Companies, Markets and Finance
Company news, markets and financial talking points, available from 8am Monday to Friday
Tesco is attempting to claw back its former chief executive's £1.2m pay-off, reports the Daily Telegraph. Britain’s biggest retailer says that it will pursue recovery of Philip Clarke's £1.2m termination fee if it can be proven that there was gross misconduct during his reign. Clarke's three-year tenure as chief executive of Britain's biggest supermarket ended in disgrace last July.
Bernie Ecclestone has mounted a legal challenge against a UK tax claim of more than £1bn. The 84-year-old Formula 1 tycoon wants the assessments quashed, and HMRC held to an earlier April 2008 agreement. The dispute was first settled in 2008 when he reportedly paid £10m of the £1bn tax bill in a ‘secret deal’. But the dispute has now reopened, making it one of the biggest individual tax disputes in UK history.
Building societies must not return to the “fatal” high-risk lending that helped trigger the financial crisis, says Britain’s most senior financial regulator. The chief executive of the Prudential Regulation Authority, Andrew Bailey, said there was evidence that building societies were making large loans compared with the value of a property and the customer’s income.
British consumers have taken advantage of the spring sunshine by stocking up on summer gear early, contributing to the strongest growth in April clothing sales for more than five years. Data from the Office for National Statistics showed the volume of clothing and footwear sales was 8.7% higher than the same month a year earlier. Overall retail sales were also healthier than forecast, rising by 4.7% year on year.
“However, this latest development is just an early stage of the real transition. Our mobile phones – the computers we carry in our pockets – will lead to a cardless society in the not-too-distant future.” Dennis Jones of Judo Payments predicts not just a cashless Britain – but a cardless Britain.
More than $16bn has been wiped off market value of Hong Kong’s Goldin, reports the Financial Times. A steep fall in share prices has wiped the sum off the market capitalisation of the horse breeding, wine and finance conglomerate, just 24 hours after a similarly precipitous sell-off in Hanergy Thin Film. Hong Kong may impose “circuit breakers,” which pause trading after large price movements.
FTSE-100: up +0.09 to 7013.47
Dow Jones: up +0.00 to 18285.74
Dax: up +0.14 to 11864.59
Cac-40: up +0.26 to 5146.70
Nikkei: up +0.22 to 20247.00
Hang Seng: up +1.61 to 27967.54
US dollar: buys €0.89550 and £0.63750
Sterling: buys $1.56820 and €1.40470
Oil: $65.03 up +0.0