The Tesco annual meeting is underway and Bloomberg reporter Sam Chambers is there:

The falls on the London market have gained pace, with the FTSE 100 now down more than 100 points, or 1.3% at 7,661 points.

Mining companies are the biggest fallers, led by Glencore, which is down 4.5%, while BHP Billiton has shed 4.2%.

Only six companies are higher, with Rolls-Royce leading the risers up 7.7%, while Tesco has added 3.1%.

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China has hit back by imposing "equal" tariffs on US products following Donald Trump's decision to slap duties on $50bn of Chinese products.

"We will immediately launch tax measures of equal scale and equal strength," the commerce ministry said as it called on other countries to "take collective action" against "outdated and backwards behaviour" by the US.

China would also negate agreements it had reached with the US during previous consultations over the penalties, it said.

"China definitely does not want a trade war, but in the face of the US's malicious, harmful and shortsighted conduct, China has to impose powerful countermeasures and resolutely defend the national interest and the people's interests," the ministry added.

Europe has cleared Comcast's bid for Sky, paving the way for an epic multi-billion-dollar takeover tussle with Rupert Murdoch's 21st Century Fox.

"The Commission concluded the transaction would raise no competition concerns in Europe," said the European Commission, the EU's executive arm.

Network Rail's chief executive and finance chief have decided not to take their annual bonus, it has been revealed.

Mark Carne and Jeremy Westlake were due a bonus for the last financial year, but have both declined it.

Mr Carne, who was awarded a CBE in last week's Queen's Birthday Honours, is leaving Network Rail later this year.

It has come under fire for its performance, especially in recent weeks amid the timetable cancellations.

Mr Carne's bonus would have been about £70,000.

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Argentina's treasury and finance ninister, Nicolás Dujovne, says the country's $50bn loan from the International Monetary Fund will help to calm the markets in the face of the peso's depreciation against the dollar.

He said the IMF had agreed that the central bank could intervene on the currency markets if necessary.

The treasury and finance portfolios used to be held by different people, but Mr Dujovne has just taken on the second title after the former finance minister, Luis Caputo, left the job to take on the central bank presidency.

His predecessor in that role, Federico Sturzenegger, resigned yesterday after the peso lost more than 6% of its value in a day.

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Wall Street has followed European markets lower after President Trump slapped tariffs on $50bn of Chinese goods, spurring a promise of immediate and equivalent retaliation from Beijing.

The Dow Jones Industrial Average is down 0.6%, the S&P 500 is 0.4% lower and the Nasdaq has shed 0.5%.

London, Madrid and Milan have all fallen more than 1% while Frankfurt has shed 0.6% and Paris is 0.3% lower.

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Can't make it to Paris for the Renault annual meeting? It's being livestreamed on YouTube, external:

It may help if you understand French, however.

Kevin Peachey
Personal finance reporter

Equitable Life is one of the world's oldest mutual insurers, founded in 1762. Among its earliest policyholders were poet Samuel Taylor Coleridge, fellow writer Sir Walter Scott, and politician William Wilberforce.

But while its history has been rich, the society was so financially holed that it came close to collapse in 2000.

Before it was trumped by the global financial crisis a few years later, Equitable Life was a case study in scandal. Angry policyholders lost out because the company had promised too much, cases were in and out of the courts, there were mass resignations, inquiries, and eventually a significant government compensation scheme.

In recent years, it has been steadily run down, after closing to new business in December 2000. Remaining, and ageing, policyholders may be cheered about a proposed better-than-expected payout, but the bruises of this saga will remain for them and the UK financial sector long after the society closes its doors for good.

For those who like their primary sources, the US statement on the Chinese tariffs can be found here, external.

The 818 product lines that will face tariffs from 6 July can be found here, external.

And the second list of products that will be subject to further review are here., external

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Is German Chancellor Angela Merkel preparing to hit back against US tariffs with action against America's car industry?

There were heavy hints on Friday that Europe's strategic interests included its own car industry. President Donald Trump had already given national security as a reason for threatening punitive tariffs on German cars.

Ms Merkel says: "We should think about the strategic significance of the auto industry for the European Union so we can prepare an exchange with the US."

Speaking at an event to mark 70 years of Germany's "social market" economic model, she said the market dominance of giant US internet platforms also posed a challenge to Europe's social model.

"The platform economy is a big problem," she said. "It challenges both our competition authorities and the EU's, and raises the question of whether they need to get involved in the matter of the big concentration of big platforms from the US."

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London shares have fallen after the US made good on its threat to impose tariffs on $50bn worth of Chinese goods.

The FTSE 100 has fallen almost 1% to 7,699 points.

The tariff list includes 1,102 product lines, stretching from jet engines, water pumps, and industrial dishwashers.

Mr Trump continued: "These tariffs are essential to preventing further unfair transfers of American technology and intellectual property to China, which will protect American jobs.

"In addition, they will serve as an initial step toward bringing balance to the trade relationship between the US and China.

"The US will pursue additional tariffs if China engages in retaliatory measures, such as imposing new tariffs on US goods, services, or agricultural products; raising non-tariff barriers; or taking punitive actions against American exporters or American companies operating in China."

US President Donald Trump has confirmed he will impose tariffs on $50bn worth of Chinese goods, setting the stage for a trade war.

In a statement he said: "In light of China’s theft of intellectual property and technology and its other unfair trade practices, the US will implement a 25% tariff on $50bn of goods from China that contain industrially significant technologies.

"This includes goods related to China’s Made in China 2025 strategic plan to dominate the emerging high-technology industries that will drive future economic growth for China, but hurt economic growth for the United States and many other countries.

"The United States can no longer tolerate losing our technology and intellectual property through unfair economic practices."

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The Turkish lira has fallen for a fifth straight day, as the currency headed for its worst week since the height of the 2008 financial crisis.

The currency has dived 5.7% since last Friday against the US dollar.

It comes after the President Recep Tayyip Erdogan said he was planning an “operation” against ratings agency Moody’s, which has suggested it might downgrade Turkey's credit rating.

Last month, the president also rattled markets by saying he planned to take tighter control of monetary policy if he wins the upcoming general election on 24 June.

Image source, Getty Images

A new report from Google has revealed that little has changed despite a commitment to increasing diversity among staff employed by the tech giant.

Overall nearly 70% of Google staff were men, as has been the case since 2014.

In the US almost 90% were white or Asian, 2.5% were black and 3.6% Latin American.

The figures also showed that black and Latin American employees had the highest attrition rate in 2017 - those choosing to leave.

Read more

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Shadow culture secretary Tom Watson has said delaying the introduction of a £2 FOBT stake limit would amount to "capitulation" by the government.

He also said it would leave people "badly let down".

Fixed odds betting terminals (FOBTs) - dubbed the "crack cocaine" of gambling - can currently lead to punters placing bets of up to £100 every 20 seconds.

However, bookmakers warn the new cap could lead to tens of thousands of job losses.

Image source, PA

No date has been set for the introduction of a £2 stake limit on fixed-odds betting terminals (FOBTs), Downing Street has said.

The cut from a £100 maximum was announced in May, in a bid to stem problem gambling. But on Friday the Times reported it would not come into effect for almost another two years.

Commenting on the claims, a Downing Street spokeswoman said: "We are committed to making sure that vulnerable people are protected... But we also need to consider the thousands of people that are employed in the sector, so we are taking time to work with industry to ensure that there is enough time to implement all of the changes.

"We haven't set out a timetable for that yet, but changes will need to be made through secondary legislation."

Kevin Peachey
Personal finance reporter

Image source, Getty Images

The final chapter is being written for one of the longest-running sagas in the UK's financial sector.

Equitable Life came close to collapse in 2000, in one of the UK's biggest financial scandals.

The UK's oldest mutual - established in 1762 - closed to new business in December 2000 and has been running down ever since, with policyholders having lost money and the government left with a huge compensation bill.

Now it is set to be sold to specialist insurer Life Company Consolidation Group for £1.8bn, with policyholders transferred to its Reliance Life subsidiary.

The proposed closure of the with-profits fund and the society would mean a payout to policyholders, averaging £6,900.