The Business: Friday August 15 2014
Company news, markets and financial talking points, available from 8am Monday to Friday
The eurozone is heading for a triple-dip recession, says The Times this morning. Growth in the bloc came to a standstill in the three months to June, heaping pressure on the European Central Bank to launch a quantitative easing or asset purchase scheme. Moscow’s counter sanctions against Europe over Ukraine have fuelled anxiety of a triple-dip.
Shares in Warren Buffett's Berkshire Hathaway have passed $200,000 (£120,000) for the first time, reveals the BBC. The development values the firm at an estimated $326bn. The company's shares have for some time been the most expensive stock in America. Buffett has never split its class A shares, although there are cheaper class B shares that are priced at $134 per share.
Coca Cola has splashed out $2.15bn for a 16.7% stake in Monster, sending shares in the world’s leading energy drinks maker rocketing. After Coke announced the deal yesterday, shares in Monster rose 22% in after-hours trading in New York, while Coca-Cola shares rose 1.2%. Coke has been looking for a move away from the mainstream fizzy drinks market.
British consumers spend an average of £142 shopping online while drunk, says the Daily Telegraph. Lobster pots and diving equipment among the bizarre items people have ordered during their merry sprees. Most drunken spending sessions (53%) take place on Amazon, according to a survey of 2,000 people by price comparison website Confused.com.
“[It’s] about as close as one can get to the Ministry of Truth and its doublespeak: turning the facts inside out to get a piece of propaganda across. I'm both appalled and wryly amused that Amazon's tactics should come straight out of Orwell's own nightmare dystopia, 1984.” Head of George Orwell’s estate, Bill Hamilton, attacks Amazon for invoking the author in a battle over ebook prices.
Financial rules ushered in to address the wealth gap between football clubs could be having the opposite effect, according to a survey of finance directors from the English and Scottish leagues. The research found that 94% of the game’s money men thought the wealth gap between larger and smaller clubs was widening. The survey was carried out by accountancy firm BDO.
FTSE-100: up +0.43 to 6685.26
Dow Jones: up +0.37 to 16713.58
Dax: up +0.29 to 9225.10
Cac-40: up +0.25 to 4205.43
Nikkei: down -0.00 to 15313.92
Hang Seng: up +0.63 to 24958.73
US dollar: buys €0.74820 and £0.59910
Sterling: buys $1.66900 and €1.24870
Oil: $102.17 down -2.8