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• Deutsche Bahn in takeover move on Arriva
  German rail group approaches Arriva about a potential takeover bid in a deal that values the UK transport group at about £1.2bn
  
  
• Equities rally after Fed keeps rates low
  The decision by the US Federal Reserve to keep interest rates low boosted investors’ appetite for risky assets as concerns about regulatory risk in Washington and sovereign debt fears in Greece eased
  
  
• Porsche shrinks debt ahead of VW takeover
  German carmaker achieves double-digit operating margin in the first six months of its fiscal year as it reduces heavy debt load
  
  
• Bernanke defends Fed’s supervision role
  The US Federal Reserve pushed back against Congressional moves to strip it of its oversight over small banks
  
  
• Queen to receive Pope during UK visit
  Pope Benedict will be received by Queen Elizabeth in his historic visit, which risks being overshadowed by a snowballing sexual abuse scandal engulfing the Catholic church
  
  
• EU’s largest economies warned on forecasts
  The European Commission warns the eurozone’s four largest countries that their economic growth forecasts for the next three years are too optimistic, putting at risk their ability to cut their budget deficits
  
  
• Banks face trial over derivatives deals
  An Italian judge has ordered four foreign banks to stand trial for aggravated fraud stemming from a 2005 derivatives swap for a bond issued by Milan
  
  
• Barnier to speed up action on speculative trading
  Brussels intends to bring forward measures to tackle speculative trading, notably in relation to credit default swaps on sovereign debt, the European Union top financial services regulator said
  
  
• World Bank raises China growth forecast
  The World Bank has raised its growth forecast for China this year to 9.5 per cent, although it warned that tighter monetary policy and a stronger currency were needed to prevent bubbles and rising inflationary expectations
  
  
• Nomura picks first foreigner for its board
  Nomura is to re-organise its non-retail operations and hand leadership of the global unit to a former top Lehman Brothers banker who had planned to leave the Japanese bank this month