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Cosalt offer 'is aimed at saving company'

Carphone Warehouse co-founder David Ross yesterday wrote to shareholders in ailing marine safety firm Cosalt to insist his 0.1p-a-share offer was not a "bargain basement of a price".

Henrietta Knight: The trainer of Somersby said:

Somersby left flat-footed by revived Gauvain

Her best horse had been beaten again, and a wild, murky afternoon in the flatlands must have blended fairly seamlessly with her own emotional landscape. But Henrietta Knight did not have to seek far here yesterday to remember how it's an ill wind that blows no good. It was only five days previously, after all, that the horse who had just beaten Somersby dismayed his own connections with a fall at Sandown. Having duly avoided a hard race against Sizing Europe, Gauvain was able to rise from the canvas and win the Betfred Peterborough Chase – and, in the process, at least he confirmed Knight in her suspicion that Somersby nowadays requires a stiffer test of stamina.

DS Smith packs a profit

DS Smith has posted a 20 per cent rise in first-half pre-tax profits to £42.8m on improved volumes, better selling prices and an acquisition. It expects further volume increases in the second half.

Market Report: Would-be predators put off by Meggitt's many parts

Fears the aircraft-parts maker has fingers in too many pies to become a takeover target helped Meggitt finish in last place on the blue-chip index last night. Disappointed investors left the group 17.1p weaker at 366.4p after Credit Suisse said that, despites frequent bid speculation, the wide variety of its operations were likely to put off any predators.

Deal with it: Groupon ponders its future

The discount coupon leader now faces competitors big and small, angry consumers and merchants, and a fickle stock market

Global businesses face a more unstable 2012

Political instability and economic uncertainty are set to intensify next year, hitting global firms, says the risk consultancy Control Risks.

Growth is contracting, factory bosses warn

Most companies expect fewer orders next year than in 2011, according to manufacturers' body

Cable's review to tackle 'cross-pollination' of boardroom pay

If employees sat on the committees that set bosses' pay, we might see a diminution in their remuneration packages, suggests Richard Northedge

Construction growth slows despite housing boost

Britain's construction sector suffered a relapse during November, new data suggested yesterday, after posting a surprise gain in October.

Breaking news: A new man at Reuters helm

As Tom Glocer steps down as CEO, Sean Farrell reads between the lines

SDL to buy Alterian after raising bid

SDL, the UK translation group, is set to secure beleaguered marketing technology group Alterian after lifting its bid by more than a third to £68.4m.

Strike threat at New York city opera

New York City Opera declared an impasse yesterday in contract negotiations with unions for its singers and musicians, threatening to present its abbreviated season without them.

Trading scandal-hit UBS replaces risk boss

UBS, the investment banking group hit by a trading scandal in September, has replaced its risk management chief less than a year after she was appointed to the role.

Mouchel losses widen as it seals new bank deal

Mouchel's troubles increased yesterday as its losses trebled, sending the shares plunging 27 per cent. The company that turned down a £330m bid last year is now worth close to £14m.

American Airlines files for bankruptcy

The parent companies of American Airlines and its regional affiliate American Eagle are filing for bankruptcy protection.

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Independent Travel
Pompeii, Capri & the Bay of Naples
Seven Cities of Italy
Burgundy, the River Rhone & Provence
Prague, Budapest and Vienna
Lake Garda
Minoan Crete and Santorini
Prices correct as of 15 May 2015
The long walk west: they fled war in Syria, only to get held up in Hungary – now hundreds of refugees have set off on foot for Austria

They fled war in Syria...

...only to get stuck and sidetracked in Hungary
From The Prisoner to Mad Men, elaborate title sequences are one of the keys to a great TV series

Title sequences: From The Prisoner to Mad Men

Elaborate title sequences are one of the keys to a great TV series. But why does the art form have such a chequered history?
Giorgio Armani Beauty's fabric-inspired foundations: Get back to basics this autumn

Giorgio Armani Beauty's foundations

Sumptuous fabrics meet luscious cosmetics for this elegant look
From stowaways to Operation Stack: Life in a transcontinental lorry cab

Life from the inside of a trucker's cab

From stowaways to Operation Stack, it's a challenging time to be a trucker heading to and from the Continent
Kelis interview: The songwriter and sauce-maker on cooking for Pharrell and crying over potatoes

Kelis interview

The singer and sauce-maker on cooking for Pharrell
Refugee crisis: David Cameron lowered the flag for the dead king of Saudi Arabia - will he do the same honour for little Aylan Kurdi?

Cameron lowered the flag for the dead king of Saudi Arabia...

But will he do the same honour for little Aylan Kurdi, asks Robert Fisk
Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Our leaders lack courage in this refugee crisis. We are shamed by our European neighbours

Humanity must be at the heart of politics, says Jeremy Corbyn
Joe Biden's 'tease tour': Could the US Vice-President be testing the water for a presidential run?

Joe Biden's 'tease tour'

Could the US Vice-President be testing the water for a presidential run?
Britain's 24-hour culture: With the 'leisured society' a distant dream we're working longer and less regular hours than ever

Britain's 24-hour culture

With the 'leisured society' a distant dream we're working longer and less regular hours than ever
Diplomacy board game: Treachery is the way to win - which makes it just like the real thing

The addictive nature of Diplomacy

Bullying, betrayal, aggression – it may be just a board game, but the family that plays Diplomacy may never look at each other in the same way again
Lady Chatterley's Lover: Racy underwear for fans of DH Lawrence's equally racy tome

Fashion: Ooh, Lady Chatterley!

Take inspiration from DH Lawrence's racy tome with equally racy underwear
8 best children's clocks

Tick-tock: 8 best children's clocks

Whether you’re teaching them to tell the time or putting the finishing touches to a nursery, there’s a ticker for that
Charlie Austin: Queens Park Rangers striker says ‘If the move is not right, I’m not going’

Charlie Austin: ‘If the move is not right, I’m not going’

After hitting 18 goals in the Premier League last season, the QPR striker was the great non-deal of transfer deadline day. But he says he'd preferred another shot at promotion
Isis profits from destruction of antiquities by selling relics to dealers - and then blowing up the buildings they come from to conceal the evidence of looting

How Isis profits from destruction of antiquities

Robert Fisk on the terrorist group's manipulation of the market to increase the price of artefacts
Labour leadership: Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea

'If we lose touch we’ll end up with two decades of the Tories'

In an exclusive interview, Andy Burnham urges Jeremy Corbyn voters to think again in last-minute plea