Show Hide image

Morning Wrap: today's top business stories

News stories from around the web.

DoJ sues to block US Airways-AMR merger (FT)

Plans to create the world’s largest airline by sales hit a potentially fatal complication on Tuesday when the US’s Department of Justice sued to block the $11bn merger of US Airways and American Airlines’ bankrupt parent, saying it would push up fares.

Icahn takes a bite of Apple (FT)

Carl Icahn, the veteran activist investor, has taken a “large position” in Apple and is pushing for a further return of cash to shareholders, a move that threatens to reopen the debate about the iPhone maker’s vast cash holdings just months after it saw off another challenge from agitating shareholders.

BP sues US government over federal contracts ban (BBC)

BP is suing the US government for barring the company from obtaining new federal contracts.

The Environmental Protection Agency (EPA) banned BP last November blaming the firm's "lack of business integrity" after the Deepwater Horizon explosion.

German economy grows faster than expected in second quarter (BBC)

The German economy grew strongly in the second quarter, raising hopes that the eurozone has come out of recession.

Barclays finance director Chris Lucas steps down early due to ill health (Telegraph)

Barclays finance director Chris Lucas is to step down on Friday, six months earlier than expected and leaving the bank without a key figure as it seeks to raise nearly £6bn from shareholders.