Computer giants Dell and HewlettPackard up their offers again in a bidding war over data storage company 3Par. In the latest twist, Dell agreed to match an increased $1.8bn (£1.2bn) total bid, or $27 per share, made by HP on Thursday.

Oil giant BP has announced a return to profit in the three months to September after last quarter's record loss. The firm said its replacement cost profit for the period was $1.85bn (£1.15bn), as against the $17bn loss recorded from April to June. This should be music to the ears of investors, particularly pensioners relying on dividend income ...

More good news on the corporate front. Lloyds Banking Group says it remains on target to deliver a "good financial performance" for 2010. The bank, which is 41%-owned by the UK government, also said it had accelerated repayment of the funds that were given to it by the Bank of England during the global financial crisis. This should be good news to the UK tax payer.

Communications regulator Ofcom has invited comments on NewsCorp's proposed $12.5bn (£7.8bn) bid for satellite broadcaster BSkyB and its suggestions for "remedies or mitigations" to any public interest concerns.

International shareholders in HSBC are questioning the choice of London as the home for the bank's global headquarters.

Royal Bank of Scotland has increased the proportion of its earnings allocated to the pay and bonuses of its investment bankers, despite making a loss in the third quarter. Hmm, why am I not suprised?. This reminds me of the famous quote (from the leopard): 'Things have to change so that they can stay the same'

Mining giant BHP Billiton abandons its takeover bid for fertiliser group Potash Corporation after it was blocked by the Canadian government.

Consumer products giant Unilever has unveiled a "new business model" putting sustainability at the heart of its global operations. It committed to halve the environmental impact of its products while doubling sales over the next 10 years. Chief executive Paul Polman said the new model was "the only way to do business long term".

Up to 40 Rolls-Royce engines on Airbus A380 superjumbos worldwide will need to be replaced, Australian airline Qantas says.

Mining giant Rio Tinto agrees a tie-up with Chinese state-owned firm Chinalco to explore for mineral deposits in China.

Rolls-Royce lost a contract with the Spanish Military following lobbying of Spain's Prime Minister by the US, leaked cables suggest.

Tesco reports a rise in third-quarter sales, saying it is "continuing to see evidence of a steady consumer recovery" in the UK.

Lloyds Banking chief Eric Daniels says breaking up big banks would not make the sector more competitive.

The dates of the next strike ballot by British Airways cabin crew members are announced by the Unite union.

The US is suing BP and other companies in an effort to recover billions of dollars in connection with the Gulf of Mexico oil spill.

Royal Bank of Scotland reports a loss of £1.13bn for 2010, a bigger figure than analysts had been expecting.

Small firms have seen a production boost as domestic demand for UK-made goods increases, a report suggests.

Investment advisers must hold accreditation in order to operate in the UK from the start of 2013, the City watchdog says.

Tax loophole star Wayne Rooney faced a £623,000 bill on a slice of his earnings – but coughed up just £25,000. The Man United idol, 25, paid himself £1.6million through his image rights firm, incurring a measly 2% tax – even though the top rate was then 40%.

The Bank of England should "hold its nerve" and avoid pressure to raise interest rates, an influential economics forecaster says. The Ernst & Young ITEM Club says any increase in the bank base rate from the current historic low of 0.5% could endanger the economic recovery.

The MPC is divided between camps in favour of loosening monetary policy, tightening it or keeping the base rate at 0.5%