Wednesday 23 May 2018

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

Barclays may merge with Standard Chartered

Barclays is considering a merger with rival banks, including Standard Chartered. The Financial Times says senior board members are considering the move in response to pressure from an activist investor. A source said a private conversation had taken place between a director at each lender about the potential benefits that could arise from such a tie-up.

Tesco to shut its lossmaking website

The lossmaking Tesco Direct website will be scrapped, reports The Times. When the site was launched in 2006, it was hoped it would compete with Amazon and Argos but it has been criticised for being poorly marketed and confusing to use. Tesco said that about 500 employees would face redundancy when the website ceases trading on July 9.

NYSE appoints its first female president

The New York Stock Exchange has appointed a female president for the first time in its 226-year history. Stacey Cunningham, 43, will take charge on Friday. The NYSE is world’s largest stock exchange, handling about $50bn trades a day in companies that are collectively worth $19.6tn. "I loved the place right out of the gate and now I’m excited to be running it," she told the Wall Street Journal.

Harry Potter and chef power Bloomsbury to record

The Guardian is crediting the "evergreen Harry Potter franchise" and television chef Tom Kerridge’s Lose Weight for Good for Bloomsbury’s highest revenue in its 32-year history. The publisher posted a 13% rise in revenues to £161.5m in the year to the end of February, its best performance since it was founded in 1986. Shares in the company rose nearly 9%.

Manchester United 'Europe's most valuable club'

Manchester United has been named most valuable European football club by KPMG. The north-west giants were estimated to be worth about €3.25bn (£2.9bn), more than Real Madrid (€2.92bn) and Barcelona (€2.78bn). The major study examined profitability, broadcasting rights, popularity, sporting potential and stadium value.

Quote of the day… Brexit knocked £900 off your income

"Real household incomes are about £900 lower than we forecast in 2016. The question is why and what drove that difference. Some of it is ascribed to Brexit." Bank of England governor Mark Carney on the knock-on effect of the referendum vote.

THE NUMBERS... AT 0655 GMT

FTSE 100: up +0.23 to 7,877.45
Dow Jones: down -0.72 to 24,834.41
Dax: up +0.71 to 13,169.92
Cac 40: up +0.05 to 5,640.10
Nikkei: down -1.18 to 22,688.96
Hang Seng: down -1.10 to 30,889.87
US dollar: buys €0.8498 and £0.7455
Sterling: buys $1.3412 and €1.1399
Oil: $79.00 down -0.72