The Business: Tuesday June 10 2014
Company news, markets and financial talking points, available from 8am Monday to Friday
Britain is preparing “last resort” measures to avoid blackouts in winters to come, the government will announce today. Energy secretary Ed Davey says factories and other businesses will be paid to switch off at times of peak demand in order to keep lights on in British households, should beleaguered power plants struggle to provide enough electricity. The business will be paid tens of thousands of pounds each simply to agree to take part in the project.
Time Warner is eyeing a stake in maverick digital group Vice Media, reports the Financial Times, valuing the media and publishing group at more than $2bn according to sources. Vice’s chief executive, Shane Smith, has long had his sights set on turning Vice into a heavy-hitting media company. “I want us to be the next MTV, ESPN and CNN rolled into one – and everyone always rolls their eyes,” he told the FT last year.
England will win the World Cup, say Deutsche Bank analysts. They have developed a computer model which forecasts the tournament using metrics. They have narrowed down a list of teams that could win the tournament, among which England is the only team to have won the World Cup without reaching another final. “And the last time England had so many Liverpool players in the team, it won. Therefore, we are confident that England will win this World Cup,” they say.
But will the real winners of the World Cup be the Panini brothers, asks The Times. The company, which makes football merchandise, expects to sell more than one billion stickers this summer. Thanks to its licence with Fifa, it sells stickers in 100 countries. The firm, initially launched at a newspaper kiosk in Modena, Italy, was owned by Robert Maxwell at one stage. It now employs 900 people. Hundreds of thousands of stickers have been stolen in the run-up to the World Cup.
“OK, technically they’re not the prettiest. But, boy, they look a lot tougher in the tackle.” Alistair Osborne, of The Times, wonders if Sports Direct’s remuneration committee should be thrown into the Newcastle United FC first team.
Tesco is launching its first current account, reports the BBC. Britain’s biggest chain is one of four banks to offer new current accounts this year, following on the heels of Marks and Spencer, Virgin Money, TSB and the Post Office. Benny Higgins, the chief executive of Tesco Bank, told the BBC the account was "very transparent". The vast scale of the Tesco operation means this account could give those of traditional banks a run for their money.
FTSE-100: up +0.24 to 6875.00
Dow Jones: up +0.11 to 16943.10
Dax: up +0.21 to 10008.63
Cac-40: up +0.17 to 4589.12
Nikkei: down -0.95 to 14979.76
Hang Seng: up +0.94 to 23334.85
US dollar: buys €0.73530 and £0.59490
Sterling: buys $1.68110 and €1.23620
Oil: $109.92 up +1.2