DSG International (owner of Currys, Dixons and PC World) says poor sales of Microsoft’s Vista operating system will hit first-half profits (my colleague Paul Murphy says Vista really is dreadful). The shares are off more than 7 per cent. We’re picking up other signals, though, that blaming Microsoft may be a bit rich and that actually DSG may simply have over-bought. We’ll look into it and tell you more later.

The rugby world cup has boosted revenues at Eurotunnel. The Guardian had some stuff this morning about other businesses benefiting from England’s success and we might return to the topic. Things don’t look so good, though, for businesses exposed to next year’s European football championships now that England look much less likely to be there. Sports Direct shares are down 5 per cent.

We’ll come back to Scottish & Newcastle of course. Lots of questions about what happens next and how much Carlsberg and Heineken can/will offer.

Finally, farewell Aubrey Adams, 58, who will retire as chief executive of Savills, the estate agent, after 17 years running the company. He will hand over to Jeremy Helsby, also an old Savills hand.

Rumour of the day: Neil Hume hearing yet more talk of a bid for VT Group. Catch the latest on this on FT Alphaville.

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