Image source, Kingfisher

Kingfisher, best-known in the UK for owning DIY outlets Screwfix and B&Q, is the worst-performing stock on the FTSE 100 as we get to midday.

Its shares are down more than 6% - its worst performance in 11 months - after reporting a 0.6% fall in sales at stores open for more than a year.

The fall largely came at its French DIY stores, but B&Q - which today appointed a new boss (see post at 11.29) - didn't fare much better with 0.5% growth in like-for-like sales.

The FTSE 100 index is up 27 points, or 0.3%, at 7,512.

Norway gets a new 200 krone bank note on Tuesday and its central bank has decided in its wisdom to make a video.

The fishing theme perhaps makes slightly more sense given that the primary motif on the note is a cod.

"For centuries, fishing has been a key source of income and important part of the culture along the Norwegian coastline," Norges Bank explains., external

Warning: the video is in Norwegian...

Image source, Norges Bank

Kamal Ahmed
Economics editor

Image source, Getty Images

The amber warning lights came back on this morning when the ratings agency Moody's downgraded China's credit rating.

The problem is not the government's direct debt, which at less than 40% of GDP is modest by Western standards.

The issue is the debt being carried by the country's companies, or more specifically the "state-owned enterprises" (SOEs) that constitute the grumbling and sometimes out-of-date engines of the Chinese economy.

Read more of Kamal's blog here.

Image source, Kingfisher

New bosses seem to be like buses today. Fresh from Ikea announcing a new chief executive, DIY giant B&Q has also chosen a new boss to take the helm.

Christian Mazauric, currently CEO for Brico Dépôt in Romania - which is part of B&Q's parent company Kingfisher - will start his new role on 1 July.

The Frenchman, who also worked for M&S, has been with Kingfisher for more than 16 years, including as financial director of French DIY outlet Castorama, and a stint as B&Q's finance chief.

Mr Mazauric replaces Michael Loeve, who is returning to his native Denmark to take up a role with discount supermarket Netto.

He will have his work cut out at B&Q, facing up to the challenge from Australian outfit Bunnings, which now owns Homebase.

Image source, Getty Images

M&S reported a sharp fall in profits this morning, but that hasn't stopped its shares hitting a 12 month high - suggesting that investors are impressed with the work chief executive Steve Rowe has done so far.

They seem to be giving him the benefit of the doubt, after his first full year in charge, with shares climbing 2% to 396p.

Earlier in the day, shares hit 397p - the highest they have been since last May and Mr Rowe (seen here with Prince Charles) will be hoping to break through the psychologically important 400p-a-share milestone later this year.

Image source, Getty Images

An attempted takeover of commercial laundry business Berendsen by French rival Elis has been rejected... again.

The 2bn euros approach for the London-listed company "significantly undervalues" Berendsen, according to the board, making it the third offer to be turned down.

However, the attempted purchase could be out of the board's hands, with Elis targeting shareholders directly.

Berendsen has 9,000 staff across 60 sites, and provides laundry and cleaning services to clients including the NHS.

Elis is one of a number of foreign companies looking to snap up British counterparts, to get a foothold in the UK market once Brexit is completed.

The multimillion-pound High Court action by thousands of shareholders against Royal Bank of Scotland has been adjourned pending further settlement talks.

Lawyers for the claimants are expected to update the court on the discussions tomorrow.

BBC Business Live

Image source, Reuters

The UK terror threat level remains at its highest level in a decade, with the government saying it's likely that the man who carried out a suicide attack in Manchester did not act alone.

The raising of the level to "critical" shows the "very prevalent threat and risk", says Will Geddes, founder of International Corporate Protection.

Governments need to keep up with the increased spending on protection that companies are already carrying out, he tells BBC Business Live.

Image source, Whitbread

Whitbread, the parent company of coffee shop Costa and Lenny Henry's favourite hotel brand Premier Inn, has said Sir Ian Cheshire will step down from the board this Autumn.

Sir Ian had faced criticism for having too many non-executive roles - he's chairman of Barclays UK, as well as Debenhams, among other positions - and had already said he plans to relinquish some positions.

Before taking up a series of board positions, Sir Ian was best known as the chief executive of B&Q and Screwfix owner, Kingfisher.

He will be replaced at Whitbread as the senior independent director by ITV boss Adam Crozier, who recently announced he would leave the broadcaster after seven years at the helm.

M&S's annual results were something of a curate's egg.

Profits dropped 64%, but the company put it largely down to £400m of turnaround costs. Clothing sales were down again, but M&S boss Steve Rowe took solace from rising sales of full-priced items.

Investors seem to be giving Mr Rowe the benefit of the doubt, with M&S shares recovering from an initial fall to rise 1%.

George MacDonald, editor of Retail Week, has decided to take an optimistic view too...

Simon Neville
Business reporter

Image source, PA

In an odd way, today’s M&S figures are actually pretty irrelevant, because of Easter falling late and the vast spending done on an overhaul.

What they do show is that chief executive Steve Rowe is making steady progress on dragging M&S into the 21st century, where other variety stores like BHS, Woolworths and Littlewoods have failed.

Key to the turnaround will be enticing shoppers to buy clothes at full price, instead of in the sale. But weaning customers off the discount drug can be a hard task – just ask Debenhams, with their seemingly never-ending Blue Cross Sale.

Food is obviously a key driver for the business, but M&S need to decide – is it a fashion chain that sells a bit of food, or a grocery chain that sells some clothes?

Today Programme
BBC Radio 4

Image source, Ineos

Away from retail, there's been a big announcement in North Sea oil. UK chemicals giant Ineos is paying $1bn, external for a group of North Sea fields currently owned by the big Danish company, Dong Energy.

Ineos, one of the UK's largest private companies, has already bought two other operations in the North Sea (one of its rigs is pictured above).

Its plan is to "buy assets no longer wanted by the big oil majors", Tom Crotty, a director at Ineos, tells Today.

"We've got the attention to detail to make sure we get all of the oil and gas that's there," he says.

Image source, Reuters

Swedish furniture company Ikea has named Jesper Brodin as its new chief executive from September, according to reports.

Mr Brodin is currently the company's head in Sweden and he will succeed Peter Angefjall, who had been in the post for four years.

Lars-Johan Jarnheimer, chairman of Ikea's parent company Ingka Holding, said: "I am convinced that Jesper's extensive experience and passion for life at home and retailing will enable him to successfully continue the remarkable work conducted by Peter."

BBC Breakfast

Marks and Spencer boss Steve Rowe told BBC Breakfast that his plans to overhaul the business "remain on track".

At the same time, the retailer is coping with "fragile" consumer confidence and higher import costs due to the fall in the pound, he said.

BBC Breakfast reporter Sean Farrington asked him how M&S was also coping with changing tastes and habits among shoppers...

Image source, Getty Images

The FTSE 100 index dropped by 8.24 points in early trading on Wednesday.

Severn Trent was an early riser with a rise of about 1% while Kingfisher fell by more than 5% after it reported that weak sales in France offset strong UK growth.

Marks and Spencer recovered from a fall at the start of trading and was up 1%.

M&S has reported a 3.4% fall in clothing and homeware sales last year, but its boss says we should be looking at its sale of full-price items (as in not discounted) instead.

It's left retail analyst George MacDonald scratching his head...

Image source, Screwfix

The retail results keep coming. Kingfisher, owner of B&Q and Screwfix, has reported a 0.6% fall in revenue in stores open for a year or more.

Sales in its French stores Castorama and Brico Depot fell 5.5% and the firm is cautious about future prospects there.

However, its UK Screwfix business saw a 12.6% surge in sales - or 20.3% when newly opened stores are included.

Total group sales in all stores - including ones opened in the last 12 months - rose 5% to £2.86bn.

Investors don't seem too impressed at first glance with Marks and Spencer's results - which reported a 64% fall in annual profit.

Shares in the food-to-fashion retailer are down about 1.4% at the start of trading on the London Stock Exchange.

Shareholders in Royal Bank of Scotland who claim the bank misled them during the financial crisis are divided about whether to settle their lawsuit, reports BBC Business Editor Simon Jack.

A High Court hearing - which could see former RBS boss Fred Goodwin take the stand - was adjourned yesterday for a second time.

Image source, Getty Images

It's a busy morning for retail results. Electricals and mobile phones giant Dixons Carphone has reported a 9% rise in annual sales, with like-for-like sales growing 4% in the past 12 months.

As a result, the company expects pre-tax profit for the full year to come in slightly higher at between £485m and £490m.

In the UK, full year revenues were up 2% and like-for-like sales rose 4%.

Chief executive Seb James said: "Despite a lively political backdrop, we have been able to continue to grow our business and maintain very high levels of customer satisfaction across the group."