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Tuesday 10 April 2018

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

Zuckerberg faces two-day Congressional grilling

Mark Zuckerberg will testify at two congressional hearings today and tomorrow. The Facebook founder will be grilled on data privacy, election interference and the future of his social media giant. The BBC observes that "never have we had such unfiltered access to a man who is typically wrapped in cotton wool by his PR team and deputies". CNN says Zuckerberg "needs to friend 2 billion people – quickly".

FCA sets aside £30m to deal with Brexit

The Financial Conduct Authority has set aside £30m to deal with Brexit this year, reports The Guardian. The City watchdog also admits it will drop some "non-critical" projects to focus more on the changes triggered by Britain’s exit from the European Union. The chief executive, Andrew Bailey, said: "There is a lot of work on Brexit, [and] there is a higher level of uncertainty."

Iceland will stop stocking palm oil by December

Iceland says it will be the first chain to stop using palm oil in own-brand products by the end of 2018. The controversial ingredient, which is used in more than half of the supermarket’s products from biscuits to soap, is devastating tropical rainforests across southeast Asia. Oil palm cultivation has resulted in deforestation, leaving orangutans and other species that lived in virgin forest without a home.

American sanctions 'materially' hit Russian oligarchs

US sanctions have caused investors to abandon energy and mining giants controlled by Russian oligarchs, wiping billions off their fortunes. Shares in EN+, the London-listed hydropower and aluminium conglomerate majority-owned by Oleg Deripaska, plunged by 42%. The company, which floated last autumn, has admitted it faced a "materially adverse" impact from the new US sanctions.

Waitrose to scrap disposable cups within months

Waitrose has vowed to remove all disposable coffee cups from its shops by this autumn. Amid increasing pressure on retailers to reduce plastics and packaging, the chain has announced that members of the loyalty scheme will be asked to use a reusable cup, to get their free hot drinks from self-service machines. Meanwhile, the government is considering a "latte levy" which would bring in a charge on disposable coffee cups.

Quote of the day… Let's not go Cold War on trade

"Paying attention only to one's own community without thinking of others can only lead into a wall. And we can only achieve win-win results by insisting on peaceful development and working together." Chinese President Xi Jinping warns against a "Cold War mentality" in economics.

THE NUMBERS... AT 0703 GMT

FTSE 100: up +0.15 to 7194.75
Dow Jones: up +0.19 to 23979.10
Dax: up +0.17 to 12261.75
Cac 40: up +0.10 to 5263.39
Nikkei: up +0.80 to 21851.06
Hang Seng: up +1.34 to 30635.59
US dollar: buys €0.81230 and £0.70760
Sterling: buys $1.41320 and €1.14800
Oil: $68.57 up +2.2

 

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