Markets

Former BP chief executive Tony Hayward will become interim chairman of merged commodities giant Glencore Xstrata, after shareholders ousted Xstrata incumbent Sir John Bond.

Turkey's credit rating has been lifted to investment grade by Moody's for the first time in two decades, in recognition of reductions to its debt and current account deficits.

Polar Capital is set to launch a Global Financials Investment trust for managers John Yakas and Nick Brind, in a move to exploit lowly valuations of banks across the world, Investment Week understands.

JAPAN

The High Court has ruled HM Revenue and Customs' 2010 tax deal with Goldman Sachs was not illegal.

UK North Sea oil production represents a key opportunity for UK equity managers as capex increases and production ramps up, according to AXA Framlington's Nigel Thomas.

US-based Janus Capital has replaced the manager of its US Twenty fund Ron Sachs, who will exit the group this month.

The Japanese economy grew faster than any other G7 country in the first quarter of the year, reflecting the benefit of Prime Minister Shinzo Abe's expansionary policies.

The final Inflation Report of governor Mervyn King's term has seen the Bank of England revise up growth forecasts but caution inflation will still likely peak above 3% this year.

Global banking giant HSBC has warned a further 14,000 jobs are at risk over the next three years.