Recent data revealed that performance of hedge funds in the US this year was poor in comparison to the US stocks index despite massive fees demanded by money managers from its clients.

The respect for the late politician and ex-president of South Africa Nelson Mandela was evident in the business sector, as trading and banks postponed their businesses to acknowledge Mandela's passing.

Bank of America Merrill Lynch has dropped its offer to advise Turkey's Aselsan on a planned secondary listing. The Turkish defense contractor recently closed a deal with a Chinese firm under US sanctions.

Lawmakers of the Sejm or the Polish Lower House of Parliament approved changes in the country's pension system to takeover government bonds currently held by 14 privately-run pension funds.

Facebook Inc had been tapping resources of its Russian partners to develop apps, signaling a growth in the tech industry, particularly in the app development business.

Lloyds Banking Group is to divest its Irish home loans to an affiliated company of private equity firm Apollo Global Management in a deal worth GBP 257 million.

At a time when interest rates are low, investors are now seeking to invest in European infrastructure to get higher returns. However, the assets are scarce, according to a Reuters report.

Russia's No. 2 oil producer Lukoil is looking to put up for sale its 20% stake in a Russian consortium developing a large oil project in Venezuela. Lukoil is in talks with international players after Rosneft offered a price lower than what Lukoil had asked.

Royal Philips and Funai Electric Co could find themselves in court over the failed deal involving the acquisition of the Lifestyle Entertainment business of the Amsterdam-based firm.

Seven years after petroleum companies Chevron Corp and PetroChina entered into a joint venture agreement, the USD6.4 billion Chuandongbei gas project faces further delay. It is now expected to deliver gas in the second half of next year.