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Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

Morgan Stanley clobbered with £1.1bn bill to loose its bonds

The US investment banking giant Morgan Stanley took a $1.8bn (£1.15bn) hit yesterday as it settled a long-running legal battle over toxic sub-prime debt.

Business Diary: Britain sticks it to French again

In this era of isolationism, the British Government clearly isn't missing any opportunity to stick two fingers up to the French.

Market Report: Rod Stewart still sexy but Icap loses its attraction

It may have been Icap's annual charity day, but the rest of the City was not feeling so altruistic towards the interdealer broker yesterday. As celebrities such as Rod Stewart and Lewis Hamilton manned trading desks at its Liverpool Street offices, the group finished in last place on the top-tier index after punters were warned expectations could be too high.

Market Report: New takeover talk fails to give helping hand to S&N

Familiarity breeds contempt, as Smith & Nephew (S&N) found out yesterday after the return of takeover talk failed to persuade investors to go out on a limb for the prosthetics manufacturer. The group dropped for the sixth straight session even though City analysts were reheating the familiar idea that it may be snapped up by a predator.

Business Diary: Hester holds Lloyds boss dear

Competition in Britain's banking industry may be a cut-throat business, but it is heart-warming to note that there is still a sense of brotherhood.

Morgan Stanley powers past Goldman Sachs

Going by this last quarter's results, Wall Street could have a new top dog. Morgan Stanley trounced not just market expectations for its latest three-month revenues, but its arch-rival Goldman Sachs as well. "Morgan Stanley is the new Goldman Sachs," the Rochdale Securities' analyst Dick Bove declared after seeing the results yesterday. Morgan Stanley's bonds, commodities and currency trading operations brought in revenues of $1.9bn (£1.67bn), up from $1.7bn, despite the new regulations and caution on the part of clients that have been affecting all Wall Street firms since the financial crisis.

Market Report: Gulf of Mexico optimism fails to stop BP falling

Claims that its final bill for the Gulf of Mexico tragedy is being hugely overestimated failed to stop BP sinking last night, as oil prices plummeted after the International Energy Agency (IEA) revealed it was releasing 60m barrels from its reserves.

Business Diary: Red faces over Lord Browne

Glencore, the commodities trader that announced its record-breaking flotation yesterday, has Finsbury doing its PR. It is run by Roland Rudd, who is a close friend of Robert Peston, the BBC's Business Editor. So, when Peston revealed yesterday that Glencore had appointed ex-BP boss Lord Browne as its chairman, the world assumed he knew what he was talking about. Some surprise then when Glencore announced several hours later that Simon Murray was its new chairman. "OMG" Peston told the world via Twitter.

Bats Global close to Chi-X takeover

Chi-X, the pan-European trading platform owned by a consortium of investment banks including Goldman Sachs and Morgan Stanley, is believed to be close to agreeing to a $360m (£223m) takeover by US rival Bats Global Markets.

Bankers face shock over deferred bonuses

Thousands of bankers are set for a nasty shock when their bonuses arrive, as the majority of them still do not realise that much of this year's payout must be deferred.

Bankers to brave -30C to pitch for Mongolian mine

More than 20 of the world's biggest investment banks will next week to pitch for roles on a potential $8bn London listing of a state-owned Mongolian coal mine.

Market Report: Drug makers face rising threat of legal action

The pharmaceuticals companies faced a bitter pill to swallow yesterday, as investors were warned of the rising danger of legal action within the sector. In the wake of the announcement from GlaxoSmithKline earlier in the week that it is putting aside £2.2bn to cover legal costs, Morgan Stanley said that the "risk of enforcement for the healthcare industry has reached an all-time high".

Morgan Stanley ups pay as profits rise

Morgan Stanley spent $16bn on pay last year, up from $14.4bn in 2009, but increased the amount of deferred bonuses and cut back on the portion paid in cash.

The Business On... John Havens, Citigroup

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Air strikes? Talk of God? Obama is following the jihadists’ script

Air strikes? Talk of God? Obama is following the jihadists’ script

The President came the nearest he has come yet to rivalling George W Bush’s gormless reaction to 9/11 , says Robert Fisk
Ebola outbreak: Billy Graham’s son declares righteous war on the virus

Billy Graham’s son declares righteous war on Ebola

A Christian charity’s efforts to save missionaries trapped in Africa by the crisis have been justifiably praised. But doubts remain about its evangelical motives
Jeremy Clarkson 'does not see a problem' with his racist language on Top Gear, says BBC

Not even Jeremy Clarkson is bigger than the BBC, says TV boss

Corporation’s head of television confirms ‘Top Gear’ host was warned about racist language
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Nick Clegg the movie

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Philip Larkin: Misogynist, racist, miserable? Or caring, playful man who lived for others?

Philip Larkin: What will survive of him?

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Madame Tussauds has shown off its Beyoncé waxwork in Regent's Park - but why is the tourist attraction still pulling in the crowds?

Waxing lyrical

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Texas forensic astronomer finally pinpoints the exact birth of impressionism

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Malky Mackay allegations: Malky Mackay, Iain Moody and another grim day for English football

Mackay, Moody and another grim day for English football

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La Liga analysis: Will Barcelona's hopes go out of the window?

Will Barcelona's hopes go out of the window?

Pete Jenson starts his preview of the Spanish season, which begins on Saturday, by explaining how Fifa’s transfer ban will affect the Catalans
Middle East crisis: We know all too much about the cruelty of Isis – but all too little about who they are

We know all too much about the cruelty of Isis – but all too little about who they are

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Final resting place of our Neanderthal neighbours revealed

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Scottish independence: The new Scots who hold fate of the UK in their hands

The new Scots who hold fate of the UK in their hands

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Blight club: Britain's ugliest buildings

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