Figures for June show positive signs for recovery as Dow Jones leaps in response

Glencore Xstrata's chief executive, Ivan Glasenberg, has announced three new appointments to the board of the wheat trading-to-coal mining empire, including the veteran Wall Street banker John Mack.

We call it globalisation and it is one of the two great economic stories of our time: that shift of economic power from the old developed world to the new emerging one. The other story is the nasty economic cycle we have just experienced. The two stories are linked because the failures of Western economic management that exacerbated the last recession have sped up the power shift.

Analysts expect pound to weaken against dollar and euro in response to Moody's decision

Technology website Tech Crunch is reporting that Google will pay Apple at least $1bn (£629m) next year to be the default iOS search engine.

Man Group, the troubled hedge fund that started life supplying rum to the Royal Navy in the 1780s, has asked KPMG to sort out its governance after a shareholder revolt last year.

The number of new City jobs trebled last month but only against December's count which was the lowest since the financial crisis began in 2008.

Goldman Sachs and JP Morgan are among the big names pitching for a key advisory role with Cairn Energy, the Edinburgh-based group that explores for oil from the North Sea to Kathmandu.

Every day our travel guru answers your travel questions

Midweek View: The United States is not only not saving nuts, it's eating the ones left over from the last winter

Santander loses £52m from bid

Admiralty Arch in £60m hotel deal

The US investment bank Morgan Stanley swung to a $1bn (£620m) loss over the third quarter – but beat market hopes with earnings that rose on the back of strong revenues from its bond-trading business.

Bank of America has agreed to pay $2.43bn (£1.51bn) to settle a shareholder lawsuit over its 2008 buyout of Merrill Lynch in one of the largest-ever settlements of a securities fraud class action.