17:04
FTSE 100 has closed up 0.9%, or 68.64 points, at 7,480.69
David Madden at CMC Markets UK said:
Stock markets in Europe have pulled back some of the ground that was lost yesterday. In relation to the coronavirus, the situation has deteriorated in the past 24 hours as the number of confirmed infections has risen, and so has the number of fatalities.
The positive move in equities is probably down to short covering plus bargain hunting as the health crisis has deepened. The longer the news story hangs around, traders might build up a tolerance to it.
The Chinese central bank has made it clear it is willing to use monetary tools in a bid to lift economic sentiment, should they feel it is required. The message from Beijing reassured traders somewhat, but the acid test will be whether the rebound lasts or not.
16:22
Personal healthcare brand PZ Cussons reports lower profits
Consumer goods manufacturerPZ Cussonssays 'challenging market conditions' have caused half-year revenues to decline by £9.5million.
TheImperial Leatherbrand owner also registered a 13 per cent fall in operating profits in the six months to 30 November 2019.
It suffered a particularly bad performance in Nigeria, where it blamed a weak economy and port congestion at Lagos for causing revenues to drop 4.4 per cent.
The Imperial Leather brand owner also registered a 13 per cent fall in operating profits in the six months to 30 November 2019.
16:18
Rumoured iPhone SE 2 could be delayed due to the impact of coronavirus
Apple's rumourediPhoneSE 2 could be delayed and production on the iPhone 11 scaled back due to the impact of the deadly coronavirus on supply lines inChina.
The epidemic has so far claimed the lives of more than 80 people and infected nearly 3,000 in a month - but experts predict that number to be closer to 100,000.
With cases being reported in Henan, where the Zhengzhou Foxconn factory is based, the government may close factories to prevent contamination,Bloombergreports.
Rumoured iPhone SE 2 could be delayed due to the impact of coronavirus
With cases being reported in Henan, where the Zhengzhou Foxconn factory is based, the government may close factories to prevent contamination.
Mail Online
16:14
Coronavirus is costing the global tourism industry BILLIONS
Coronavirus is costing the global tourism industry billions because big-spending Chinese travellers are being stopped from leaving the country.
Hotels, airlines, casinos and cruise operators are among businesses worst affected by the virus which has so far claimed 106 lives inChina, with more than 4,500 infected worldwide.
The impact has been worsened by the deadly flu-like virus striking over the Lunar New Year holiday, usually a booming time for Chinese travel.
Coronavirus is costing the global tourism industry BILLIONS
Hotels, airlines, casinos and cruise operators are among businesses worst affected by the virus which has so far claimed 106 lives in China, with more than 4,500 infected worldwide.
Mail Online
16:07
MOTs suspended in NI due to safety concerns for lifts at test centres
MOTs in Northern Ireland have been suspended indefinitely over concerns about the safety of equipment at test centres.
An investigation revealed that 48 out of the 55 vehicle lifts at garages in the country were found to be defective.
The Driver and Vehicle Agency (DVA) responsible for MOTs in Northern Ireland has taken the decision to halt testing until it can guarantee the safety of the lifts - and has warned it could take weeks, or possibly months, until they are replaced.
An investigation revealed that 48 out of the 55 vehicle lifts at garages in the country were found to be showing signs of cracking and deemed unfit for use. Each could cost up to £40,000 to replace.
16:02
Former TalkTalk executive sues firm under the equal pay law
A former TalkTalk executive suing the telecoms giant under the equal pay law today described her redundancy from the company as a 'sham'.
Rebecca Burke, 43, of Yately, Hampshire, was paid a basic salary of £110,000 as she helped lead the firm's cyber security programme after a high-profile data breach.
She alleges she was blindsided with redundancy after running both the programme and a £20million trial project to bring fibre optic broadband to three million homes.
Former TalkTalk executive sues firm under the equal pay law
Rebecca Burke, 43, of Yately, Hampshire, was paid a basic salary of £110,000 as she helped lead the firm's cyber security programme after a high-profile data breach.
Mail Online
15:44
'Coronavirus could seriously impact global tourism industry'
Analyst Ben Cordwell of GlobalData says that the travel industry could be in for a tough 2020 if the coronavirus reduces travel in the long-term.
GlobalData figures show that China has grown from the fourth largest source market in the world, with 47.7 million outbound tourists in 2009, to become the largest, with a staggering 159 million outbound tourists in 2019. This accounted for 12.2% of all outbound travelers globally. Furthermore, the Chinese outbound market was the second highest spending in 2019, with expenditure of $275bn.
These figures highlight the importance of the Chinese market on the tourism industry and are a stark warning of the economic impact the coronavirus could have.
The tourism industry is already facing a number of headwinds, including ongoing uncertainty over the terms of the UK’s upcoming Brexit withdrawal and intensifying geopolitical tensions between a number of powerful nations. These factors, combined with the coronavirus outbreak, could mean a tough year lies ahead for the international tourism industry.
15:38
Saga climbs on rising turnaround hopes
Over 50s' firm Saga has seen under-pressure shares sail higher as the cruise specialist said profits remain on track in spite of a £4million hit from the collapse of Thomas Cook.
The group said its insurance and travel businesses continued to operate in challenging markets, but new boss Euan Sutherland insisted he had a 'clear focus' on turning around its performance.
Shares bounced 7 per cent higher, having drifted close to all-time lows in recent months, following a tough 2019 which saw it warn over profits in April amid an overhaul to return to growth.
But investors took heart from the absence of further bad news, as the group kept full-year guidance unchanged, even though it confirmed about £4million of one-off costs in the second half from the demise of tour operator rival Thomas Cook.
Saga is expecting underlying pre-tax profits to drop by up to 42 per cent, to between £105million and £120million for the year to January 31.
15:28
Tories pledge £500m to reopen Beeching lines
Ministers have pledged £500million to reopen closed railway lines in the North of England.
Lines earmarked for restoration include many which were axed in the controversial Beeching closures of the early 1960s.
Dr Richard Beeching, then the chairman of the British Railways Board, closed more than 4,000 miles of the network - mainly branch lines - in an efficiency drive.
One of the first lines to reopen will be the Ashington and Blyth Valley to Newcastle connection - benefiting the Blyth Valley seat won by the Tories after 69 years under Labour.
Tories pledge £500m to reopen Beeching lines
Ministers have pledged £500million to reopen closed railway lines in the North of England. Lines earmarked for restoration include many which were axed in the controversial Beeching closures.
Mail Online
15:00
Wonga mis-selling victims to find out compensation figures in days
Almost 390,000 people who successfully complained about unaffordable loans from collapsed payday lender Wonga will soon find out their compensation.
However, those affected could get back just 10 per cent of what they're owed.
Those who made complaints to Wonga's administrators Grant Thornton were emailed earlier this month double checking they had given them the right bank details.
Almost 390,000 people who successfully complained about unaffordable loans from collapsed payday lender Wonga will soon find out their compensation.
14:46
Ryanair warns of possible base closures and job cuts - reports
Ryanair has warned pilots of possible base closures and job cuts as the date for delivery of its first 10 Boeing 737 MAX jets slipped into the autumn, Reuters has reported.
In a memo dated 27 January seen by the news organisation, Ryanair said that Boeing would not deliver the first of the grounded model until September or October at the earliest.
The 737 MAX was grounded last March after 346 people died in two crashes attributed to anti-stall software.
14:40
Wall Street opens higher
US stock indexes have opened higher after the S&P 500 suffered its worst day in nearly four months yesterday on concerns that a coronavirus outbreak in China could hit global economic growth.
Today, the S&P 500 opened 0.36 per cent higher at3,255.35.
The Dow Jones rose 0.2 per cent to 28,594.28.
And the Nasdaq rose 0.68 per cent to 9,201.82.
14:18
Sainsbury's Coupe denies his exit is down to botched merger with Asda
The departing boss of Sainsbury's has denied that his exit was prompted by the botched merger with Asda as he said it was 'absolutely' his choice to leave the supermarket.
Mike Coupe, who was caught singing 'We're in the Money' on the day the proposed £14billion deal was announced, said last week that he would step down at the end of May after six years in charge.
His decision came less than a year after the merger was blocked by the Competition and Markets Authority, which in April said prices were more likely to go up after a deal.
The departing boss of Sainsbury's has denied that his exit was prompted by the botched merger with Asda as he said it was 'absolutely' his choice to leave the supermarket.
14:05
Experts lay outplans for tough new points-based UK immigration system
Britain's £30,000minimum salary threshold for migrants with firm job offers should be lashed by £4,400 after Brexit to address staff shortages of teachers and NHS staff, an independent report said today.
The Migration Advisory Committee (MAC) outlined a package of measures it said would help cut inflows to the UK and reduce pressure on the health serviceand schools.
It included anAustralian-style points-based system, but said it should only be applied to the brightest and best migrants who want to come to the UK without a firm job offer, to create a pool of 'talented individuals'.
Experts lay outplans for tough new points-based UK immigration system
The Migration Advisory Committee said post-Brexit arrangements to replace EU freedom of movement could slow the growth in the UK population and make people slightly better off.
Mail Online
14:00
Virgin Money sees rise in business and personal lending
Virgin Money saw mortgage lending fall to £59.6billion from £60.1billion in the previous quarter but its business loans and personal lending divisions grew by about £200million each in the last quarter, it said today.
Credit card growth, higher deposits and the movement of customers from RBS, helped the Newcastle-upon-Tyne company weather costs related to PPI claims.
The bank, which is rebranding its recently acquired Clydesdale and Yorkshire Bank businesses as Virgin Money, saw customer deposits grow 1.6 per cent to £64.8billion over its first quarter and personal lending rise 3.7 per cent to £5.2billion.
The bank, which is rebranding its recently acquired Clydesdale and Yorkshire Bank businesses as Virgin Money, saw customer deposits grow 1.6 per cent to £64.8billion over its first quarter.
13:55
More than 1.2m drivers collared last year for having untaxed vehicles
Vehicle tax evasion has soared since the paper disc was abolished, new figures show.
Around 1.2million motorists were collared for having untaxed cars last year, the Driver and Vehicle Licencing Agency has revealed.
This is up from693,270 in 2013 - the final full term when owners had to display paper tax discs.
New stats show that around 1.2 million motorists were collared for having untaxed motors in 2019, up from693,270 in 2013 - the final full term when owners had to display paper tax discs.
13:14
Footsie up 0.5% at 7,449
Below are today's risers...
12:58
Barnier: Brexit will always be a matter of 'damage limitation'
Michel Barnier warns Brexit means 'damage limitation' for Britain
In a speech in Belfast tonight he gave a stark warning that there would be 'negative consequences' for Britain after it quits the trade bloc on Friday.
Mail Online
12:58
Pound 'partly hit by Barnier's comments on disorderly Brexit'
Fiona Cincotta at City Index on the pound's decline:
GBP/USD is trending lower on Tuesday for a 4th straight session amid dovish BoE expectations, hard Brexit fears and continued coronavirus fears.
The second half of this weeks sees the BoE monetary policy announcement and the date that the UK leaves the EU (Friday 31st of January).
The pound will continue to act as a fear gauge of a no deal Brexit. Today the pound is falling in part owing to comments by Chief EU negotiator Michel Barnier that a disorderly Brexit is still an option.
12:40
AG Barr shares rise as profits fall is going to be smaller-than-feared
AG Barr, the company behind Irn-Bru and Rubicon, has got some fizz back thanks to a bullish trading update, having gone flat in 2019 after an unexpected profit warning.
Shares in the FTSE 250-listed grouprose 12 per cent to607p after it said profits would come in at the top end of City expectations - although they will still be lower than last year.
The Scottish soft drinks firm said it ended the year with 'encouraging trading momentum' after suffering cooler weather in the spring and early summer last year.
Shares in the FTSE 250-listed group rose more than 12 per cent to611p after it said profits would come in at the top end of City expectations - although still lower than last year.
12:33
Huawei WILL get a 'limited' role in UK's new 5G network
Boris Johnson defied Donald Trump and a huge Tory backbench revolt today by declaring that Chinese tech giant Huawei will be allowed to play a role in the UK's new 5G network.
The PM and his most senior ministers signed off limited involvement for the firm at a meeting of the National Security Council this morning.
Huawei was branded a 'high risk vendor' but is being given the green light to take a limited share in 'non-core' parts of the scheme.
Boris Johnson 'will defy US and Tory MPs to approve Huawei 5G role'
The PM and his most senior ministers signed off limited involvement for the firm at a meeting of the National Security Council this morning.
Mail Online
12:16
Woodford payouts due to begin on Thursday
Tanya Jefferies has the story...
The money comes from a sell-off of the liquid part of the portfolio carried out by US investment bank BlackRock and is believed to represent about 70 per cent of the fund at its present value.
12:15
FTSE 100 is up 0.3% at 7,436
11:38
Retail sales flat as challenging Christmas extends into the New Year
Retail sales volumes were flat for the third consecutive month in the year to January with no growth expected next month, according to the latest monthly CBI Distributive Trends Survey.
Sales were seen as poor for the time of year, but to a lesser degree than in December. They are expected to remain below seasonal norms in the year to February.
CBI deputy chief economist,Anna Leach, said: 'Both official data and business surveys are painting a picture of subdued activity for retailers. A challenging Christmas has extended into the New Year, with little expectation of any improvement soon.
'2020 looks set to be another tough year for the sector as growth in households’ disposable income is set to remain modest and retailers continue to battle longer-term issues such as digital disruption and the cumulative burden of policy costs.'
January #CBI distributive trades survey points to stable flat sales, suggesting that while the decisive election lifted #consumer confidence this has not immediately translated into higher spending https://t.co/kCXzL4UpEf
— Howard Archer (@HowardArcherUK) January 28, 2020
11:32
Burberry tops Footsie fallers
Luxury fashion brand Burberry is the biggest faller on the index this morning, with shares down 3 per cent at £19.98.
China, and Asia in general, are important markets for Burberry and the outbreak of coronavirus threatens to hit sales.
Other fallers are drinks giant Diageo, BA owner IAG and estate agent Rightmove.
11:21
City regulator questions banks over near-40% overdraft rates
George Nixon has the story...
The FCA has today written to the UK's biggest banks to ask them to explain why they have set their overdrafts at nearly 40 per cent, and what they plan to do to help customers left worse off by their changes.
11:16
Crest Nicholson profits dip on fewer homebuilds
South-East and Midlands focused housebuilder Crest Nicholson has posted lower profits for the year to the end of October 2019.
Pre-tax profits at the Chertsey-headquartered firm slumped by more than a third from £168.7million to £102.7million on the back of fewer house completions.
Sales dipped only slightly though, falling by £27million to£1.1billion as the new chief executive Peter Truscott releases details of the company's updated strategy.
Pre-tax profits at the Chertsey-headquartered firm slumped by more than a third from £168.7million to £102.7million on the back of fewer house completions.
10:58
Sainsbury's boss says exit not due to failed merger
The departing boss of Sainsbury's said he has not been forced out of the supermarket for its failure to merge with rival Asda last year.
Mike Coupe, who announced his plan to step down as chief executive of the grocer last week, said his exit was planned and completely his 'own decision.'
Mr Coupe's exit comes amid a testing period for the retailer, which sought to merge with Walmart-owned Asda in a bid to withstand growing competition from German discount rivals Aldi and Lidl.
The multibillion-pound merger was halted by the Competition and Market Authority (CMA) in April 2019 after it warned the deal could lead to higher prices for customers.
10:35
'Hugely challenging task to sell the illiquid holdings' of Woodford funds
Ryan Hughes at AJ Bell saysthere is still huge uncertainty around the money still stuck in illiquid assets:
This payment represents just over 70% of the current fund value and has been raised from the sale of the liquid element of the portfolio. Investors will be acutely aware that a large portion of their investment remains trapped in the illiquid, unquoted holdings that Park Hill are trying to sell.
Selling the liquid holdings was the easy bit. For Park Hill, it is a hugely challenging task to sell the illiquid holdings in a timely fashion and investors still remain in the dark as to how long they will have to wait for the remainder of their money, and importantly, how much they are actually likely to get back.
10:31
Woodford investors finally get some money back
Investors in Neil Woodford's flagship fund have been told how much money they can expect in their first payout since the fund was suspended in June last year.
Link Fund Solutions, which oversees the management of the Woodford Equity Income Fund, said those who put money in the fundwill be paid between around 46p and 59p per share they hold.
The amount will depend on what kind of shares they bought in the fund.
It is the first of several payouts and will be sent to investors on Thursday.
10:16
Banking with Lloyds for 40 years helped it uncover my £12k PPI payout
When it comes to big banks it is often said that loyalty doesn't pay.
However, in an unusual case, 40 years of sticking with Lloyds Bank was the main reason behind a Hertfordshire man obtaining a £12,000 mis-sold PPI payout.
But Richard Harvey's case also highlighted how the banking giant stung him for worthless insurance over all those years of loyalty since the age of 18.
In an unusual case, four decades of sticking with Lloyds Bank was the main reason behind a Hertfordshire man obtaining a £12,000 mis-sold PPI payout.
10:04
'Some evidence of stabilisation' but Brexit weighs on Virgin Money
John Moore of Brewin Dolphin comments on Virgin Money's results:
Virgin Money’s share price bounced significantly late last year on the back of results deemed to be ‘not as bad as expected’ – they have, however, drifted lower since and have nearly halved in the past two years.
There is some evidence of stabilisation in today’s results – the bank’s net interest margin has remained at 160 basis points against a challenging market, while business lending, customer deposits, and personal lending have grown.The integration of CYBG and Virgin also appears to be on track.
Nevertheless, there are still challenges ahead for Virgin Money: the mortgage market continues to be tough for most UK banks and, until there is a resolution to Brexit, political uncertainty will likely hang over domestically-focussed lenders.
10:02
Does landing time or getting off a plane count in flight compensation?
We flew to Denmark in October from Dusseldorf, via a connecting flight from Amsterdam.
We missed our connecting flight from Amsterdam due a delay in our flight from Dusseldorf.
Ultimately we landed at Amsterdam two hours and 55 minutes late, but we were de-planed in the cargo area in Amsterdam and bussed to the 'gate area', which wasn't really near any gates at all.
We were put over the three hour delay time which entitles us to compensation after we landed at Amsterdam, are we still due a payout or is it based on when the plane touches down?
09:50
Virgin Money sees mortgage lending fall
Virgin Money, formerly known as CYBG, has revealed a hit to mortgage lending amid a 'difficult' market and intense competition.
Chief executive David Duffy cautioned that ongoing Brexit uncertainties were also taking their toll on the wider banking sector.
Mortgage lending fell 0.8 per cent to £59.6billion in the final three months of 2019 as it held off from slashing rates to attract borrowers.
Customer deposits grew 1.6 per cent to £64.8billion over its first quarter, while business lending surged 2.5 per cent to £8.1billion.
09:39
Pound falls ahead of UK and US central banks meetings
The pound is down 0.3 per cent against both the dollar and the euro as investors await the Bank of England's decision on interest rates on Thursday.
Ahead of that is the Fed decision tomorrow night.
£1 currently buys $1.30 and €1.18 on currency markets.
GBPUSD continues to drift lower with the pair falling towards the $1.30 handle. Prior support region around $1.2950 one to watch. Fed decision tomorrow but Thursday's BoE will likely be the main event of the week for this pair. Rate cut probabilities circa 60% pic.twitter.com/kItLD5akfy
— David Cheetham, CFA (@DavidCheetham3) January 28, 2020
09:30
Footsie rally fading - index is up just 5 points at 7,417
The higher opening for the FTSE 100 may have recovered some of the heavy ground lost yesterday but markets are likely to be in a holding pattern until there is greater clarity on how and when the coronavirus can be contained,saysAJ Bell investment director Russ Mould.
The next move by the World Health Organisation, which is yet to declare the outbreak a public health emergency, will be closely monitored by investors.
09:26
Full story on Just Eat and McDonald's partnership below...
Just Eat, which is set to merge with rival service Takeaway.com, has struck a deal with McDonald's to become its 'second exclusive delivery partner' in the UK after Uber Eats.
09:07
Has AG Barr won customers with its new low sugar drinks?
Hargreaves Lansdown analystNicholas Hyett commenting on AG Barr:
AG Barr endured a pretty miserable 2019, as higher prices dented volumes. However, it looks like the improved margins and relatively healthy winter sales have added some fizz to the year end, giving management a cautiously optimistic note in this trading update.
While 2020 will benefit from less demanding comparatives, an increasingly health conscious consumer remains a challenge for the group and we’ll be interested to see how new low sugar alternatives to the famously sugary IRN-BRU have been faring when full year results come out in March.
09:05
AG Barr shares rise after strong profits forecast - but sales fall
Shares in Irn-Bru maker AG Barr jumped more than 12 per cent after the drinks giant said profits will come in at the top end of City expectations.
AG Barr, which also makes drinks including Rubicon and Tizer, had a tough 2019 as higher prices dented volumes.
The group expects profits to come in slightly over £37million, but revenues are expected to fall 8.6 per cent to £255million.
09:00
The entrepreneurs making a profit from Dry Veganuary
No booze, no meat. If there are two things that have defined the start of 2020, it's the trend for people to have am alcohol-freemonth and try going vegan.
No marketing types have yet tried to combine the two into the phrase Dry Veganuary, but that surely cannot be far off.
What is clear though from businesses big and small is that the trend for having some time off drinking or trying a plant-based diet can be a rewarding line of business. Jayna Rana spoke to entrepreneurs tapping into that.
With the New Year comes New Year Resolutions and a whole range of January challenges from Veganuary to Dry January. Meet the small businesses making the most of those trends with their offerings.
08:47
My wife had 13 years of underpaid pension but can get just one back
My wife recently contacted the Department for Work and Pensions to change some bank account details about where her state pension should be sent.
During the course of the conversation she was told she was not getting enough state pension, as she was only getting 39 per cent of my state pension when she should be getting 60 per cent.
They said they would have written to her about claiming this in the past but she is not aware that she ever received such a letter.
My wife was told she was not getting enough state pension as she was only getting 39 per cent of my payment when she should be getting 60 per cent.
08:39
Shares tick up as investors buy yesterday's market fall
Shares ticked higher in Tuesday morning as investors took the opportunity to buy up some stocks after widespread price falls posted yesterday as market were rattled by fears over the coronavirus outbreak in China.
Financial analyst Connor Campbell of Spreadex writes:'Arguably somewhat arbitrarily, especially given the Asian losses overnight, the European markets tried to rebound at the start of the session.
'With the death toll related to the coronavirus climbing to 106, including the first fatality in Beijing, it would appear that there is little reason for a green start to Tuesday.
'However, with the Dow Jones drastically trimming its decline by Monday’s close, and investors perhaps looking for a cheap(er) entry point after yesterday’s dramatic slide, Europe began to climb.
'The FTSE added 25 points, dragging the index back towards 7430 having hit a sub-7400, 6-week low on Monday. The CAC rose 0.3 per cent to near 5900, while the DAX lagged behind slightly with a 0.1 per cent increase, just about keeping its head above 13200 - that’s 400 points shy of last week’s intraday all-time highs.'
08:28
Decision on Huawei expected today
Boris Johnson is set to defy Donald Trump and a huge Tory backbench revolt today to let Chinese tech giant Huawei play a role in the UK's new 5G network.
The PM and his most senior ministers are expected to sign off limited involvement for the firm at a meeting of the National Security Council this morning.
The move - which follows months of wrangling - comes despite furious lobbying by the US, with warnings that allowing China to supply crucial infrastructure could jeopardise intelligence-sharing with our closest allies.
Boris Johnson 'will defy US and Tory MPs to approve Huawei 5G role'
Boris Johnson and his most senior ministers are expected to sign off limited involvement for Chinese tech giant Huawei at a meeting of the National Security Council this morning.
Mail Online
08:26
Crest Nicholson house sales slip
Housebuilder Crest Nicholson has reported a dip in sales for the past year after it completed fewer homes.
The FTSE 250 company said revenue slipped 3 per cent to £1.1billion for the year to October 31.
However, the firm said it has seen 'encouraging signs' in the sector in recent months and believes last month's election has provided a more stable backdrop.
08:24
McDonald's and Just Eat announce partnership
Just Eat has announced plans to partner with McDonald's as the takeaway delivery business ramps up its brand-focused growth strategy.
The company, which has agreed a merger with Takeaway.com, revealed the deal as it reported trading in line with expectations for the past year.
It said underlying earnings for 2019 were around £200million, with group orders of around 254 million and revenue of approximately £1billion.
08:21
The FTSE 100 index opened at 7,412
