THE DAILY BRIEFING

RATE RIGGING

Investment bank citigroup is to pay £290m to settle civil charges over foreign exchange and interest rate rigging.

the US commodities Futures trading commission claimed it falsely reported several rates to protect its reputation during the financial crisis.

It follows a £79m charge for Barclays after a CFTC rate-rigging investigation last year.

NEPTUNE RISES

HSBC will appoint a new pay chief next year after nonexecutive director Sam Laidlaw announced he was stepping down.

Former centrica boss Laidlaw joined the board nine years ago and is chairman of its remuneration committee, which sets executive pay.

He will quit the company to focus on building an oil and gas business called neptune.

DEFENCE FAILS

British defence company Qinetiq, which works for the US military, nato and the Ministry of Defence, reported a 14.4pc drop in pre-tax profits.

Last year the company generated profits of £105.4m but this year pretax profits came in at £90.2m. Steve Wadey, chief executive, blamed the decrease on the disposal of cyveillance, a cyber intelligence company.

Revenues also slipped to £755.7m from £763.8m in 2015. Qinetiq’s shares closed up 0.9pc or 2.2p at 241.7p.

TONIC WATERS

the founders of Fever-tree drinks have been awarded new shares as part of a long-term incentive plan at the tonic water and ginger beer maker.

chief executive tim Warrillow, 41, and executive deputy chairman charles Rolls, 58, received 115,299 shares each which will vest in three years’ time. the pair had sold a chunk of shares worth nearly £18m to allow more investors to buy shares in the group. Yesterday shares slipped 0.5pc, or 3.5p, to 698.5p.

ONLINE BOOST

the Daily Mail and General trust has seen revenues at its flagship website rise by nearly a quarter, but print advertising fell heavily.

DMGT, which owns the Daily Mail, the Mail on Sunday and MailOnline, reported takings from digital advertising up 23pc to £44m in the six months to the end of March.

MailOnline is the most popular English language newspaper website in the world. But print revenues at the company fell 13pc and profits were down 11pc to £129m.

Shares fell 10.1pc, or 80.5p, to 664p.

GAME OVER

MPs have vetoed Mike ashley’s request for them to visit Sports Direct’s headquarters if they want him to attend a parliamentary hearing next month.

the Business, Innovation and Skills committee said it would not accept conditions on his attendance.

the retail tycoon has been summoned to appear before the select committee on June 7.