Citigroup says the Abu Dhabi Investment Authority (ADIA) has filed a claim against it seeking to stop a 2007 deal to buy $7.5bn (£4.6bn) worth of stock.If the deal is not blocked, ADIA is asking for damages of more than $4bn.

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Australian Securities and Investments Commission to unlock frozen mortgage funds
The Australian Securities and Investments Commission (ASIC) this week said it would grant “conditional relief” for investors in frozen mortgage funds.

“The purpose of the relief is to improve investor access to their money in

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Rio Tinto has formally accepted a $2bn offer by Australian firm Amcor for four units of its Alcan Packaging businesses. Amcor is buying Alcan’s tobacco and drugs packaging units, and its European and Asian food packaging arms.

The offer was made on 18 August and has been cleared by the European

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The micro-blogging website Twitter is buying the location tracking start-up Mixer Labs for an undisclosed sum. Mixer Labs, founded by two former Google employees, makes an application for Twitter called GeoAPI.

Twitter chief executive Evan Williams said the deal would allow Twitter users to show people where they are when they post updates to the site.

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Sales of new homes in the US plunged in November, casting fresh doubts on the recovery in the housing market. The Commerce Department said sales fell by 11.3% to a seasonally-adjusted annual rate of 355,000 homes, down from a revised 400,000

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President Obama has said that money not spent under the $700bn (£425bn) US bank bail-out package could be used to cut the US deficit and boost jobs.

The Troubled Asset Relief Program (Tarp) was “much cheaper than expected”, he told reporters.

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Iron ore heiress Angela Bennett’s Perth mansion has been sold for an Australian record price.

The Saunders St property in the exclusive suburb of Mosman Park fetched $57.5 million in a sale, settled today, to fellow mining magnate Chris Ellison.

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The Federal Government will loan $US500 million ($A548.55 million) to support the development of a $US15 billion ($A16.46 billion) liquefied natural gas (LNG) project in Papua New Guinea.

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Biggest retailer, Tesco, has said it had “solid” sales growth in the third quarter, with UK like-for-like sales excluding petrol up 2.8%. Tesco said sales were benefiting from the store’s double points Clubcard promotion and heavy discounts.

The firm said non-food items – such as toys and electrical goods – had seen

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Dubai is “better placed” than the UK for economic recovery, according to the president of the airline Emirates. Tim Clark told the BBC that Dubai’s economy “would restart within 18 months” and be as “energetic as ever”.

Concerns about the size of Dubai’s debt burden have led to the city’s stock

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