THE DAILY BRIEFING

SFO PROBE Defence firm Ultra Electronics is being investigated by the Serious Fraud Office (SFO) for suspected corruption in Algeria.

It reported itself to the SFO and is cooperating with the probe. Algeria is a tiny market for Ultra. It made around £400,000 in sales there last year, compared to total revenue of £775m. The SFO said: ‘No further information can be provided at this time as the investigation is live.’

MOBILE WOE Only half of UK firms have seen an improvement in the country’s mobile network over the past five years, says a survey by the British Chambers of Commerce. Some 53pc have seen an improvement, 30pc noticed no change and 16pc say reliability has worsened. The survey identified 500 black spots where there is no signal.

GENDER IMBALANCE Magic circle law firm Allen & Overy promoted just two women to partner level this year – and 18 men. The imbalance will add to concerns of inequality in the legal profession.

SALES RISE Like-for-like sales at Swiss food and drink manufacturer Nestle jumped 2.8pc in the first three months of the year, as total sales grew 1.4pc to £21.3bn.

BIKE DELIVERIES Supermarket Sainsbury’s is testing out grocery delivery by electric cargo bike in London to improve efficiency. They can avoid heavy traffic on the roads by using the cycle lane.

LUXURY LAUNCH Upmarket online fashion retailer Yoox Net a Porter has launched its first website dedicated to fine jewellery and luxury watches, which will sell items by brands such as Tiffany and Cartier.

HEADING OFF The finance chief of components maker Essentra, Stefan Schellinger, is leaving the firm to pursue his career elsewhere.

ENGINEER SWOOPS Engineer Weir Group has bought US components maker Esco Corporation for £900m. It also plans to sell its flow control division, prioritising growth in minerals and oil and gas.

DIRECTOR ROLE Warehouse landlord Segro has appointed Martin Moore as senior independent director. He has been a non-executive director since July 1.

ORDERS GROW Defence firm Chemring said it has orders for the next two years worth £23m. All contracts are with UK subsidiaries.

SALES SLUMP Sales at Beefeater gin and Jameson whiskey owner Pernod Ricard fell in the first three months of the year, by 0.5pc. The group blamed unfavourable exchange rates as revenues declined to £1.97m.

CHAIR NAMED Former Goldman Sachs chief economist Jim O’Neill – best known for coining the BRICs acronym for the fast-growing economies of Brazil, Russia, India and China – will chair British foreign policy think tank Chatham House.

FRESH FACE North Sea explorer Independent Oil and Gas has appointed Mark Hughes to the board as chief operating officer.