Global business
The superlatives came thick and fast to describe Alibaba's IPO on the New York Stock Exchange. It was the world's biggest, raising $25 billion after underwriters exercised an option for extra shares at the debut price of $68, and it was far ahead of Facebook's IPO, which had held the record for a tech flotation.
Still smarting over the imposition of Western sanctions, Russia's Duma overwhelmingly backed a bill in its first reading that would limit foreign ownership of the media to 20 percent.
GlaxoSmithKline's local subsidiary in China was found guilty of bribing doctors and hospitals and fined almost $500 million, the biggest corporate penalty so far in China, according to state media. GSK, meanwhile, decided to replace Christopher Gent as chairman with Philip Hampton, currently the chairman of Royal Bank of Scotland Group.
This year's frenzy of deal making in the drugs industry continued when Merck of Germany agreed to buy Sigma-Aldrich, which is based in St Louis and supplies laboratories with chemicals and other products, in a transaction valued at $17 billion.
Air France conceded to its pilots' demands to end a crippling strike and offered to withdraw its plans to expand Transavia, its low-cost carrier.
Political economy
Australian police shot and killed an 18-year-old supporter of the Islamic State in Iraq and the Levant who stabbed two policemen when he was called in for questioning. The government claimed the man was a "known terror suspect." Australia has contributed aircraft to the operation against ISIL.
The United Nations brokered a peace agreement between Houthi rebels and the government in Yemen, after the rebels made significant gains in Sana'a, the capital. The deal calls for a new government to be formed with a prime minister nominated by the Houthis and other insurgents. But the president described it as a "conspiracy" that would spark a civil war.
The Mexican economy exhibited signs of strength. GDP expanded by more than expected in July; retail sales increased pace. Faster growth should help shore up support for the country's ambitious reform program.
