THE DAILY BRIEFING

DIAMOND SLUMP

Miner Anglo-American’s De Beers’ group reported a 25pc fall in diamond sales during the second sales cycle of the year. It sold £438m worth of diamonds in the second cycle compared to £586m in the first, in line with expectations.

HOUSING HOPES

Taylor Wimpey said fears over the state of the housing market following the Brexit vote are receding as it became the latest builder to report rising profits. It hailed ‘a very good start to 2017’ and said the risk of a slowdown as a result of the Brexit vote ‘has significantly reduced’. It reported a 22pc rise in profits to £733m for 2016 after revenues rose 17pc to £3.7bn.

RUDDER DEAL

Rolls-Royce will make rudders, propellers and other equipment for the ships patrolling the US coast. The engine maker was chosen by Eastern Shipbuilding Group to kit out the US Coast Guard’s Offshore Patrol Cutters.

NEW ROUTES

Ryanair is going head to head with German rival Lufthansa, as it adds 20 routes at Frankfurt airport. The Irish carrier said the routes will allow it to fly over 2.3m customers while supporting 1,750 jobs at Frankfurt.

RATES CHANGE

Savings rates have probably hit rock bottom at last, according to the boss of Yorkshire Building Society. Chief executive Mike Regnier said there could be light at the end of the tunnel after years of misery for those building up a nest egg. The Bank of England cut its interest rate to a new record low of 0.25pc after the Brexit vote, squeezing lenders’ margins in an already tough environment.

BOO JOY

Booming online fashion retailer Boohoo has upgraded its sales forecasts for the sixth time this year. Sales growth for the year will be around 50pc ahead of previous expectations thanks to strong trading. It had previously said growth would be between 46pc and 48pc. Shares leapt 4pc, or 6p, to 152.75p.

DREAM ON

Investment into its business helped online travel agency eDreams boast a ‘solid’ performance in the first nine months of the year. Bookings had grown 9pc in the nine months to December 31 while its revenue margin was up 5pc thanks to recent acquisitions.

CLEANING UP

Laundry service provider Johnson Service Group has toasted rising sales and profits. The firm saw its sales leap 36pc to £265.7m in 2016. Profits jumped 50pc to £23.9m.