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Fed chief signals rate cut later this month
Superdry plunges to loss
Barratt says profits will beat expectations
Audit firms face extra scrutiny
Page says profits at lower end of expectations
Vodafone bosses cut share bonuses
Image source, BARRATTHousebuilder Barratt Developments says profit before tax is expected to be ahead of market expectations at around £910m. That compares with £835.5m last year.
David Thomas, chief executive, said: "It has been another very good year for the group both operationally and financially".
Today Programme
BBC Radio 4
Image source, Getty ImagesThe boss of Marks & Spencer has left open the possibility of more store closures after saying its current plans to shut 110 stores are "not finite".
M&S chief executive Steve Rowe said its portfolio of legacy stores was "holding it back" as he spoke to shareholders at the company's annual general meeting on Tuesday.
The department store chain is planning to close 85 stores and about 25 Simply Food outlets to help it make savings.
M&S chairman Archie Norman said the retailer was now paying the price of not closing "old-fashioned stores" over the last two decades, and that these now needed to go.
Rebecca McVittie, investment director at Fidelity International, thinks this is a good idea: "M&S has stretched itself too far, it's moved in too many categories, it needs to rationalise, and it seems quite sensible that those store closures will follow."
Image source, ReutersSuperdry has reported a statutory annual pre-tax loss £85.4m compared with a a profit of £65.3m a year earlier.
The company focused on underlying profit before tax of £41.9m, which it said was "significantly" below the prior year of £97m and taking into account "onerous" lease provisions.
Julian Dunkerton, who won his battle earlier this year to return the company, he founded, said: "The issues in the business will not be resolved overnight".
"My first priority on returning to Superdry has been to steady the ship and get the culture of the business back to the one which drove its original success".
Chairman Peter Williams said the results were "very disappointing".
Image source, ReutersOn Monday Deutsche Bank made the first of 18,000 job cuts as part of a radical restructuring intended to cut costs and restoring its profitably.
The German bank also has spent more than €52m on severance pay for senior executives who were fired or left voluntarily over the past 14 months, almost matching its annual pay for the entire management board.
That's according to the Financial Times, external which quotes Frankfurt-based headhunter Christine Kuhl, a partner at Odgers Berndtson, saying: "Big severance packages for sacked managers are mad".
Today Programme
BBC Radio 4
Image source, NurPhotoMore on the Financial Reporting Council's latest report which found that no firm had achieved the watchdog's audit quality target for 90% of FTSE 350 audits to meet a standard of being good, or requiring only limited improvements.
One of these firms is Grant Thornton, which the FRC says has been showing "disappointing results" for the last five years, with one in four of their audits requiring significant improvements.
"This year we're putting them into what we call 'increased scrutiny', which we did last year with KMPG and we feel like it's yielded some positive results," Mike Suffield, the FRC's executive director of Audit told BBC Radio 4's Today programme.
However, he added that Grant Thornton has new management in place, and he thinks it's fair that they are given a chance to turn things around.
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Wake Up To Money
Image source, Getty ImagesThe pound is heading for two-year lows after falling below $1.25 and was close to its lowest level since April 2017 in trading yesterday
What's going on? Rebecca McVittie of Fidelity, told Radio 5 Live's Wake Up To Money there are concerns that if Boris Johnson wins the Conservative leadership contest that "we slip into a scenario of a no-deal Brexit and I think that, combined with some of the weak retail data we've seen, has caused the pound to wobble".
She says she does not see much in the short-term to change that but longer-term the forecasts for the economy are more stable.
BBC Radio 5 Live
Wake Up To Money
Image source, ITVBoris Johnson and Jeremy Hunt clashed on Brexit and UK relations with Donald Trump in a lively and occasionally bad-tempered TV debate on Tuesday.
What did business make of it? Alison Cork, an entrepreneur who runs alisonathome.com and Make It Your Business, told Radio 5 Live's Wake Up To Money that she felt a big area of importance was being overlooked: small businesses.
"When I watch these dates about Brexit it's all about big business talking... and actually we're overlooking a really important aspect of this".
"What I didn't see... and what I wanted to see, is more tangible, granular discussion about what they are going to do for business".
She is a Conservative champion for women entrepreneurs.
Image source, AFPAuditing has been in the spotlight after a series of high profile company failures, such as Carillion and the regulator, the Financial Reporting Council, says in its latest review of audit inspections, external that all accountancy firms have failed to hit targets.
Stephen Haddrill, chief executive of the FRC, said: “At a time when the future of the audit sector is under the microscope, the latest audit quality results are not acceptable.Audit firms must identify the causes of their audit shortcomings and take rapid and appropriate action to improve quality. Our latest results suggest that they have failed to achieve this in recent years.”
The FRC found cases in all seven firms where auditors had failed to challenge management sufficiently on judgemental issues. KPMG, Grant Thornton and PriceWaterhouseCoopers are subject to tougher supervision.
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Mexico's finance minister has quit over differences with the country's left-wing president Andrés Manuel López Obrador.
"There were many discrepancies in economic matters," Carlos Manuel Urzúa Macías wrote in the letter addressed to the country's president dated 9 July.
"I am convinced that all economic policy should be carried out based on evidence, taking care of the different effects it can have and free from all extremism, be it from the right or left."
Arturo Herrera Gutiérrez has taken over as finance secretary , externalof Latin America's second-largest economy.
We get news about the UK economy later today when official GDP data for the month of May is published.
The markets are also watching for a testimony from the chairman of the US Federal Reserve, Jerome Powell, and any clues to the next movement in US rates.
Companies reporting today include Superdry, where founder Julian Dunkerton has won a battle to be reappointed to the board.
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