Travel giant Thomas Cook today took a huge step towards recovery with a £1.6 billion refinancing of its vast debt pile, just 18 months after the 172-year old company veered close to collapse.

The British number one came through his match against Carlos Berlocq in Indian Wells despite his annoyance

The British number one came through his match against Carlos Berlocq in Indian Wells despite his annoyance

The City was piling into Vodafone again today and it wasn't because of the FTSE 100 titan's new contract to supply smartphones to New Zealand's police officers. Welcome though the news may be to the Kiwi law enforcement fraternity, Voda has been the blue-chip story of the week for other reasons: namely speculation over its 45 per cent stake in United States operator Verizon Wireless.

Flogging cheap clothes has been keeping punters in Primark owner Associated British Foods happy, but City scribblers think the shares are no longer quite so sweet. The Primark to Twinings tea group could be facing bitter times at its European sugar business.

Oil and gas explorers on both sides of the Channel were flaring up on City takeover chatter. BG Group has been a takeover target since its shares lost around 20 per cent after warning on production forecasts at the beginning of the month.

Manufacturing output is at its lowest level in three years, in what could be a further blow to hopes for a swift economic recovery, according to the Confederation of British Industry (CBI).

With US retail giant Best Buy being targeted by its founder, the talk in the Square Mile yesterday was focused on what could lie ahead for its British partner Carphone Warehouse if a deal goes ahead.

While Auntie penny pinches, ITV will feel the benefit. That was the theory pushing the Britain's Got Talent broadcaster higher yesterday as – with the BBC on a mission to save money – City scribblers argued its bitter rival will be in a prime position to take advantage.

It was transformed into one of the world's top investment banks under his control. Yet yesterday Bob Diamond was being urged to undergo a massive overhaul of Barclays Capital amid claims that such a move would be for the good of the company as a whole. With Barclays' preliminary results little more than a fortnight away, poor figures from the investment-banking arms of its American rivals have raised serious concerns over the performance of BarCap.

Bargain-hunters moved into Smith & Nephew yesterday after analysts called on investors to reconsider the growth prospects for Europe's biggest manufacturer of artificial hips and knees. S&N shares haven't had the healthiest of years so far, falling by around 15 per cent since January. Results earlier this month did little to warm sentiment, with the stock easing in the hours after the company revealed lower trading profits for the third quarter.

The chief executive and finance director of DTZ yesterday walked out as a row with the commercial property agent's majority shareholder threatened to boil over.

Analysis