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Next profits fall but shares jump
Retail sales rise in February
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Doubts over Co-op Bank
Live Reporting
Dearbail Jordan
Nice work if you can get itpublished at 15:55 Greenwich Mean Time 23 March 2017
15:55 GMT 23 March 2017
Chris Johnston
Business reporter
Image source, Getty ImagesDisney boss Bob Iger has postponed his departure for a third time. He had been due to go in June 2018, but the entertainment giant said today that his contract had been extended to July 2019.
Just to sweeten the deal, he will get a bonus of $5m in cash on top of his pay package.
However, many shareholders are likely to welcome the continuity so any criticism of the bonus is likely to be muted.
After 2019 Mr Iger then becomes a consultant for three years.
He became Disney chief executive way back in 2005.
In your debtpublished at 15:48 Greenwich Mean Time 23 March 2017
15:48 GMT 23 March 2017
Guardian business reporter Graham Ruddick tweets:
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RBS is 'turning its back on communities'published at 15:43 Greenwich Mean Time 23 March 2017
15:43 GMT 23 March 2017
Image source, Getty ImagesUnite the union claims that Royal Bank of Scotland, which is majority-owned by the taxpayer, is "turning its back on local communities" by closing down 150 RBS and NatWest branches, which leaves 470 staff facing redundancy.
It says: "Banks have a duty to the wider community and thatis especially the case for banks like RBS that have large taxpayer-ownedshareholdings."
Unite argues that pensioners, people with mobility issues and those without internet access will be particularly hard hit.
“It’s time for banking regulators and government tointervene, to force banks to maintain an adequate network that properly servescommunities across the UK.”
Akzo in the dog house with investorspublished at 15:33 Greenwich Mean Time 23 March 2017
15:33 GMT 23 March 2017
Image source, Getty ImagesMore on PPG's 22.7bn euro pursuit of Akzo Nobel, external , owner of Dulux paints.
A number of the company's shareholders want it to engage with PPG, which has made two offers for the business.
PPG's chief executiveMichael McGarry said: "It was shocking that [our] enhanced proposal was turneddown in basically a day."
McGarry argued that the second approach addressed the major concerns raised by Akzo Nobel following the first tilt in early March, adding: "I think that's what probably upset shareholders the most."
Business lunches: what not to dopublished at 15:13 Greenwich Mean Time 23 March 2017
15:13 GMT 23 March 2017
Etiquette consultant Jacqueline Whitmore explains how not to make a total fool of yourself - and the company you work for - during a business lunch.
Credit Suisse may tap shareholders for fundspublished at 15:06 Greenwich Mean Time 23 March 2017
15:06 GMT 23 March 2017
Shares in Credit Suisse are trading 3.2% lower on reports that it may tap its shareholders for funds instead of selling off a stake in its Swiss banking division.
RBS to close 150 bank branchespublished at 14:53 Greenwich Mean Time 23 March 2017
14:53 GMT 23 March 2017
Image source, Getty ImagesRBS has announced it will shut 150 of its branches.
This will include 30 RBS and 128 Natwest outlets and will cost 470 jobs.
It said it has taken the decision following a shift in the way its customers like to bank.
"We have seen a dramatic shift in the way ourcustomers are choosing to bank, with more using mobile and online overtraditional branch counters.
"Simple transactions undertaken in branch at NatWest and Royal Bank ofScotland have fallen by 43% since 2010, while online and mobile transactionshave increased by more than 400%."
Writing on the wall for Dulux-owner?published at 14:49 Greenwich Mean Time 23 March 2017
14:49 GMT 23 March 2017
Image source, Getty ImagesPPG is piling the pressure on Dulux paint owner-Akzo Nobel to enter takeover talks.
Executives from PPG have landed in Amsterdam to talk to the company that has so far rebuffed its advances.
PPG chief executive Michael McGarry says he wants to meetAkzo Nobel "stakeholders", adding: "I offered to come over here any time, any day, any place."
He might get short shrift from Akzo bossTon Buechner who told Reuters last night that based on PPG second offer of 22.7bn euros, he saw no point in talks.
SEC chair nominee in the hot seatpublished at 14:35 Greenwich Mean Time 23 March 2017
14:35 GMT 23 March 2017
Image source, Getty ImagesJay Clayton, potentially the next leader of the US Securities and Exchange Commission, is currently being questioned by the Senate Banking Committee.
He is a partner at one of America's leading law firms, Sullivan & Cromwell, so he's no pushover. Though Rolling Stone points out , external he may face questions over his ties to Wall Street.
Anyway, so far he has said that companies are not going public because it is too costly.
He claims individual prosecution, particularly in the white collar area (i.e. shifty business types) has a significant effect on criminal behaviour.
And he says the question of whether Dodd-Frank financial regulations have been effective is on the minds of people in the US administration.
Band-Aid solution?published at 14:31 Greenwich Mean Time 23 March 2017
14:31 GMT 23 March 2017
Chris Johnston
Business reporterImage source, Getty ImagesJohnson & Johnson is the latest company to pull advertising from YouTube , following US mobile operators Verizon and AT&T as well as a host of UK brands including Marks & Spencer.
All are concerned that their ads may haveappeared on channels that carry extremist videos.
J&J said it wanted toensure its advertising did not appear on channels that promote"offensive content".
Google, which owns YouTube, raked in ad revenue worth $5.6bn globally last year, according to research firm eMarketer.
Trump's big testpublished at 14:12 Greenwich Mean Time 23 March 2017
14:12 GMT 23 March 2017
Image source, Getty ImagesCommenting on the significance of US Congress's vote on Donald Trump's changes to Obamacare,FXTM research analyst Lukman Otunuga, says: "Today will be the first major test for Trump's legislative ability and the outcome may either create a Trump slump or technical bounce for bulls to exploit."
WhileOanda analyst Craig Erlam, says: "Trump's healthcare vote could be key to markets.
"Should the healthcare plan be approved by Congress then we could see a resumption of the Trump rally while a failure could leave markets vulnerable to a larger correction."
Wall Street in wait-and-see modepublished at 13:57 Greenwich Mean Time 23 March 2017
13:57 GMT 23 March 2017
Image source, Getty ImagesUS traders took a cautious approach to the market today ahead of a crucial congressional vote on healthcare reforms.
The Dow Jones industrial average opened down 14.89 points at20,646.41. Nike's regained a little ground from a drubbing yesterday after the sportswear giant narrowly misses third quarter forecasts. Its stock rose 1.75% to $54.86.
The S&P 500 was also in negative territory, down 1.87 points at2,346.58.
While the Nasdaq was 4.44 points lower at5,817.21.
Emirates launches laptop-packing servicepublished at 13:48 Greenwich Mean Time 23 March 2017
13:48 GMT 23 March 2017
Image source, Getty ImagesAir carrier Emirates says it is launching a free laptop-packing service for customers on flights affected by the US and UK laptop ban.
Customers travelling to the US via Dubai will be able to use their laptops until they get to the departure gate, the airline says.
"They must then declare and hand over theirlaptops, tablets, and other banned electronic devices to security staff at thegate just before boarding their US-bound flight. The devices will be carefullypacked into boxes, loaded into the aircraft hold, and returned to the customerat their US destination," Emirates says.
But passengers starting their journey in Dubai "are encouraged to pack their electronic devicesinto their check-in luggage in the first instance, to avoid delays," it adds.
UK rate rises will trail well behind US - economistpublished at 13:35 Greenwich Mean Time 23 March 2017
13:35 GMT 23 March 2017
Image source, Getty ImagesTraders are betting that there will be at least three interest rate increases in the US this year.
So what about here in the UK?
Well, Capital Economics argues that the Bank of England will not closely follow its US counterpart.
"The most obvious factor is Brexit, which has added a considerable degree ofuncertainty to the UK’s outlook," said Jonathan Loynes, chief economist at the research firm.
Meanwhile, US inflation reflects the strong economy and wages there are likely to grow. However, "higher UK inflation largely reflects thedrop in the pound and will slow growth by squeezing real wages," he says.
And while President Trump has promised to boost spending, "fiscal policyin the UK will continue to drag on the economy for a number of years yet."
Early signs of falling EU immigrationpublished at 13:22 Greenwich Mean Time 23 March 2017
13:22 GMT 23 March 2017
Douglas Fraser
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FCA 'revisits Barclays probe'published at 12:42 Greenwich Mean Time 23 March 2017
12:42 GMT 23 March 2017
Image source, PAUK regulator the Financial Conduct Authority has resumed an investigation into payments made by Barclays in the course of a 2008 emergency fundraising, the Reuters news agency reports.
The FCA has reviewed new evidence and may reconsider a £50m fine imposed in 2013, Reuters says.
Barclays and the FCA declined to comment.
Audio: Baroness Altmann calls for more pension flexibilitypublished at 12:17 Greenwich Mean Time 23 March 2017
12:17 GMT 23 March 2017
Former pensions minister Baroness Ros Altmann says we need to think differently about retirement and pensions. In particular, she would like to see more flexibility over when workers can take a state pension, as there are big differences in life expectancy across the nation.
Greece: Opportunities amid economic collapsepublished at 11:50 Greenwich Mean Time 23 March 2017
11:50 GMT 23 March 2017
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Ted Baker's international expansionpublished at 11:21 Greenwich Mean Time 23 March 2017
11:21 GMT 23 March 2017
Image source, PAShares in Ted Baker are down more than 5% and are the biggest losers on the FTSE 250 .
Nevertheless some analysts are optimistic about the future for the fashion retailer.
"“It’sdifficult not to be impressed with Ted Baker," saysNicholas Hyett, equity analyst at Hargreaves Lansdown.
In particular he highlights the company's international expansion.
"Thatexpansion is costing money, with spending on a new European distributionwarehouse weighing on profits this year.
"But Ted’s strategy of licensing out underdeveloped markets meanthat others are bearing much of the capital expense of its rapid expansion,while its distinctive patterned products are continuing to perform well in thedepartment store setting – another relatively low cost route to market," he added.
Not all good news...published at 11:08 Greenwich Mean Time 23 March 2017
11:08 GMT 23 March 2017
Samuel Tombs at Pantheon Macroeconomics tweets:
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