The grand old dinosaur of rock becomes eligible for his bus-pass today. Unlike many of his contemporaries, he remains as hard-headed and driven as ever. John Walsh marvels at a national treasure

EMI's Recorded Music division saw earnings of £59.2m in the three months to June, compared with losses of £45.1m last year, according to an email from Guy Hands, the group's controversial chief executive, to staff yesterday. Revenue was £288.1m, up 61 per cent.

The private equity tycoon Guy Hands has had his hands full trying to make money from the music industry since buying EMI last year, and now it seems he has taken a hit from investing in the film industry as well.

UBS has launched legal action against its own clients, a joint venture of Terra Firma and Deutsche Bank, after they refused to allow the Swiss investment bank to sell debt relating to a buyout to their rivals.

EMI has poached Nick Gatfield from rival Universal Music to run the group's Artists and Repertoire (A&R) operations across the US and the UK.

The Rolling Stones could become the latest big-name group to quit the troubled record label EMI, following the example of Sir Paul McCartney and Radiohead.

Guy Hands has raised £250m in new equity to fund his planned shake-up of EMI and publicly moved to allay fears that the takeover of the struggling music company by his investment vehicle Terra Firma had run into trouble due to the credit crunch.

A much-hyped move into fresh food by off-licence chain Threshers has been ditched after less than a year.

London's skyline has already undergone dramatic change. But two developments are accelerating the transformation from historic capital to modern metropolis. Jay Merrick reports

Guy Hands, the City financier, has approached Shanks, the waste management group, having been rebuffed in his attempt to buy its larger rival, Pennon.

GREENALLS HAS embarked on a radical strategic review since its profits warning last week, with a sale of its underperforming pubs chain and wholesale operations top of the list of options.

GUY HANDS, Nomura's principal finance guru, is set to ask his Japanese bosses for pounds 3bn to whip Allied Domecq's pubs form under the nose of Punch Taverns, writes Dan Gledhill.

HILTON, the leisure group previously known as Ladbroke, is coming under increasing pressure to get out of bookmaking.