A series of high-level departures from BlackRock this month has raised questions about the direction of the world's largest money manager.

Italy's third-biggest lender, Banca Monte dei Paschi di Siena, has reached a deal to sell its 60 percent stake in a small unit for around 200 million euros.

Investment banking faces a shakeout and only large commercial players and boutiques offering outstanding service will survive and prosper, the head of emerging markets banking specialist Renaissance Group told Reuters.

European dairy firm Arla Foods Amba has tied up with China's baby food maker Biostime International to invest in adding production capacity for infant formula products.

U.S. private equity firm Bain Capital will buy a 50 percent stake in Jupiter Shop Channel. U. S. private equity firm Bain Capital will buy a 50 percent stake in Jupiter Shop Channel, a television shopping company, for about 100 billion yen ($1.

Private equity fund Carlyle Group (CG.O) is in talks with banks to refinance A$1.9 billion ($1.9 billion) in loans used to buy out Australian equipment hire company Coates Hire Ltd.

Mergers and acquisitions activity fell 25 percent worldwide in the first half of 2012 as global economic uncertainty reined in companies' expansion plans.

Chinese developer Sunac China Holdings agreed on Friday to pay 3.37 billion yuan ($529.52 million) in cash to buy stakes in property projects owned by debt-laden luxury home builder Greentown China.

Retail companies are proving to be a bright spot in a gloomy market for private-equity backed mergers and acquisitions.

Commodities trader Louis Dreyfus is buying a smaller-than-anticipated slice of Malaysian palm oil firm Felda Global Ventures Holding's (FGVH.KL) $3.1 billion IPO but sealed a deal to market the company's palm oil.