Marissa Mayer, the former Google executive who is now in charge of Yahoo, is poised to create yet another nothing-to-riches tale in the web industry with the $1.1bn (�720m) acquisition of the blogging site Tumblr.

Prime Minister David Cameron wrote to the Cayman Islands and nine other U.K. territories to request action to tackle company tax evasion as Britain prepares to host the Group of Eight summit next month.

Hats off to Mervyn King. By voicing his doubts about the government's �130bn gamble on the housing market, the outgoing Bank of England governor has restarted a vital debate.

Helped by the warmer weather, footfall on the high-street rose 3.4pc year-on-year in April, the biggest increase since the run-up to Chrismtas in 2011.

The retailer dispatches online orders destined for mainland Europe from the UK but bills the transaction to Ireland, according to documents seen by the Guardian.