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Wednesday 15 November 2017

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Company news, markets and

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

Wholesalers mulling last-minute Tesco action

Fuming wholesalers are considering an "eleventh-hour rearguard action" against the £3.7bn merger of Tesco and Booker after the deal was provisionally agreed by the regulator, says The Times. The unexpected ruling saw the Competition and Markets Authority provisionally rule that the firms did not compete directly in most of their activities, particularly in supplying the catering sector.

Inflation stays steady thanks to lower fuel costs

Inflation remained steady last month at a five-and-a-half-year high of 3%. Figures from the Office for National Statistics show that higher food prices were offset by lower fuel costs. The Consumer Prices Index had been tipped to rise, with Mark Carney predicting it would peak at 3.2% this autumn. The official target for the CPI is 2%.

David Davis pledges post-Brexit travel deal for bankers

David Davis has promised bankers and other professionals a special post-Brexit travel regime to allow them to move freely across Europe, notes the Financial Times. The Brexit secretary also told about 700 investors, financiers and regulators yesterday that Britain would seek to reach a transition deal lasting "around two years" by January 2018 at the latest. The British government is keen to reassure the City of London its future is safe.

Bond Street overtakes Champs Élysées in rents league

Bond Street has the world’s third-highest business rents, reports The Guardian. The posh London thoroughfare has leapfrogged the Champs Élysées in Paris thanks to the tourism boom prompted by the weakness of sterling since the Brexit vote. Upper Fifth Avenue in Manhattan kepts its number one spot, followed by Hong Kong’s Causeway Bay, with Via Montenapoleone in Milan fourth.

Health officials protest at Coca-Cola's Xmas tour

Coca-Cola has been slammed for targeting children in the poorest parts of the country with its Christmas truck promotional tour. Free drinks will be handed out from the distinctive red trucks at 42 locations across the country. Public Health England said the soft drink giant’s campaign is "the last thing children need". The trucks are modeled on the company's well-known Christmas television adverts. Coca-Cola said the tour is a "one-off".

Quote of the day… Bloomberg praises the City of London

"It has the things the finance industry needs: it is English speaking, it is family-friendly, it has a lot of cultures so you can attract those people here." Former New York City mayor Michael Bloomberg says the capital will "be the financial centre of Europe for the foreseeable future".

THE NUMBERS... AT 0704 GMT

FTSE 100: down -0.01 to 7414.42
Dow Jones: down -0.13 to 23409.47
Dax: down -0.31 to 13033.48
Cac 40: down -0.49 to 5315.58
Nikkei: down -1.57 to 22028.32
Hang Seng: down -0.68 to 28953.30
US dollar: buys €0.84790 and £0.76010
Sterling: buys $1.31560 and €1.11600
Oil: $61.73 down -2.3

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