The Business: Friday June 27 2014
Company news, markets and financial talking points, available from 8am Monday to Friday
Almost £2.5bn was wiped off Barclays’ stock market value yesterday, after the New York attorney-general announced that he is suing the lender for “fraud and deceit” over the mistreatment of institutional clients using its so-called dark pool share-dealing service. Investors fear that chief executive Antony Jenkins is failing to get to grips with a much-vaunted cultural overhaul at Britain’s third-largest bank.
Amazon has been accused of “bullying” smaller UK publishers, says the BBC. The web retailer is seeking more advantageous terms in its latest round of contract negotiations. It wants the right to print books itself if publishers fail to provide adequate stock, and wants publishers to match any pricing deals it offers to other distributors. One publisher warns that the web giant is destroying the book industry.
Tesco is hoarding land and buildings covering an area big enough to build 15,000 homes, claims The Guardian. The size of the UK’s largest supermarket chain’s land holdings are far greater than previously estimated. It is theoretically large enough to replicate the government's proposed new garden city at Ebbsfleet. The embattled grocer's under-pressure boss, Philip Clarke, is expecting a barracking from disgruntled investors at today's AGM.
A Wi-Fi doll that does homework is tipped to be the top toy this Christmas, says Hamleys. The doll, called Cayla, can answer questions using Google. The doll can be synced with an Android or iOS device via Bluetooth or use speech-to-text technology to research answers online. A Barbie handbag, which allows children to hold it against any item of clothing, press a button and match the colour of the garment, is also tipped to be a big seller.
UK consumer confidence is at its highest point for nine years, says research published in The Guardian this morning. GfK’s monthly barometer of the national mood rose from 0 in May to 1 in June, which pushed the index into positive terrain for the first time since March 2005. GfK said the development is "psychologically important" but believes the true test will be whether the positive mood can last until next year's general election.
“If I had interest in that I wouldn't be here. We have tremendous responsibilities at the Bank of England, they are all-consuming.” Speaking on the Today programme, Mark Carney responds to rumours that he may return to Canada to become prime minister.
FTSE-100: up +0.02 to 6735.12
Dow Jones: down -0.13 to 16846.13
Dax: down -0.64 to 9804.90
Cac-40: down -0.47 to 4439.63
Nikkei: down -1.65 to 15056.13
Hang Seng: up +0.06 to 23211.27
US dollar: buys €0.73390 and £0.58700
Sterling: buys $1.70340 and €1.25030
Oil: $113.11 down -0.8