Politics live blog - the day's developments

• MPs launch inquiry into phone hacking • HSBC's Stephen Green to become trade minister • Fixed-term parliaments bill criticised by legal expert • Read a summary of today's developments 8.31am: David Cameron has suffered his first proper rebellion in the Commons. As Patrick Wintour reports in the Guardian , the alternative vote referendum bill was passed last night at second reading by a ...

Ghana: Politics Derail Firm's Bid For Stake in Oilfield

The announcement on 17 August by ExxonMobil that it is abandoning its campaign to buy a 23.5% stake in the Jubilee field, Africa’s biggest offshore oil field, is likely to precipitate a bid by the Ghana National Petroleum Corporation (GNPC), backed by the China Offshore Oil Corporation (CNOOC), Africa Confidential has learned.

PRODUCT PROFILE

Shareholders of Irish drugmaker Elan want to see at least three directors booted off its board, according to a poll of 298 shareholders conducted by activist shareholder Ib Sonderby.

Finance and Banking

In these difficult economic times, the duties and liabilities of the promoters of financial products are coming under much tighter scrutiny.

Tuesday's news and tips

■ Costa Coffee and Premier Inns owner Whitbread has seen an acceleration in the growth of like-for-like sales since June. ■ Barclays has confirmed that Bob Diamond, head of its investment banking arm, Barclays Capital, will take over as chief executive when John Varley steps down at the end of March next year.