as a  listed company has taken another turn as the chairman of the maker of smartphone "crack cocaine" Candy Crush stepped down.

And it has emerged social media giant Twitter is to tailor adverts based on the apps on your smartphone. With the cluster of daft music, video and footy apps on my phone, good luck to them.