Europe’s €31bn a year carbon market is finally starting to work the way it was intended, reining in pollution with a minimum of squealing from industry.

One of the bidders vying to buy 315 branches from Royal Bank of Scotland today insisted its £1.5bn (€1.75bn) plan will pave the way for a “strong challenger bank”.

One of Sainsbury’s top 10 shareholders has sold off a significant chunk of its holding for far less than the 600p-a-share price proposed by the Qatari investment fund stalking the chain, it emerged today.