British retail magnate Philip Green launched a takeover battle for Marks and Spencer on Thursday, unveiling a war chest of £9-billion (about R106-billion) to fund a bid for the struggling retailer. The group has not yet responded to Green’s statement but its new management appears unlikely to give in without a fight.
World oil prices simmered close to record high levels on Wednesday as Opec producers, under heavy pressure from consumers to raise production, gathered in Beirut for a meeting overshadowed by a weekend terrorist attack in Saudi Arabia. European Union finance ministers late on Tuesday expressed concern that skyrocketing oil prices could jeopardise Europe’s fledgling economic recovery, calling on Opec again to act to calm the market.