Tuesday 24 July 2018

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

Alphabet shares up on unexpected earnings rise

Alphabet has shrugged off a European Union fine as earnings beat expectations. Shares in Google’s parent climbed 4% in after-market trading as traders welcomed another period of re-accelerating growth in the company’s advertising business. Last week, the EU hit the internet company with a €4.3bn fine over its Android mobile software.

Tesco 'planning new format' with 60 trial stores

Tesco is ready to launch a "new retail format" that could challenge discount chains Aldi and Lidl. According to reports, Britain's biggest grocery chain is considering opening up to 60 trial stores named Jack's. Job adverts, which are headed "Tesco - New Store Format" say the new retail format will be "operated separately from the core Tesco business and as such benefits offered will be different from those offered at Tesco".

Poverty rises as millions worse off than 2003

Millions of "just about managing" families are worse off than those in 2003, says the Resolution Foundation. In 2003, households on the lower half of incomes typically earned £14,900, and in 2016/17 that figure had fallen to £14,800, its study found. The situation may have worsened since: a spokesman said there are "good odds" that 2017/18 delivered a "notable increase" in poverty.

England's worst service station is named

Norton Canes on the M6 toll road has been named England’s best service station with a 100% satisfaction rating. Bottom of the pile is Thurrock on the M25 – just 68% of respondents were satisfied. Transport Focus quizzed 9,600 customers on several factors including staffing, food and toilet facilities. Overall, only 66% thought that the food and drink available was good value.

Corbyn accuses government of selling out exporters

Jeremy Corbyn is to accuse ministers of selling out manufacturers, arguing that a lack of industrial plan means firms are unable to profit from the "competitive" pound. The Labour leader will say exporters are "being sold out by a lack of a Conservative government industrial plan, which has left our economy far too reliant on imports".

Quote of the day… Excuses excuses...

"The weather. The World Cup. Having to pay pilots more money. Pilots going on strike anyway. People not flying because they are worried about pilot strikes. Air traffic control going on strike. Having to pay compensation to passengers hit by air traffic control and pilot strikes. The price of fuel. Brexit. Easter." The Times lists the "whinges" offered by Ryanair boss Michael O’Leary as excuses for the carrier's 20% nosedive in profits.

THE NUMBERS... AT 0650 GMT

FTSE 100: down -0.30 to 7,655.79
Dow Jones: down -0.06 to 25,044.29
Dax: down -0.10 to 12,548.57
Cac 40: down -0.37 to 5,378.25
Nikkei: up +0.53 to 22,515.36
Hang Seng: up +1.42 to 28,657.98
US dollar: buys €0.8561 and £0.7637
Sterling: buys $1.3086 and €1.120
Oil: $72.88 down -0.18