- A US appeals court has granted bail to the media tycoon Conrad Black pending an appeal against his fraud conviction.The British peer has served more than two years of a 78-month sentence. His bail conditions are to be determined by a district court judge in Chicago.
- Ratings agency Moody's has downgraded the Irish Republic's sovereign bond rating to Aa2 from Aa1.The ratings agency said the move had been driven by the government's gradual but significant loss of financial strength.
- Ryanair's first-quarter net profits have fallen by 24% to 93.7m euros ($122m, £80m) because of the volcanic ash disruption earlier this year.The airline said the Icelandic ash cloud had caused it to cancel almost 10,000 flights at a cost of 50m euros.
- Targets to cut government department spending by £35bn by 2011 are "unlikely" to be met, the National Audit Office (NAO) has warned.Labour announced the target to cut spending by £35bn by the end of the 2010-11 financial year in 2007.
- The Hungarian forint has fallen against the euro after the International Monetary Fund (IMF) said the country had to do more to cut its deficit.The currency fell by 9 forints, more than 3%, against the euro, to 291.38 forints. Shares on the Budapest Stock Exchange also fell by almost 3%.
- Nokia Siemens Networks plans to take over some of rival US mobile phone giant Motorola's network operations in a $1.2bn (£784m) deal.The purchase will give it second place in the huge North American market.
BBC Business News 20th July 2010
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