Wednesday 28 March 2018

Company news, markets and financial talking points, available from 8am Monday to Friday

Is economy recovering from Brexit woes?

The Guardian says that analysis of financial news over the past month shows the British economy is showing signs of steadying from the fallout triggered by the Brexit vote. As the one-year countdown to Brexit looms, the pound has strengthened, inflation is falling and pay is rising. David Blanchflower, the former Bank of England man, said: "The report card this month shows progress but we could do better."

Sir Philip Green evades boardroom ban

Sir Philip Green has dodged a ban from serving as a company director over the deal to sell BHS for £1 in 2015. Dominic Chappell, who led the consortium that bought the retailer, was not so lucky: he faces a lengthy boardroom ban. BHS collapsed in 2016, leading to the loss of 11,000 jobs. Frank Field MP described Green’s evasion of a ban as "the same tired old story of the establishment powers being… weak on the strong".

Gove considers 22p tax on plastic bottles

A tax has high as 22p could be added to plastic bottles to prevent the tide of rubbish flowing into the oceans, says the government. Michael Gove is considering a deposit return scheme similar to those which already exist in Denmark and Germany, where consumers pay between 8p and 22p extra, which they get back when they return their bottles.

Megabus' £1 fare adverts are banned

Megabus ads promising fares from £1 have been banned, reports the BBC. The move came after the coaching company admitted as few as one seat per coach was available at that price. The Advertising Standards Authority found that only 4% of fares for the Aberystwyth to Birmingham route were available at £1, and 3% for the London to Bath route.

Homeowners moving half as often as 10 years ago

The BBC has found that homeowners are moving half as often as they did before the 2008 economic crisis. Where people used to move house 3.6 times after their first purchase, now it is 1.8 times. High house prices, tighter rules on mortgages and older people staying on in large properties have caused the trend, say industry analysts.

Quote of the day… Think again, Zuckerberg

"Given the extraordinary evidence we have heard so far today… I think it is absolutely astonishing that Mark Zuckerberg is not prepared to submit himself for questioning. I think I would urge him to think again.” Damian Collins, chair of the Digital, Culture, Media and Sport Select Committee, on the Facebook founder’s no-show.

THE NUMBERS... AT 0658 GMT

FTSE 100: up +1.62 to 7000.14
Dow Jones: down -1.43 to 23857.71
Dax: up +1.56 to 11970.83
Cac 40: up +0.98 to 5115.74
Nikkei: down -1.58 to 20979.75
Hang Seng: down -1.84 to 30225.43
US dollar: buys €0.80590 and £0.70450
Sterling: buys $1.41940 and €1.14400
Oil: $69.48 down -0.9