Tuesday September 20 2016

The Week Magazine: US News

Company news, markets and financial talking points, available from 8am Monday to Friday

Will Dominic Chappell dodge his £500,000 tax bill?

Dominic Chappell owes more than £500,000 tax on the profits he made from owning BHS, claims The Guardian. HMRC has started legal proceedings against the businessman, but Chappell has put the company that owes the tax, Swiss Rock Limited, into liquidation, meaning he could walk away without paying the bill. In July, Chappell was declared "incompetent and self-serving" by a parliamentary committee.

Oil helps FTSE 100 smash the 6,800 barrier

The FTSE 100 passed 6,800 yesterday, closing up 103.27 points, or 1.54%, to 6,813.55 - its biggest daily rise in 17 days. A bounce in oil prices bolstered the healthy trading session. Brent crude jumped by as much as 2.4% to $46.85 a-barrel after Venezuela said it believes the world’s biggest oil producers will reach an output freeze agreement when it meets later this month.

Financial scams are committed every 15 seconds

A financial scam was committed once every 15 seconds in the first half of 2016, new campaign group Financial Fraud Action said. More than one million cases of card, cheque, phone or online fraud were recorded from January to June – a 53% rise on the same period last year. Banks say they are stopping £7 of every £10 in potential fraud losses.

Brexit sees 'dramatic' fall in shop openings

The first half of the year saw a "dramatic" fall in the number of shop openings, according to a new report from the Local Data Company. The 20,804 shops opened in the UK between January and the end of June was a 15% drop on the second half of 2015. The LDC blames worries over the state of the global economy and concerns over Brexit for the fall.

Payday lender forced to hand back £34m

A payday lender has been forced to hand back almost £34m to 100,000 victims, after taking money from customers’ accounts without permission and sending threatening letters. CFO Lending was ordered to write off debts totaling nearly £32m and to hand over a further £2.9m in compensation. The Times says the family behind the company lived a life of "exotic foreign holidays and private jet travel" as it threatened customers.

Quote of the day… Next pension scandal could be less than 'bootiful'

"The new employer must not be allowed to get away with dumping the Bernard Matthews pension scheme into which workers have paid." Frank Field MP, who has led demands for Sir Philip Green to plug a vast hole in the BHS pension scheme, says watchdogs must stop the turkey producer creating the next pension scandal.

THE NUMBERS... AT 0722 GMT

FTSE-100: up +1.54 to 6813.55
Dow Jones: down -0.02 to 18120.17
Dax: up +0.95 to 10373.87
Cac-40: up +1.43 to 4394.19
Nikkei: down -0.34 to 16463.72
Hang Seng: down -0.13 to 23520.64
US dollar: buys €0.89500 and £0.76730
Sterling: buys $1.30360 and €1.16660
Oil: $45.93 up +0.04

view The Week Magazine: US News