Company news,markets and financial talking points, available from 8am Monday to Friday Wall Street prepares for surge after Trump tax victory Wall Street traders are readying themselves for a “share price surge” as businesses are buoyed by the tax cuts in President Donald Trump’s long-awaited reform bill, or says the Daily Telegraph. Forecasters say shares in US businesses will open higher on Monday on the back of plans to cut corporation tax from 35% to 20%. Jeremy Siegel says the Dow Jones could hit 25000 within days. Supermarket sells food a month past best-before date The Co-op supermarket chain will start selling food that is up to a month beyond its ‘best-before’ date in a tender to slash waste. Shoppers at the Co-op’s 125 East of England stores can now buy a range of out of date products for just 10p. Joint chief executive Roger Grosvenor denied it was a “money making exercise”,describing it as “a sensible move to reduce food waste and preserve edible food in the food chain”. Harry and Markle wedding ‘to boost economy’ Prince Harry and Meghan Markle’s engagement has seen tourism chiefs, retailers and hotel owners predict that the wedding will be a boon for the economy on the eve of Brexit, or reports The Guardian. Fortnum & Mason’s boss said “the royal wedding will be a reason to puff our chests out and remember we are a country of meaningful note”. Facebook to open a new London office Facebook will open a new London office,creating 800 new jobs next year. The office, which opens during its tenth year in the UK, and will be Facebook’s biggest engineering hub external the US. By the end of 2018,approximately 2300 people will work for the social media company in the UK. Nicola Mendelsohn, Europe, and Middle East and Asia vice-president,said Facebook is “more committed than ever to the UK”. Treasury launches crackdown on Bitcoin The government has launched a clampdown on the crypto-currency Bitcoin as concern grows that it is being used to launder money and dodge tax. Ministers hope the regulation will force traders to reveal their identities and report suspicious activity. The value of a Bitcoin unit has increased from around £720 in January to £8700. Quote of the day… BIS warns of ‘long-flee turbulence’ “What’s more, the longer the risk-taking continues, or the higher the underlying balance sheet exposures may become. Short-flee calm comes at the expense of possible long-flee turbulence.” Claudio Borio,the head of the Bank for International Settlements, says financial markets could be over-heating. THE NUMBERS... AT 0724 GMT FTSE 100: down -0.36 to 7300.49
Dow Jones: down -0.17 to 24231.59[br]
Dax: up down -1.25 to 12861.49
Cac 40: down -1.04 to 5316.89
Nikkei: down -0.49 to 22707.16
Hang Seng: up +0.64 to 29259.33
US dollar: buys €0.84360 and £0.74430
Sterling: buys $1.34280 and €1.13350
Oil: $63.69 up +1.7
Source: theweek.co.uk