- Barclays reports 5% fall in adjusted profits
- Balfour Beatty shares plummet after profit warning
- Pound rises against euro and dollar
Good morning. We're easing ourselves into the harsh daylight of business news once more, after a weekend of blissful bank holiday hibernation. Mercifully, the Tube strike has been called off, so things are looking up.
Philip Clarke, the man who stepped into the shoes of Sir Terry Leahy at Tesco, has told the BBC he has no plans to go anywhere despite annual profits falling by 6% - the second year of declining growth. "Retailing is a combination of price, quality, range and service," he tells Wake Up to Money, saying he thinks that what really matters for customers is "how they feel in the store".
"It is the end of the new, big stores," Philip Clarke tells Wake Up to Money. He says customers prefer to shop in smaller Tescos, such as convenience stores. "Big stores will continue, but whether there need to be very many more - I personally doubt, and we're not going to open many." The 12 big stores Tesco plans to add this year, Mr Clarke says, will be 40,000 sq ft rather than 100,000 sq ft.
Danny Gabay, a former inflation report author at the Bank of England, now at Fathom Consulting, tells Today house prices need to be calmed. He says Help to Buy is fuelling a boom.
A lot of retailing news around this morning. Our reporter in Singapore, Puneet Pal Singh, writes that the online retailer Amazon has announced a partnership with Twitter, to allow users to add products to their shopping carts by tweeting using a special hashtag. Here's the company's explanation of how #AmazonCart works.
Asked about the rise of the discounters (read Aldi and Lidl), which have been eating into Tesco's market share, Mr Clarke says: "The job for me is to look at what Tesco does, rather than what others do." But, he contends, Tesco is competing on price. "I'm pleased to say you can buy a can of baked beans for 24p."
BMW reports strong results for the first three months of 2014. The German carmaker saw its profit before tax rise to 1.64bn euros. More to follow.
The giant Swiss bank UBS says it will re-jig its corporate structure to make it easier to break up should there be another banking crisis. This will mean it has to set aside less money as a buffer against future problems - and that it can pay a special dividend to shareholders.