Summary

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  • Philip Hammond withdraws from Mansion House speech

  • Pound jumps by almost a cent after BoE announcement

  • UK retail sales growth slows

  • BA says computer meltdown to cost £80m

  • DFS shares plunge after profit warning

  1. Reaction to the retail sales datapublished at 09:37 British Summer Time 15 June 2017

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  2. Retail sales grow at slowest rate since 2013published at 09:34 British Summer Time 15 June 2017
    Breaking

    UK shoppersImage source, Getty Images

    Retail sales volumes grew at 0.9% in May 2017, compared with May 2016 - the joint slowest rate since April 2013.

    The ONS also said that sales volumes grew 0.6% in the three months to May.

  3. Heathrow baggage systems 'operating normally'published at 09:20 British Summer Time 15 June 2017

    Heathrow says it has fixed the problem that stopped passengers from checking in their luggage. They advise travellers that had to depart without their luggage to contact their airline.

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  4. BAE 'sold surveillance technology to repressive governments'published at 09:13 British Summer Time 15 June 2017

    Today Programme
    BBC Radio 4

    BAE logoImage source, Getty Images

    An investigation by the BBC and a Danish newspaper has uncovered evidence that the UK defence giant BAE Systems has made large-scale sales across the Middle East of sophisticated surveillance technology, including to many repressive governments.

    A BAE employee said under condition of anonymity that the tech could be used to intercept a person's emails, listen into calls, or track people's whereabouts via their mobile phones.

    BAE told the BBC its technology helped governments fight terrorism and that it had been fully compliant.

    However, the BBC's Nawal al Maghafi says some have questioned whether the government - which has close ties to BAE - may have broken the law by granting the technology an export licence.

    Read more.

  5. Bags piling up at Heathrowpublished at 09:06 British Summer Time 15 June 2017

    More from Heathrow Airport today.

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  6. M6 toll road soldpublished at 09:03 British Summer Time 15 June 2017

    The BBC has learned that the M6 toll road has been sold.

    The road, which bypasses the most congested parts of the M6 through Staffordshire and the West Midlands, was put up for sale by its Australian owners last year.

    The new owner is an investment group called IFM, external, which is owned by several pension funds.

    IFM already runs a number of toll roads around the world and has some other big investments here in the UK.

  7. BoE 'should have raised rates two years ago'published at 08:57 British Summer Time 15 June 2017

    Today Programme
    BBC Radio 4

    The Bank of England is widely expected to announce it is keeping interest rates on hold later, but some believe that's a bad idea.

    Andew Sentance, an economist at PwC and former MPC member, says: "Inflation has gone up partly because the exchange rate has been weak and a higher level of interest rates would actually support the exchange rate.

    "Secondly, we do need a process of normalisation and they should have started this two or three years ago, gradually pushing interest rates up."

    Instead, he says consumers are being squeezed and savers have suffered from near-zero level interest rates.

  8. DFS at mercy of 'fragile' consumerpublished at 08:42 British Summer Time 15 June 2017

    DFS sofa advertImage source, Youtube

    Neil Wilson of ETX Capital empathises with sofa firm DFS, which has cut its profit outlook due to falling demand.

    “These are uncertain times for the British consumer, who is shunning big purchases as they tighten the purse strings," he says.

    The slowdown has come as inflation is accelerating and wage growth slowing, and DFS is "gravely exposed" to increasingly fragile consumer spending.

  9. Unhappy passengers at Heathrowpublished at 08:39 British Summer Time 15 June 2017

    No more news on the Heathrow twitter feed, external, but customers are not holding back:

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  10. Bagged uppublished at 08:35 British Summer Time 15 June 2017

    Business presenter Katie Prescott tweets:

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  11. Morrisons AGM - the first without Sir Kenpublished at 08:19 British Summer Time 15 June 2017

    Ken MorrisonImage source, PA

    Bradford-based supermarket chain Morrisons holds its annual general meeting today.

    But one firm favourite from the room will be missing, with today's meeting the first to be held since the death of Sir Ken Morrison, who died aged 85 back in February.

    The former boss, who's name adorns the head office, would nearly always turn out for the AGM in his Morrisons tie, before laying down his views to the current board, as the shareholders hung on his every word thanks to his superstar status.

    His most famous AGM contribution came in 2014 when falling sales and lack of clear direction hit the company.

    Attacking the board, and in particular then-chief executive Dalton Philips, he said: "When I left work and started working as a hobby, I chose to raise cattle. I have something like 1,000 bullocks and, having listened to your presentation, Dalton, you've got a lot more bullshit than me."

    Ouch.

  12. DFS shares dive on profit warningpublished at 08:19 British Summer Time 15 June 2017

    Shares in DFS have dived more than 24% after the sofa firm cut its profit outlook. The firm blamed uncertainty about the election and the economy for a fall in customer orders.

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  13. Markets: FTSE 100 lower; Pound falls backpublished at 08:18 British Summer Time 15 June 2017

    The FTSE 100, external has lost ground in early trading. The benchmark index is already down 0.5% in early trading, at 7,438.

    DFS shares have plunged 22% after its trading update.

    The pound is back to $1.2736, after rising as high as $1.2817 overnight.

  14. Deutsche Bank restructuringpublished at 08:04 British Summer Time 15 June 2017

    John Cryan, Deutsche Bank CEOImage source, AFP

    Deutsche Bank has shaken up its corporate and investment banking divisions, according to Bloomberg., external

    An email seen by the news organisation explains that separate businesses have been set up to deal with equity (shares), debt and leveraged capital markets operations (lending money to private equity for takeovers).

    The change is part of a plan by chief executive John Cryan (pictured) to simplify the bank and putting long-term benefits ahead of short-term gains.

    A recent decision to create a corporate and investment banking hub was to “reduce bureaucracy and complexity, which will achieve substantial cost savings in 2017,” according to the email.

  15. WS Atkins sees profits jumppublished at 07:59 British Summer Time 15 June 2017

    Engineering firm WS Atkins has seen full year profits jump, helped by its North American business and the weaker pound.

    The firm, which worked on London's 2012 Olympic site as well as a renovation of New York's Statue of Liberty, said underlying pretax profit rose 18% to £164.6m in the twelve months to March.

    It comes as WS Atkins prepares for a £2.1bn takeover, external by Canadian rival SNC-Lavalin.

    London's 2012 Olympic siteImage source, Getty Images
    Image caption,

    WS Atkins worked on London's 2012 Olympic site

  16. China deputy banking regulator removedpublished at 07:59 British Summer Time 15 June 2017

    The assistant chair of the China Banking Regulator Commission has been removed from his position after being put under investigation for his alleged role in a loan scandal.

    Yang Jiacai was reportedly relieved of his duties in April but was confirmed in a notice published on the website of the State Council today.

    He is being probed by China's top anti-graft body for 'suspected serious violations of discipline,' a phrase that usually refers to corruption.

  17. 'Queues forming at Terminal 5'published at 07:53 British Summer Time 15 June 2017

    These tweets on today's bag problems at Heathrow.

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  18. Heathrow says watch Twitter feedpublished at 07:50 British Summer Time 15 June 2017

    We called Heathrow's press people about the bag problem. They couldn't say how serious the breakdown is.

    They advised keeping on eye on the airport's twitter feed, external.

  19. Welsh Water to reinvest £34m in customer benefitspublished at 07:48 British Summer Time 15 June 2017

    Welsh Water, the only not-for-profit water company in England and Wales, is to invest an extra £34m, external in its business following a consultation with customers.

    It said it would spend the cash on helping customers struggling with water bills, improving services, and promoting biodiversity projects. It polled more than 12,000 customers about the plans.

    Chairman Alastair Lyons said: "It is pleasing to see the dividend our model is delivering for our customers rather than being paid away to shareholders."

  20. Big day for Chancellorpublished at 07:47 British Summer Time 15 June 2017

    Chancellor Philip Hammond gives his Mansion House speech this evening.

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