Tuesday July 26 2016

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

Natwest and RBS may charge to hold cash

Natwest and Royal Bank of Scotland have become the first UK lenders to warn businesses they may be charged for deposits due to low interest rates. If the two banks make the move, it would make them the first in the UK to introduce negative interest rates, effectively charging to deposit money. The move would not affect personal customers. 

Green demands apology for Maxwell comparison

Sir Philip Green has demanded an "immediate apology" from Frank Field MP for remarks he made about his running of BHS. The co-chair of the inquiry into the collapsed retailer claimed Green was worse than media magnate Robert Maxwell, who took millions from the Mirror Group's pension funds. "This statement is highly defamatory and completely false," said Green's law firm, Schillings.

Verizon announces $4.8bn Yahoo takeover

Verizon has announced a $4.8bn (£3.7bn) takeover of Yahoo, 22 years after the trailblazing search engine was launched. Yahoo boss Marissa Mayer, who initially resisted the move, says she plans to stay after it goes through. The deal is expected to close in early 2017. 

Theresa May orders inquiry into tax havens

Theresa May has ordered a clampdown on the use of offshore tax havens as part of her drive to "reform capitalism" after the BHS scandal. The PM's spokesman says she is determined to curb "irresponsible and reckless behaviour". May has not commented on the BHS scandal, but she is examing what can be done to ban offshore tax arrangements similar to those used by its former owner, Sir Philip Green.

Oil plunges to three-month low amid glut paranoia

Oil prices have tumbled to a three-month low, amid growing fears that a global oversupply will dampen prices. US oil fell 2.4% to $43.11 (£32.72) a barrel, its lowest level since April. It has now dropped by 12% so far in July. Brent crude fell 2.1% to $44.75, its lowest level since May. Shares in oil and firms also suffered, with Chevron down 2.6%.

Quote of the day… Why SoftBank deal doesn't signal Brexit confidence

"I have many friends - American friends, Japanese friends, other Asian friends. If they have a discussion about the UK situation, I don't hear many optimistic opinions. I hear concerns." Masayoshi Son, the chief executive of SoftBank, tells The Times that SoftBank's £24.3bn takeover of Arm goes against the tide.


FTSE 100: down -0.30 to 6710.13
Dow Jones: down -0.42 to 18493.06
Dax: up +0.50 to 10198.24
Cac 40: up +0.16 to 4388.00
Nikkei: down -1.14 to 16430.43
Hang Seng: up +1.15 to 22246.55
US dollar: buys €0.90790 and £0.76300
Sterling: buys $1.31420 and €1.19680
Oil: $44.73 down -2.1