European banks and finance officials are discussing a proposal to replace existing Greek debt with a different type of bond to get around ratings agencies' reservations about a planned rollover, Reuters reports.

Vanguard has launched the LifeStrategy range, a suite of five fund of index funds with low annual management charges.

Transocean, the owner of the Deepwater Horizon rig at the centre of last year's Gulf of Mexico oil spill, has blamed BP, as operator of the well, for decisions it said led to the fatal disaster.

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Paulson fund loses $500m on Sino stake Veteran hedge fund investor John Paulson has lost $500m through selling his entire holding in Sino Forest, a Chinese forestry company fighting fraud allegations, the FT reports.

A group of Jupiter directors and employees, including Edward Bonham Carter and Tony Nutt, have sold off £63m worth of ordinary shares in the group, representing a 5.7% stake.

Three MAM Funds portfolios, including Martin Gray's £619m Miton Special Situations fund, hold a total 12% stake in Gervais Williams' Diverse Income trust, which listed in April.

The EU and IMF have reached a deal on Greece which should prevent a default, but will involve a new round of austerity measures for the beleaguered nation.