BBC News

Morning business round-up: Soros takes football stake


What made the business news in Asia and Europe this morning? Here's our daily business round-up:

The billionaire investor George Soros has bought a stake in Manchester United football club, a US regulatory filing showed.

Mr Soros' investment fund bought about 3.1 million Class A shares in the club, according to the Securities and Exchange Commission.

Belize is in danger of defaulting on its debt after it missed a $23m (£14.6m) bond payment due on Monday.

The government still has a 30-day grace period to pay the interest, but said it was unlikely to be able to do so.

In Asian news, China's largest offshore oil and gas company, CNOOC, posted a drop of 19% in profits in the first half of the year.

The state-owned company blamed the fall on the closure of its biggest offshore oil-field domestically.

Shareholders of China's two largest online video firms, Youku and Tudou, approved their plan to merge and create the biggest online video firm in China.

The plan, announced in March, will see Youku acquire rival Tudou via a stock swap deal valued at $1bn (£640m).

media captionBiz Heads

Nguyen Duc Kien, one of Vietnam's richest businessmen, for suspected "economic violations", according to the local media.

Elsewhere, commodities trading giant Glencore blamed weak raw materials prices for a drop in net profit in the first half of the year.

In the UK, the government borrowed more than expected in July, traditionally a good month for tax receipts, official figures showed.

Net borrowing was £600m in July, an increase of £3.4bn on the same month a year earlier when it made a repayment of £2.8bn.

And the UK telecoms regulator Ofcom allowed Everything Everywhere, the owner of the Orange and T-Mobile networks, to use its existing bandwidth to launch fourth-generation (4G) mobile services.

The latest Business Daily programme from the BBC World Service asks is foreign investment in Africa a blessing or a curse? Some ideas on how countries can get better value for other people's money.