Principal content
Moscow raids PwC over Yukos back tax
Russian investigators raided the Moscow office of PwC, stepping up pressure on the “big four” audit firm ahead of a crucial court case over allegations that it signed off on false accounts by Yukos, the bankrupt oil company.
Alliance Boots faces £9.7bn bid from KKR
Friendly takeover bid offers £10 per share
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Lex
Alliance Boots
When managers launch bids shareholders rightly worry they are at a disadvantage. But at this stage the exit price looks attractive.
Markets
From Goldilocks to Chicken Little

It is time to switch fairy tales. After two weeks of heavy volatility, we have switched from Goldilocks to Chicken Little: is the sky about to fall on our heads, asks John Authers.
Comment
Predecessors who won’t shut up

Fed chief Ben Bernanke has found that it is almost impossible to get those you follow to take a vow of silence, writes John Gapper.