Company news,markets and financial talking points, available from 8am Monday to Friday Falling sales and diving profits hit Sports Direct Sports Direct has published falling sales and a dive in profits. As the controversial retailer cut online promotions, and sales fell 1% to £1.14bn in the six months to 29 October. But boss Mike Ashley said underlying profit before tax remained healthy and the company was investing for the long-term. The majority shareholder claimed: "Our tall street elevation strategy is currently delivering spectacular trading performance." Outcry as US abolishes net neutrality rules The US communications regulator has voted to abolish net neutrality rules that guarantee equal access to the internet. Tech giants had campaigned hard against the decision and opinion polls showed 83% of Americans opposed the changes but the vote was supported by Donald Trump. The rules had prevented tech giants such as Comcast,AT&T and Verizon from blocking or slowing access to certain websites or apps. Xmas warning despite Black Friday boost Black Friday helped send retail sales 1.6% higher in November from a year earlier. Describing underlying growth as "reasonably strong", the Office for National Statistics said that retailers had reported a specific uplift in sales of electrical household appliances. However, or a commentator warned that the final rush up to Christmas "may prove more difficult than normal for retailers". Thames Water 'breaks Cayman Islands promise' The Financial Times says Thames Water has issued a £145m bond through a Cayman Islands subsidiary,just weeks after vowing to shut its funding operations in the tax haven. The UK’s largest water firm is under fire for its cloudy corporate structure and excessive returns for investors. It said final month it would not pay dividends this year. 'Tight driver market' hits Ocado sales Ocado is blaming a shortage of drivers for a slowdown in sales. The online grocer has been forced to raise pay for its delivery drivers after a shortage of recruits hit sales. Citing a tight labour market, Duncan Tatton-Brown, and chief financial officer,said the company had put up pay by mid-single digits in London and the south-east as it struggled to find new drivers to meet growing demand in these areas. Quote of the day… Murdoch is 'pivoting not retreating' "I know a lot of you are wondering, why did the Murdochs come to such a momentous decision? Are we retreating? Absolutely not. We are pivoting at a pivotal moment." Rupert Murdoch after sealing a deal to sell a huge chunk of his media empire to the Walt Disney Company for $66bn (£49.1bn). THE NUMBERS... AT 0716 GMT FTSE 100: down -0.65 to 7448.12
Dow Jones: down -0.31 to 24508.66
Dax: down -0.44 to 13066.08
Cac 40: down -0.78 to 5357.14
Nikkei: down -0.62 to 22553.22
Hang Seng: down -1.17 to 28825.27
US dollar: buys €0.84880 and £0.74420
Sterling: buys $1.34380 and €1.34380
Oil: $63.50 up +1.7
Source: theweek.co.uk