Wednesday 6 June 2018

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

TSB faces double probe from MPs and watchdog

TSB’s computer failure that caused 1.9m people to lose access to online banking services is being investigated by the financial regulator. The Financial Conduct Authority TSB’s chief executive, Paul Pester, had given an "optimistic view" of services. Pester is due before MPs today for further questioning over the lender’s IT meltdown and the ongoing chaos.

Cambridge Analytica chief 'withdrew $8m before scandal'

Former Cambridge Analytica boss Alexander Nix allegedly withdrew more than $8m from the scandal-hit data firm shortly before it collapsed. Investors are up in arms over the withdrawal, which the Financial Times says came shortly after Nix learned British media was reporting on allegations about his company’s role in a massive leak of Facebook user data in March. Nix refused to comment.

Heinz sparks row with Salad Cream rebrand plan

Heinz says it is considering changing the name of Salad Cream to Sandwich Cream. The company said it is considering the rebrand after research found that only 14% of consumers use it on salads. Instead, it is popularly used in sandwiches as an alternative to mayonnaise. Some punters have threatened to boycott Heinz if they go through with what Sky News describes as "saucy sabotage".

World Bank says trade war could cause 2008 crisis

Trade tensions between the US and major trading could have "severe consequences" equivalent to the 2008 financial crisis, says the World Bank. The Washington-based group said a rise in the use of import tariffs worldwide would trigger a decline in global trade amounting to 9%. The lead author of the bank’s report, said: "Anything that puts sand in the wheels of global trade is a risk to global growth."

Government clears two bids for Sky

Ministers have paved the way for a bidding war for Sky, after clearing two rival bids from 21st Century Fox and Comcast. The decision came after a thorough investigation by the Competition and Markets Authority on both bids, assessing whether they posed a risk to media plurality or broadcasting standards. Sky was launched in 1989 by Rupert Murdoch and has 22.5m customers in Europe.

Quote of the day… When not being terrible isn't enough

"The range isn't terrible but it's a very competitive market and being not terrible is not good enough." Stephen Springham, head of retail insights at Knight Frank, says Debenhams hasn’t kept up with the times.

THE NUMBERS... AT 0704 GMT

FTSE 100: down -0.70 to 7,686.80
Dow Jones: down -0.06 to 24,799.98
Dax: up +0.13 to 12,787.13
Cac 40: down -0.22 to 5,460.95
Nikkei: up +0.40 to 22,629.91
Hang Seng: up +0.51 to 31,253.34
US dollar: buys €0.8529 and £0.7457
Sterling: buys $1.3407 and €1.1435
Oil: $76.00 up +0.62