Brazil's government says it will implement 50bn reais of spending cuts in order to curb inflation and help stop the economy overheating.

Real Madrid beat Barcelona and Manchester United to head the 2009/10 list of the richest football clubs in the world.

Ofcom has not done enough to increase competition among landline providers and to make switching providers easier, a report concludes.

Reliance ADA Group, owned by billionaire Anil Ambani, blames "baseless rumours" for wiping $2.5bn off the value of its listed subsidiaries.

Profits at mining giant Rio Tinto nearly triple on the back of rising commodity prices and strong growth in emerging markets.

UK interest rates are expected to be held at 0.5% later, after the latest meeting of the Bank of England's rate-setters.

Diageo, the world's biggest drinks maker, reports a 2% rise in half-year profits helped by good trading in emerging markets.

Manufacturing giant Rolls-Royce says the mid-air failure of a Trent 900 engine on a Qantas superjumbo has cost it £56m.