Image source, PZ Cussons

Sales at Imperial Leather maker PZ Cussons remain under pressure amid consumer uncertainty and heavy discounting in the market.

The company said the tough conditions had seen UK revenues fall in its first quarter.

The group added it expects market conditions to "remain challenging across our key geographies" throughout the first half.

But it hopes to remain on track for the full year thanks to an expected improvement in the second half, as long as trading does not worsen in major markets, particularly the UK and Nigeria.

Scotland's main economic development agency says there has been a huge surge in requests from businesses asking for help to get ready for Brexit.

Scottish Enterprise said visits to a website offering firms help with the cost of Brexit had risen by 386%.

The agency said requests for advice about currency changes and access to suppliers were also common.

Linda Murray, head of strategy services, urged companies to "plan for the worst and hope for the best".

Read more

Image source, Getty Images

Thomas Cook Germany has filed for insolvency this morning, prompting government officials to offer financial help.

"Intensive talks over the last two days with strategic and private equity investors ... have shown us that the German branches of former Thomas Cook with its brands Neckermann Reisen, Oeger Tours and Bucher Reisen have the chance to have a future," the German company said in a statement.

The regional state of Hesse is ready to offer financial support, its Prime Minister Volker Bouffier said.

"We are in principle ready to help," he said, adding that the case was now being examined by Hesse, where Thomas Cook Germany is based, and Germany's federal government.

A similar deal was launched after Thomas Cook's German airline Condor applied for a bridging loan yesterday, which led to the German government granting a €380m loan.

Image source, Getty Images

Commenting on ending its merger talks with Altria Group, Philip Morris' chief executive André Calantzopoulos, said: "After much deliberation, the companies have agreed to focus on launching IQOS in the US as part of their mutual interest to achieve a smoke-free future."

IQOS is Philip Morris' heated tobacco business.

Image source, Getty Images

Tobacco giants Altria and Philip Morris have called off merger talks, it has just been announced.

It also emerged that Kevin Burns, the chief executive of Juul, the e-cigarette maker which is facing greater scrutiny over it marketing of vaping products, is stepping down.

Mr Burns is a co-founder of Juul.

Juul is 35% owned by Altria.

Earlier this month, US regulators have sent a warning letter to Juul Labs, saying the e-cigarette company violated US law by promoting its products as safer than traditional cigarettes.

The firm must have sign-off from the Food and Drug Administration (FDA) to make such a claim.

The warning , externalcomes as officials probe an outbreak of deadly lung illness potentially linked to vaping products.

Juul said it was reviewing the FDA concerns and will "fully cooperate".

Kevin Peachey
Personal finance reporter

Image source, PA Media

One key aspect of Sainsbury's plans announced earlier is its withdrawal from the UK mortgage market.

It follows Tesco in ending new sales of home loans, and adds weight to the theory that banking services are falling well behind groceries in supermarkets' priorities.

The big grocery stores were often talked of being the main challengers to the established High Street banks, given customers' brand loyalty and an existing "branch" network.

No longer.

M&S, which is backed by HSBC, is the only one still selling mortgages.

Low interest rates, small margins, strict regulation, and a market which one mortgage broker describes as "pretty brutal" means there is little appetite for supermarkets in this sector.

Image source, Getty Images

The volume of retail sales fell for a fifth month in September but at a slower rate at -16%, according to the Confederation of British Industry (CBI).

New orders also fell at a slower pace of -9% compared to August but growth came in at -57%, which is far below the average +9%.

CBI chief economist Rain Newton-Smith, said: "Five successive months of falling volumes tells its own story about the tough conditions retailers are having to operate in. Add to this the pressures of Sterling depreciation and the need to plan for potential tariffs and supply issues in the event of a no-deal Brexit and you get a gloomy picture for the sector.

"Across the economy more broadly, growth has been volatile in the first half of 2019, driven by companies stockpiling ahead of previous Brexit deadlines and a change in the timing of car plant annual shutdowns.

"We expect the economy to grow modestly, though a no-deal Brexit would likely hit activity and financial markets significantly."

Image source, Getty Images

Britain's superyacht industry has recorded its seventh year of consecutive growth, according to figures from the association British Marine.

Revenues climbed to £660m in 2018/19, an increase of 7.1% on the previous year.

The number of workers employed in the industry rose by 1% to 5,155, with 45 new yachts built, one fewer than the previous year.

Two-thirds of UK superyacht revenue comes from exports, with the United States and Eurozone accounting for half the UK export market.

Image source, Getty Images

Thomas Cook's Polish business Neckermann Polska has also gone into insolvency this morning.

“The Polish unit, despite its stable financial condition, cannot operate independently without its mother company,” Neckermann Polska said in a statement.

“The problems of our owner on the British and German markets are the cause of the liquidation of operating activities in many global markets, including Poland.”

The FTSE 100 is now trading 1% lower at 7,215.31.

Travel company TUI Group has extended falls and its share price is now down 5% at 911.4p to lead the FTSE 100 fallers.

The FTSE 250 is down 1.17% at 19,686.51.

Image source, Getty Images

Flat pack furniture giant Ikea has reported rising global sales despite an overhaul described as one of the "biggest transformations" in its history.

Its global parent Ingka said retail sales climbed 5% to €36.7bn in the year to 31 August.

Online sales soared 46% and now account for around 11% of total revenues.

The group said the performance was achieved despite its revamp under which the group is slashing 7,500 jobs globally, including 350 in the UK.

But it is also creating 11,500 new jobs in the next two years through new openings and investment in delivery and digital operations.

"While going through one of the biggest transformations in our history, we've maintained strong performance across our business, thanks to all the amazing colleagues across the Ikea world," said Jesper Brodin, chief executive of Ingka Group.

Thomas Cook's demise brings criticism of bosses and concern for staff - but concerns may not stack as they seem.

Image source, AFP/Getty Images

Kent County Council Public Protection says that it has received reports of scams targeting those who have booked Thomas Cook holidays:

How It Works

Emails, texts, phone calls or messages/posts on social media are sent

The fraudster claims to be either from the Official Receiver, Thomas Cook itself or a legal firm.

They offer refunds and/or compensation

The criminals request details of your bank account or ask you to click on a link in an email

They may request an upfront fee for handling compensation claims

What to do

Only Thomas Cook customers who are currently abroad – or who have booked future holidays or travel – should expect to be contacted

Either by the CAA or one of the two firms appointed as Special Managers: AlixPartners UK LLP or KPMG LLP.

Always check you are being contacted by the genuine company

For advice

Visit the UK European Consumer Center or contact the CAA on their designated helpline 0300 303 2800

If you have already given your details to these criminals notify your bank immediately and contact Kent Police on 101.

If you're waiting to claim a refund you can only do this from Monday, 30 September when the Civil Aviation Authority has its service set up.

Image source, Getty Images

The former chief executive of Danske Bank's Estonia branch has been found dead, according to local police.

Aivar Rehe, 56, led Danske Bank's Estonia business between 2007 to 2015.

The Danish bank is under investigation in a number of countries including the UK, the US, Denmark and Estonia over suspicious payments of around €200bn through the Estonian branch between 2007 and 2015.

A spokeswoman at the Estonian prosecutor's office told Reuters Mr Rehe was a witness in the ongoing investigation and not a suspect.

It reported that police had been searching for Mr Rehe since Monday when he left his home in Tallinn.

Image source, Getty Images

The oil price has fallen this morning after Saudi Arabia said its oil production is back to normal after the attacks on oil facilities on 14 September.

It said it has restored its oil production capacity to 11.3 million barrels per day.

Brent Crude is down 1.65% to $62.06.

Simon Jack
BBC Business Editor

Image source, PA Media

As recently as July, EDF assured the BBC that Hinkley Point C was proceeding on budget and on schedule. I’m told that today’s announcement that costs could overrun by up to £2.9bn was as a result of a review conducted after the “big concrete pour”. It seems that despite the assurances that lessons had been learnt at Flamanville in France and Olkiluoto in Finland (both of which have overrun by many years and many billions), it is almost impossible to be accurate about cost and time scale when it comes to nuclear power.

To be clear, these cost overruns will not hit UK consumers. One of the reasons the price agreed for the electricity it will one day produce was so high (£92.50 per megawatt hour at a time when the wholesale market price was around £40) was that EDF agreed to absorb any budget busting delays.

However, a new way of paying for further nuclear stations, such as Sizewell, is being considered. Under this new model (Regulated Asset Base), consumers would see costs of construction added to their bills as the project went along – this is a way of reducing the cost as you don’t have to raise all the finance up front. However, it means that customers could be exposed to cost overruns.

That is why today’s announcement is important and why EDF will find it harder to make the argument for building Sizewell. That argument is already getting tougher as the price of zero carbon offshore wind continues to plummet. The last auction saw prices below £40 per megawatt hour - the lowest estimate for the Sizewell energy price I've heard is £60.

EDF correctly point out that renewables are intermittent – the wind doesn’t always blow and the sun doesn’t always shine. But we are moving towards a future in which electricity storage issues are being addressed eg Using electric cars to double as home batteries, using renewable to creates hydrogen which can be stored and burned with only water as a by product.

We will need a LOT of electricity in the future as we decarbonise transport and heating – and nuclear may well have a role in producing low-carbon energy at scale.

But with technology moving fast, making a forty year bet on another nuclear station with a history of cost and schedule overruns, coupled with a funding model that exposes consumers to those overruns, is a big call for any government to make.

Image source, Wrightbus

Up to 1,400 workers face redundancy at Northern Ireland's Wrightbus.

The Ballymena company is suffering from cash flow problems and has been seeking investment or a new owner.

The firm, which is the last UK-owned bus manufacturer, is best known for building the New Routemaster, known as the 'Boris Bus'.

Talks with two potential buyers failed to reach a conclusion last week. The company is not commenting.

Wrightbus managers are due to brief unions this morning with administration at the Ballymena firm expected to be confirmed.

Read more here

Russ Mould, investment director at AJ Bell, says Aston Martin's bond issue sends out a red flag about the Warwickshire-based firm. He said: