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Morning Wrap: today's top business stories

News stories from around the web.

Vodafone in talks over selling 45 per cent stake in Verizon Wireless (FT)

Vodafone has confirmed it is in talks with Verizon Communication about the sale of its 45 per cent stake in Verizon Wireless to the US telecoms group, moving the companies closer to resolving one of the longest-running stand-offs in recent dealmaking history.

Ackermann steps down at Zurich Insurance (FT)

Josef Ackermann has resigned as chairman of Zurich Insurance after little more than a year in office, saying that he felt under pressure to take responsibility following the suspected suicide of the group’s chief financial officer.

Co-op Group reports big banking loss (BBC)

The Co-operative Group has reported heavy losses as a result of a huge write-down of assets at its troubled banking arm.

The group lost £559m in the first half of the year, having written off £496m of bad loans at Co-op Bank.

WPP profits rise by a fifth as UK ad market rebounds (Telegraph)

Sir Martin Sorrell's media giant, WPP, has posted a 19pc rise in pre-tax profits as the UK advertising market picked up steam.

BOJ policymaker warns emerging markets may see more outflows (Reuters)

The global economy could be hurt if the withdrawal of funds from emerging markets picks up ahead of an expected reduction in the U.S. Federal Reserve's monetary stimulus, a Bank of Japan board member said on Thursday.