Bank of America is selling about half of its 10% stake in China Construction Bank for $8.3bn in cash. The largest US bank said the sale would help it strengthen its capital base to comply with new global regulations, known as Basel

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US oil major Exxon Mobil has clinched an Arctic oil exploration deal with Russian state-owned oil firm Rosneft. The venture seemingly extinguishes any remaining chance of BP reviving its own deal, which lapsed in May.

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Chevron said second quarter profit rose to $7.7 billion, or $3.85 per share, from $5.4 billion, or $2.70 per share, a year earlier. Revenue rose 30 percent to $69 billion. high oil prices and stronger refinery margins offset lower oil output.

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Standard Chartered Bank has reported 17% rise in profits. Pre-tax profits for the first six months of the year were $3.6bn (£2.2bn), up 17% from last year. Profits grew in all of the territories where Standard Chartered

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China central bank welcomed measures taken by the US gov. to avoid a default by raising debt ceiling. Zhou Xiaochuan said the People’s Bank of China (PBC) would “closely observe its implementation

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