The FSA says Mifid (the EU’s Markets in Financial Instruments Directive) will cost the City up to £1bn, although it says the benefits could be worth up to £200m a year. This is the first serious attempt to put figures on the impact of Mifid, so we’ll be looking closely at it. The FSA has helpfully provided 107 pages of analysis. I’ve only got to p14 (I may not get much further) but I see there that 52 per cent of firms affected by Mifid still have not budgeting for implementation and 23 per cent did not know if they had, which is a little surprising.

If the England cricket team think they are having difficulties Down Under, they should ask Sir Tony O’Reilly. Disagreements within his bidding consortium have prevented his Independent New & Media buying the 41 per cent of Australia’s APN News & Media it does not already own. IN&M seems to have fallen out with Providence Equity Partners and has been refreshingly frank about it.

The Bank of Georgia has priced its global depositary receipts above the expected range for its listing on the LSE. It has priced them at $18, above the $15-$17.50 range previously indicated.

Rumour of the Day: Shares in Premier Oil are up sharply on talk of a £15 bid from a joint venture between – get this – Lakshmi Mittal and ONGC, the Indian state-controlled oil company. Yet, as our correspondent in New Dehli points out, surely the fact that Premier has 30 per cent of its production assets in Pakistan makes an Indian bid a little, er, problematic. Read more on FT Alphaville.

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