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Thursday 17 May 2018

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Regulator praised Carillion for 'good practice'

Carillion was singled out for praise by Britain’s chief accounting regulator only months before it began to implode, reports The Times. It was described as an example of "good practice" and lauded for providing "insight into factors relevant to the setting of the dividend", by the Financial Reporting Council in December 2016. This week, MPs said Carillion was "aggressive" and "intended to deceive". 

 

Government cuts betting machine stakes to £2

Ministers plan to reduce the maximum stake on fixed-odds betting terminals to £2. Presently, people can bet up to £100 every 20 seconds on electronic casino games such as roulette. Bookmakers warn the move could lead to thousands of outlets closing. But anti-gambling campaigners, who have described the games as the "crack cocaine" of the betting world, have welcomed news of a reduced limit.

 

What does Trump's annual disclosure report tell us?

Donald Trump's annual financial disclosure report shows the US president made millions in 2017 income from rents, licences, book and television royalties, company shares, hotel management fees and golf courses. His new Washington hotel reaped revenue of $40.4m in 2017, its first full year in operation. Once an enthusiastic holder of shares, he has dumped most in favour of investments mutual funds and indexes

 

Mothercare will reappoint departed chief

Mothercare will reappoint Mark Newton-Jones, the chief executive who left last month after poor Christmas trading and a profits warning. The beleaguered retailer has confirmed it is closing 50 stores as part of a major rescue plan, leaving it with 78 stores by 2020. It has also agreed a rent cut with landlords for 21 of its stores. 

 

Rupert Murdoch names Lachlan as business heir

Lachlan Murdoch has been named as the heir to Rupert Murdoch's business empire. The media magnate 21st Century Fox has announced that Lachlan, Rupert's elder son, will be chief executive and chairman of the new firm it plans to form after selling some holdings to Disney, subject to regulatory approval.  Lachlan returned to the family firm in 2014, after a sudden departure nearly a decade earlier.

 

Quote of the day… Broadbent sorry for menopausal gaffe

"I recognise that while these are economic terms that have been used in the past, my use of the word ‘menopausal’ conveyed ageist and sexist overtones and I should not have used it." Deputy governor of the Bank of England, Ben Broadbent, apologises for his recent use of a controversial term.

 

THE NUMBERS... AT 0734 GMT

FTSE 100: up +0.15 to 7,734.20
Dow Jones: up +0.25 to 24,768.93
Dax: up +0.20 to 12,996.3
Cac 40: up +0.26 to 5,567.54
Nikkei: up +0.53 to 22,838.37
Hang Seng: down -0.38 to 30,992.56
US dollar: buys €0.8449 and £0.7371
Sterling: buys $1.3559 and €1.1457
Oil: $79.43 up +0.19

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