Private equity firm CVC Capital Partners is given another 24 hours to come up with a bid for online gambling company Betfair.

The US city of Detroit is "clearly insolvent", emergency manager Kevyn Orr says in his first review of the city's finances.

Cyprus receives the first tranche of a 10bn-euro bailout package from international creditors agreed earlier this year, with Greece also due to receive further funds.

Airline Flybe is in talks about selling its landing and takeoff slots slots at London's Gatwick Airport.

Bloomberg says that allowing reporters to monitor the activities of clients on its terminals was an "inexcusable" error.

Samsung Electronics says it has developed a technology that could be "at the core" of the eventual 5G mobile-data standard.

US retail sales rose unexpectedly in April, after falling back in the previous month.

A BAE Systems aircraft flies without a pilot in UK airspace shared with passenger flights for the first time.

Can you be part-time and powerful?

China launches an investigation into senior economic policymaker Liu Tienan for corruption, state media report.

British Gas owner Centrica says gas use in the first four months of this year jumped 18% and says it will hold prices "for as long as possible".

An age cap on accessing taxpayer-funded loans to set up a business should be removed, says the prime minister's enterprise adviser, Lord Young.

Ticket prices are announced for the 2014 Commonwealth Games in Glasgow.

Consumer group Which? warns that a monthly charge could discourage people from opening bank accounts at the Post Office.

Lloyds Banking Group, which is 39%-owned by the UK taxpayer, says its chairman, Sir Win Bischoff, will retire before May 2014.

The Chancellor announced that the Treasury would underwrite mortgages for people who can find a 5% deposit to help them get on the property ladder.

Attempts to rebalance China's economy by getting domestic consumer demand to drive growth appear to be paying off.

A multi-million-dollar golf project gets the go-ahead in Cuba, where the game was dismissed as "bourgeois" after the communist revolution.

Industrial production in China recorded a smaller-than-expected rise in April, underlining worries that the economy may be losing steam.

The EJ200 jet engine for the Bloodhound supercar is test fired at Rolls-Royce in Bristol.