Business activity and confidence in the UK service sector grows strongly, but some companies still face a profits squeeze, a CBI survey finds.

A leading business lobby group calls on the government to abandon its controversial high-speed rail link, calling the project a "grand folly".

JP Morgan is ordered to pay Russian billionaire Leonard Blavatnik $50m in damages over losses he suffered during the US subprime crisis.

The US Treasury Secretary Jack Lew warns that the country will reach its debt limit by mid-October and urges Congress to act "as soon as possible".

Shares in Australian surfwear-maker Billabong tumble as much as 15% after the company's annual loss more than triples.

The Indian government approves infrastructure projects worth 1.83tn rupees ($28.4bn; £17.7bn) to revive the economy and boost the falling rupee.

Japan's All Nippon Airways says it will acquire a 49% stake in Asian Wings Airways, an airline based in Myanmar, also known as Burma.

London estate agent Foxtons announces plans to list itself on the London Stock Exchange, raising £55m in a share sale.