The government cancels its decision to award the West Coast Main Line rail franchise to FirstGroup and announces it will rerun the competition.

New car sales in the US post the best month in more than four years, with Toyota Motor showing the biggest rise.

Sales of petrol and diesel on UK forecourts fell significantly in the spring despite cheaper prices at the pumps

The UK's biggest retailer, Tesco, reports its first fall in profits since 1994. while Sainsbury's reports a rise in quarterly sales.

The Asian Development Bank (ADB) has cut its growth forecast for Asia for this year and next, as the problems in Europe and the US hurt developing countries.

Dame Marjorie Scardino, the first woman to head a FTSE 100 company, is to step down as chief executive of publishing firm Pearson at the end of the year.

Soft drink rivals AG Barr and Britvic are given more time by the takeover panel to discuss a possible £1.4bn merger.

A post-Olympics surge in the number of UK holiday makers heading abroad means Easyjet now expects to report higher-than-expected profits.