Top European bosses warn May over Brexit
Leading European firms have warned Theresa May they could cut
investment unless they are given more clarity over the terms of
Brexit. The bosses from a string of companies including BP, BMW,
Nestle, and Vodafone, told the PM that “time is running out”. They
also insist that a trade deal with the EU must be “frictionless as
with a customs union”.
‘Patronising’ excuses over lack of female board members
Bosses at FTSE companies are using “pitiful and patronising”
excuses to keep women out of the boardroom, a government-backed
review has found. The chiefs claimed that women “don’t want the
hassle” of sitting on a board. They also said that women struggle
with “extremely complex” issues and do not “fit comfortably” into
the boardroom culture. Ministers have condemned the news as
“outrageous”.
Ocado promoted to FTSE 100 as M&S wobbles
Ocado will be promoted to the FTSE 100 after a year of
deal-making saw a leap in its share price. In the latest quarterly
reshuffle, the online retailer is joined by betting firm GVC. Going
the other way are G4S and Mediclinic – both demoted to the FTSE
250. Marks & Spencer, a mainstay of the FTSE 100 since the
index was launched in 1984, narrowly avoided relegation.
Warm weather and wedding boost supermarkets
“Wedding fever, Wembley and warm weather” have boosted takings
at supermarkets, reports The Times. Grocery sales rose by 2.7% in
the 12 weeks to May 20 compared with the same period last year,
with all of the major chains cashing in. Sales of burgers and
sausages rose by 39% and 12% respectively. Morrisons fared the
best, with growth of 2.9% during the quarter.
US growth slightly softer than forecast
The US economy grew more slowly than expected in the first
quarter, notes the BBC. It grew an annual rate of 2.2%, slightly
more slowly than the original estimate of 2.3%. The Commerce
Department said exports, inventory investments and consumer
spending were weaker than first reported. The report showed
inflation rose 1.6% from the first quarter of 2017.
Quote of the day… Sir Martin’s ego tour
“Not any old tour, either, but just the sort of nostalgia trip
built for a 73-year-old egotist: a re-run of the Wire and Plastic
Products deal that made him, this time via the reverse takeover of
shell company Derriston Capital.” Alistair Osborne on Sir
Martin Sorrell’s comeback tour.
THE NUMBERS… AT 0715 GMT
FTSE 100: up +0.75 to 7,689.57
Dow Jones: up +1.26 to 24,667.78
Dax: up +0.93 to 12,783.76
Cac 40: down -0.20 to 5,427.35
Nikkei: up +0.83 to 22,201.82
Hang Seng: up +0.84 to 30,304.88
US dollar: buys €0.8557 and £0.7509
Sterling: buys $1.3313 and €1.1392
Oil: $77.24 down -0.34
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