The FTSE 100 closed down 106.27 points at 7521.68. Among UK companies with reports and updates are B&M and One Me-dia iP Group. Read the Friday 22 April Business Live blog below.

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Tanya Jefferies Host commentator

Mike Sheen Host commentator

Harry Wise Host commentator

17:05

FTSE 100 closes down 106.27 points at 7521.68

16:27

The Footsie closes soon

Just before close, the FTSE 100 was down 1.27% to 7,530.71.

Meanwhile, the FTSE 250 was 1.11% lower at 20,926.09.

16:14

SMALL CAP MOVERS: One Media iP’s golden oldies hit all the right notes

One Media iP and its catalogue of golden oldies hit all the right notes this week, with its shares climbing 13 per cent to 6.9p.

Annual revenues up 10 per cent and earnings by 11 per cent to £4.4million impressed investors as its portfolio of song rights (that now include some of Take That’s catalogue) again proved the old tunes are the best, even for today’s streaming listeners.

SMALL CAP MOVERS: One Media iP’s golden oldies hit all the right notes

One Media iP and its catalogue of golden oldies hit all the right notes this week, with its shares climbing 13 per cent to 6.9p.

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15:40

HomeServe shares jump 15% after home improvements group reveals takeover bids and extends offer deadline

HomeServe shares soared on Friday after the home improvements firm confirmed it had been approached over a possible takeover bid.

Last month the company acknowledged that it had been the subject of interest from private equity group Brookfield, one of the world’s largest alternative investment managers with around $690billion in assets.

HomeServe shares soar after home repair group reveals takeover bids

Last month, the company acknowledged that it had been the subject of interest from private equity group Brookfield, one of the world’s largest alternative investment managers.

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15:36

CNN’s ‘$1BILLION backfire’: How CNN+ vanity project collapsed in weeks

CNN was one of the most trusted news firms in the country, covering the whirlwind agenda with facts and analysis that few rivalled.

But over the last few years the media company has been accused of nosediving into a chaotic left-wing entertainment service that is a shadow of its former self.

CNN’s ‘$1BILLION backfire’: How CNN+ vanity project collapsed in weeks

The CNN crisis culminated in what has been seen as the ‘biggest flop in US broadcasting history’ as it pulled its new streaming service. Pictured: Its launch party last month.

Mail Online

14:53

Will my P&O Cruise be affected by P&O Ferries sackings?

On March 17, P&O Ferries handed 800 members of staff immediate severance notices to replace them with agency staff who would be paid 50 per cent less.

They subsequently called all of their ships back to port, leaving thousands of customers stranded abroad.

Will my P&O Cruise be affected by P&O Ferries sackings?

I’ve booked a trip with P&O Cruises. Are the companies related and will my holiday be impacted?

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14:15

Britain will seek free-trade with India by the end of the year

Britain and India have agreed a ‘new and expanded’ defence and security partnership and will look to complete a free-trade deal by the end of the year, Boris Johnson revealed today.

The two countries have a ‘shared interest in keeping the Indo-Pacific open and free’, the Prime Minister said in New Delhi alongside his Indian counterpart Narendra Modi, calling the new partnership ‘a decades-long commitment’.

Britain will seek free-trade with India by the end of the year

Britain and India have agreed a ‘new and expanded’ defence and security partnership, British Prime Minister Boris Johnson said Friday in New Delhi.

Mail Online

13:37

Market update: FTSE extends losses

The FTSE 100 and FTSE 250 are down 0.7 per cent and 0.6 per cent respectively in afternoon trading, as concerns about the pace and extent of central bank rate hikes combine with weak high street sales figures for a skittish day of trading.

The retirement of B&M’s CEO has driven it to become the FTSE 100’s top loser, falling almost 7 per cent, while the FTSE 250 is dragged by consumer stocks.

13:12

Boris Johnson repeats vow to ‘fix’ Northern Ireland Protocol

Boris Johnson today reiterated he is ready to take action to ‘fix’ post-Brexit arrangements for the Irish border and did not deny claims his ministers are preparing a legislative toolkit to rip up the Northern Ireland Protocol.

Speaking at a press conference during his visit to India, the Prime Minister said that problems with the Protocol were ‘getting more acute’.

Boris Johnson repeats vow to ‘fix’ Northern Ireland Protocol

The PM said the agreement was not supported by a ‘large, large component’ of Northern Ireland’s population and did not rule out ‘taking further steps’ to solve the issue.

Mail Online

12:56

Britons tighten purse strings as cost-of-living crisis starts to bite

Online shopping dropped by 7.9 per cent in March, while fuel sales plunged 3.8 per cent amid soaring petrol and diesel costs – as Britons tighten their purse strings as the cost-of-living crisis starts to bite.

Food store sales also fell last month, continuing a downward trend since November, with more than half of food production businesses saying they have been affected by ‘recent increases in energy prices’.

Britons tighten purse strings as cost-of-living crisis starts to bite

Retail sales dropped by 1.4 per cent in March, led by online sales plunging by 7.9 per cent last month – following a 6.9 per cent fall in February, according to the Office for National Statistics (ONS).

Mail Online

12:12

Britons spend more on food and bills but also holidays

Britons spent more on household bills and food last month as prices rise, but they also splashed on holidays and gardening as a summer without Covid restrictions looms, new figures show.

Overall spending on both essentials and non-essentials rose 16 per cent between February and March, according to analysis of millions of credit, debit card and direct debit transactions made by Nationwide Building Society members.

Britons spend more on food and bills but also holidays

Overall spending on both essentials and non rose last month, new figures show. Dave Kelly (pictured), co-founder of Bristol-based butcher Ruby & White, said sales are holding up well.

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11:37

B&M boss Simon Arora to retire in 2023 after more than 17 years building discount chain into major British retail success story

B&M chief executive Simon Arora is retiring from the business he helped transform from a down-on-its-luck grocery chain into a British retail powerhouse.

The firm told investors on Friday the billionaire businessman would stand down from his role in a year’s time, while his younger sibling Bobby would remain as the firm’s trading director.

B&M chief executive Simon Arora to retire in 2023

When the Aroras bought the discount retailer back in December 2004, it was a regional supermarket operator with 21 stores that was struggling to survive.

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11:28

Boris Johnson DEFENDS green taxes saying they are helping to CUT bills

Green levies should remain on energy bills despite the cost of living crisis, the Prime Minister has said.

Tory MPs are urging Boris Johnson to scrap the taxes, which add about £160 a year to energy bills, to help households as gas and oil prices reach record levels.

Boris Johnson DEFENDS green taxes saying they are helping to CUT bills

Tory MPs are urging Boris Johnson to scrap the taxes, which add about £160 a year to energy bills, to help households as gas and oil prices reach record levels.

Mail Online

10:51

Could space tourism and flying taxis make YOU rich in 2042?

Investors are always encouraged to think long term. The message usually goes as follows: ‘Don’t invest unless you are prepared to take at least a five-year view – preferably ten years – and invest through a fund that has a diversified portfolio of stocks.’

It’s a sensible investment mantra which we – and the experts we speak to – preach all the time.

Could space tourism and flying taxis make YOU rich in 2042?

For investors prepared to speculate there are themes and companies which could (I stress the word ‘could’) come good between now and 2042.

This is Money

09:51

Elon Musk is poised to collect a $23bn bonus from Tesla

Elon Musk is poised to collect a $23billion bonus after electric car company Tesla recorded its record quarterly profits.

Musk, the world’s richest person and chief executive of the American company – who already has an estimated $249billion to his name – is now set to receive a bonus share payout after Tesla posted a $3.3 billion quarterly profit on Wednesday.

Elon Musk is poised to collect a $23bn bonus from Tesla

Musk, the CEO of the American car company, is now set to receive a bonus share payout after the company posted a $3.3 billion quarterly profit on Wednesday.

Mail Online

09:22

Bidders ARE interested in £7bn Boots, insists boss amid fears that a deal could fall through

The boss of Boots has insisted that there is still ‘a lot of interest’ in the group amid fears its £7billion sale is stalling.

The High Street chemist’s US owner, the Walgreens Boots Alliance, announced in December it was planning to sell the 172-year-old chain.

Bidders ARE interested in £7bn Boots, insists boss Seb James

The High Street chemist’s US owner, the Walgreens Boots Alliance, announced in December it was planning to sell the 172-year-old chain.

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08:54

‘It is important now more than ever to pay extra attention to your financial wellbeing’

Myron Jobson, senior personal finance analyst at Interactive Investor, responds to the latest ONS retail sales figures:

The cost-of-living crisis has gone from bad to worse since the arrival of the new energy price cap level on 1 April adding almost £700 a year to energy bills on average. Rises in council tax, water and sewage bills, mobile phone tariffs and broadband prices might appear modest when viewed individually on a monthly basis, but the costs are significant combined. Russia’s devastating invasion of Ukraine continues to exacerbate matters.

Struggling households are facing pressure from rising prices with inflation up 7% in the 12 months to March – it’s highest level for 30 years. It is important now more than ever to pay extra attention to your financial wellbeing and consider what protective steps you can take now to avoid money worries later. If you are struggling to stay financial afloat, make sure you’re getting all the support you’re entitled to.

08:41

Cost of living crisis beginning to bite

Emma-Lou Montgomery, associate director at Fidelity International:

‘Retail sales volumes are only moving in one direction right now and the path they’re on is not good news for retailers at all. Online sales retail sales, now at 26.0% of overall sales, are the lowest they have been since just before the pandemic swept through the UK, in February 2020.

‘This is a clear sign that the surging cost of living is hitting people’s ability and willingness to spend on anything but the absolute essentials.

‘Inflation is flying high, up at 7%, and the downward trend in retail sales will do very little to soothe concerns about the economic outlook. The UK is teetering on the edge of a re-cession and that’s before inflation hits 8%2 or higher later this year.

‘Some of the country’s largest and well-known retailers are warning the worst is yet to come and that’s with households already struggling to meet increased energy, food and fuel costs.

‘A trip to town and a splurge on the high street is not likely to be on many people’s agen-das right now.

‘Shopping lists will only be getting shorter, and baskets getting lighter as shoppers buckle themselves in for some tough months ahead. Online and high street stores are going to need to pull out all the stops to get shoppers spending this summer.’

08:40

Hedge fund boss loses £300m in Netflix sale: Bill Ackman dumps stake

A billionaire investor has dumped his shares in Netflix as subscribers quit the streaming service in their droves.

In another blow to the California-based company, hedge fund tycoon Bill Ackman sold the stake he bought just three months ago, racking up a £300million loss in the process.

Hedge fund boss loses £300m in Netflix sale: Bill Ackman dumps stake

Hedge fund tycoon Bill Ackman (pictured) sold the Netflix stake he bought just three months ago, racking up a £300m loss in the process.

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08:35

How to pay off your mortgage by retirement

NatWest is offering customers mortgages up to the age of 75, as the rising retirement age and surging house prices mean many are working and paying off their home loans for longer.

Customers applying to the bank via a mortgage broker, and existing customers switching products, are now able to apply for terms of up to 40 years, up from 35 previously.

How to pay off your mortgage by retirement

Rising retirement age and surging house prices mean many people are both working and paying off their home loans for longer.

This is Money

08:35

Market open: FTSE 100 down 0.5%, FTSE 250 off 0.5%

London-listed shares have followed US and Asian peers lower this morning, led by losses in financials and commodity stocks, as growing prospects of aggressive monetary policy tightening by central banks coupled with a sharp drop in retail sales.

The FTSE 100 is down 0.5 per cent, with miners, banks and life insurers falling more than 1 per cent each.

Meanwhile, the domestically-focused FTSE 250 is also down 0.5 per cent, with losses led by retail groups.

08:01

Retail headwinds to persist throughout 2022

Jacqui Baker, partner and head of retail at RSM UK:

‘Fear around the cost of living crisis has seen consumer confidence plummet to peak pandemic lev-els as uncertainty grips consumers spend, so it’s no surprise to see retail sales fall by 1.4% in March.

‘The cost of living crisis and rebalancing of consumer spending habits is now starting to bite for online sales.

‘Double digit price inflation on certain categories including clothing and footwear and furniture at 10% is squeezing the consumer pound making it harder to justify spend. Add in soaring energy prices, increased interest rates and higher NIC tax contributions and consumers are having to re-evaluate and prioritise spending.

‘However, some people are taking the opportunity to dine out, or head abroad for a well-earned break, now that restrictions have eased, but this only compounds the competition for disposable in-come. Unfortunately, this headwind will persist with the energy price cap increasing in April and pressure on retail spending looks set to continue throughout 2022.’

07:57

Retail sales figures in brief:

• Retail sales volumes fell by 1.4 per cent in March 2022 following a fall of 0.5 per cent in February.
• Sales volumes were 2.2 per cent above their February 2020 lev-els.
• The largest contribution to the fall came from non-store retailing in which sales volumes fell by 7.9 per cent over the month fol-lowing a fall of 6.9 per cent in February
• Food store sales volumes fell by 1.1 per cent in March have fall-en each month since November
• Higher spending in pubs and restaurants linked to reduced coronavirus restrictions, as well as the impact of rising food prices on the cost of living are possible factors for reduced spending in food stores.
• Automotive fuel sales volumes fell by 3.8 per cent with other da-ta sources indicating that some non-essential road travel had been reduced following record high petrol and diesel prices.
• Non-food store sales volumes rose by 1.3 per cent because of growth in other non-food stores
• The proportion of retail sales online fell to 26 per cent, its lowest proportion since February 2020

07:45

Musk secures £36bn for Twitter takeover: Billionaire car boss lines up £20bn in debt alongside £16bn of his own cash

Elon Musk has secured a £36billion package to fund his attempted takeover of Twitter.

As he stepped up his battle to seize control of the social media giant, the 50-year-old billionaire lined up £20billion in debt alongside £16billion of his own money, according to a filing yesterday.

Musk secures £36bn for Twitter takeover after record results at Tesla

Record results at electric car maker Tesla – where Musk (pictured) chief executive and the largest shareholder – put him in line for a £19bn bonus.

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07:44

Bank of England is walking a ‘tight line’ between curbing inflation and tipping the UK into a recession, warns Bailey

The Bank of England is walking a ‘very tight line’ between curbing inflation and tipping the UK into a recession, its governor has warned.

Andrew Bailey said there was a real risk that raising rates too fast to keep a lid on the cost of living could slam Britain’s economic recovery from the pandemic into reverse. And he warned there should be ‘no appeasement of Russia’ – even if sanctions and higher energy prices caused more economic pain.

Bank of England walking ‘tight line’ in inflation battle, warns Bailey

Andrew Bailey (pictured) said there was a real risk that raising rates too fast slam Britain’s economic recovery from the pandemic into reverse.

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website LIVE: Retail sales slide as demand weakens; B&M boss to exit