Carney says ‘disorderly’ Brexit will delay rates rise
The governor of the Bank of England says a “disorderly” Brexit
could postpone rises in interest rates as he would be forced to act
to protect the economy. Speaking at a London conference, Mark
Carney said even if progress is made towards “new trading
arrangements” with the European Union, weaker income growth “is
likely to accompany that adjustment”.
Apple awarded $539m in dispute with Samsung
A court in America has ruled that South Korea’s Samsung
Electronics must pay $539m (£403m) in damages for copying features
of Apple’s original iPhone. The two firms have been locked in a
legal battle since 2011, when Apple claimed Samsung had infringed
on some patents. Samsung said the decision “flies in the face” of a
separate ruling.
Shop Direct in trouble over £25m payment to Barclays brothers
Shop Direct, the retailer behind Very.co.uk and Littlewoods, saw
the value of its bonds sink after it failed to adequately explain
why £25m had been paid to a holding company controlled by Sir
Frederick and Sir David Barclay. Shop Direct described it as an
intercompany loan, and admitted it had not been funded from free
cash flow. A debt trader described the matter as “a spectacle that
ranged from inept to scandalous”.
Where are the UK’s richest households?
Data from the Office for National Statistics shows stark
regional variation. Although the average disposable income per
person was £19,432 in 2016, in Kensington & Chelsea and
Hammersmith & Fulham it was more than three times this at
£58,816. Meanwhile, in Nottingham the average income was just
£12,232. England had an average of £19,878 but Northern Ireland’s
was £15,719.
Struggling Homebase sold for £1
Homebase has been sold by its Australian owner for a nominal fee
of £1. The former owner, Wesfarmers, blamed a “deterioration” of
the UK economy and took a stinging loss of up to £230m. The
struggling British chain is being bought by the restructuring
specialist, Hilco, which saved music retailer HMV in 2013. Homebase
currently employs 11,500 people across the UK.
Quote of the day… Jail or no jail?
“If you want to turn it into a game show, we could call it
Pointless, given how you treat shareholders. Perhaps it should be
‘Jail or No Jail’, you are going in the right direction.” Noel
Edmonds launches another attack on Lloyds for its handling of past
fraud at its HBOS Reading branch.
THE NUMBERS… AT 0715 GMT
FTSE 100: down -0.92 to 7,716.74
Dow Jones: down -0.30 to 24,811.76
Dax: down -0.94 to 12,855.09
Cac 40: down -0.31 to 5,548.45
Nikkei: up +0.21 to 22,483.43
Hang Seng: down -0.47 to 30,617.37
US dollar: buys € 0.8541 and £0.7481
Sterling: buys $1.3365 and €1.1415
Oil: $78.55 down -0.24
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