The European Commission has confirmed that an agreement has been reached "in principal" to secure a third Greek bailout, worth €86bn.

The Mediterranean state is ready to push forward with the deal - but German politicians have been more hesitant.

German Chancellor Angela Merkel is said to favour giving the country a bridging loan while the details of the agreement are worked out. When a final deal is signed it will have to pass through the German parliament.

As the agreement stands Greece will be required to pass a new series of reforms to access fresh funds.

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Airbnb plans to fight against Ireland's decision to tax hosts, who let rooms and properties on the site, at regular income tax levels.

The US company, which has a significant Irish presence, will argue that casual renters should be covered under the government's 'rent a room' scheme which allows individuals to make up to €12,000 tax free in rent from long term lodgers.

The company says that hosts must be tax compliant, but it has not ruled out taking legal action to challenge the Revenue Commissioner's interpretation of the existing tax rules.

In Britain Airbnb hosts can earn up to €10,500 without having to pay tax.

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Having stated that its surprise near 2% devaluation of the yuan yesterday was a once-off event, the value of the currency eased by another 1.6% against the dollar overnight, prompting speculation of a sustained programme by the authorities to boost Chinese exports and the economy generally.

Its value is at a four-year low. The action was taken to make Chinese exports more competitive.

The ripple effect hit European markets, particularly stocks in carmakers and brands who make luxury-goods. BMW fell by 3.7% while marquee stocks like LVMH Moet Hennessy Louis Vuitton and Swatch Group fell by at least 3.5%.

A representative from the People's Bank of China said: "Since China's trade in goods continues to post relatively large surpluses, the yuan's real effective exchange rate is still relatively strong versus various global currencies, and is deviating from market expectations."

They continue, "Therefore, it is necessary to further improve the yuan's midpoint pricing to meet the needs of the market."

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In a reflection of the impact, particularly on smaller exploration companies, of the sharp fall in global oil prices, Fastnet Oil and Gas, the Dublin-based company has announced it’s not prepared to invest additional resources in its exploration licences in Ireland and Morocco.

The company, which has cash assets of about $16m, intends instead to seek investment opportunities in the healthcare and bio-pharma sectors.

Fastnet had been seeking merger or funding partners to help fund further exploration, particularly in the Celtic Sea off the Irish south coast, but this didn’t prove possible due to the impact of lower oil prices.

Meanwhile Tullow Oil says it has resumed full production, ahead of target, at its key Jubilee gas field off Ghana, which is expected to allow the company meet its full production targets in 2015.

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The UK's Government says shops in airports must cut their prices after accusing retailers of failing to pass on VAT discounts to passengers - this comes after a media campaign accusing retailers of 'ripping off' travellers by not passing on tax savings.