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Another default arguably might not make things immediately worse. But it would set back recent efforts to curry favor with international financiers. With maybe $300 bln needed to develop shale oil and gas alone, swallowing national pride and ponying up $15 bln look worth it.

China online funds’ yield hunt piles on risk

Money market funds like the one linked to Alibaba are buying longer-term assets to bolster yields. That could create a crunch if savers realise their assets aren’t as safe as cash. Freeing up bank deposit rates would remove the distortion that fueled the boom in the first place.

Discounters' $20 bln deal may spark M&A price war

Dollar Tree has found more than enough savings to cover the 23 pct premium to be paid to Carl Icahn and other Family Dollar investors. As a percentage of revenue, though, the synergies are relatively low. That may leave room for sector giant Dollar General to lob in a bid.

China throws weight around on car parts costs

The whiff of a price probe into vehicle parts was enough to bring concessions from luxury groups Audi and Jaguar Land Rover. That will hit profits, but experience shows in China it is better to admit guilt early than risk bigger fines, or lose access to a critical market.

Memo to Wall Street: more Ace Greenberg please

The onetime Bear Stearns boss, famed for his pithy missives to staff, has died at 86. Though he was no longer in charge, the firm’s 2008 collapse is a notable blemish on an otherwise illustrious career. The industry could use more of Greenberg’s scrappy PSD: poor, smart, driven.

Sky Europe transforms BSkyB investment case

The UK satellite group is paying its 39 pct shareholder Fox 4.9 bln stg for sister Sky outfits in Germany and Italy. The businesses are close already and the price looks reasonable. Sky Europe promises scale, growth, and cost savings. But leverage will soar and cash returns shrivel.

UK’s strong GDP has a soft centre

The headline - 0.8 percent second-quarter growth - sounds good. But construction shrank and industrial production was weak. Only services were strong. It sounds like a warning of future problems. Expectations of a UK interest rate rise may be delayed, leading the pound down.