Morning Wrap: today's top business stories

News stories from around the web.

New Statesman

Portuguese borrowing costs soar as president summons leaders for crisis talks (Telegraph)

Political turmoil in Portugal rattled stock markets and pushed the country's borrowing costs above danger levels on Wednesday, as the Portuguese president summoned party leaders for crisis talks after two key ministers resigned.

Brussels backs down on pay cap for fund managers (Telegraph)

The City hailed a victory for common sense after Brussels ditched its plan to impose a bonus cap on European fund managers.

Twitter to try out ad ‘retargeting’ (FT)

Twitter is planning to allow advertisers to use their own customer databases to show “promoted tweet” ads to people who have already shown an interest in their products or services, following Facebook and Google into the sometimes controversial “retargeting” business.

Zynga chief lured from Microsoft with $50m pay package (FT)

Zynga handed new chief executive officer Don Mattrick a pay package worth nearly $50m to lure him away from his former job as head of Microsoft’s Xbox business, according to a regulatory filing on Monday.

Egypt unrest pushes the price of oil to a 14-month high (BBC)

The price of US light crude oil hit a 14-month high on Wednesday to over $100 a barrel on concerns over political turmoil in Egypt.