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Emerald and ruby miner Gemfields sparkles on rare rubies find: Emerald and ruby miner Gemfields, which counts Hollywood actress Mila Kunis among its ambassadors, has discovered a rare pair of matching rubies from its Montepuez mine in Mozambique

Falkland Islands reports another record squid catch: A record squid catch in the seas off the Falkland Islands has led to a 14% jump in profits at Falkland Islands Holdings. For those investors that don’t want to take the high-risk oil exploration route, these shares are another way to play the oil rush: shares in Falkland Island Holdings should benefit as it owns and operates property and shops on the South Atlantic islands. The business is an unconventional mix as it includes the Momart fine art logistics business based on the mainland U.K. Momart is the leading company in the U.K. for transporting and installing art for exhibitions. But a slightly lower number of big shows meant revenue fell 16.5% to £15.8 million and pretax profits slumped by 31.5% to £1.21 million. The company said it has now also sold its residual holding of 5 million shares in the oil exploration group Falkland Oil and Gas (FOGL) for a profit of £400,000. In the 11 years since the flotation of FOGL the company has made more than £8 million from selling the shares at a total profit of £5 million. The shares therefore offer no income at the moment and trading on 11 times forecast earnings are only for the brave until the oil starts flowing. Falkland Islands Holdings at 257.5p unchanged. Questor Says “Hold”.

WPP needs to line up an heir and a spare: On Tuesday, shareholders, including Standard Life Investments, will deliver their annual pasting to the board of WPP, the sprawling advertising company, for ratifying another sharp increase in Sir Martin’s pay. It rose 40% last year, knocking MP’s much-discussed 10% pay rise into a cocked hat. Even the most truculent investors don’t want the Adland Emperor to go. As his supporters point out, returns from WPP’s shares including dividends have exceeded 171% over five years and 90% of the pay packet was linked to the rise in the share price and dividends. But it is way above the average for Sir Martin’s peer group. The fact that he can command such sums suggests a board in thrall to its Chief Executive and one that has not spent enough time planning succession. The new Chairman, Roberto Quarta, must live up to his nickname and “give no quarta”. He needs to reassure investors that he can produce an heir and even a spare, to keep the irrepressible 69-year-old in line. One way to stop a dominant Executive who likes to hold a board to ransom, particularly over pay, is to brandish the CVs of alternatives. Bear in mind, this month is the 200th anniversary of the first Napoleon’s Waterloo.

Diageo / 3G: beer money: Now 3G, an investment vehicle controlled by three Brazilian billionaires, is being linked with a bid for the brewer’s Owner Diageo. The sourcing was tenuous, but shares in the U.K. company nevertheless gained 5% on Monday after the news. In two years, Heinz’s margins (before interest, taxation, depreciation and amortisation) put on 8 percentage points. Applying that kind of uplift to Diageo would elevate its margins from about 33% to over 45%. That is higher than any other large brewer or spirits manufacturer, but no matter — apply it to Diageo’s annual sales, tax the resulting earnings at 20% and 3G could in theory afford a 25% premium to market value. Nice, if you are a Diageo shareholder who has had precious little excitement over the past two years. Yet beer is a drag on Diageo; analysts at Barclays think annual organic sales growth over the past three years would have been 4.5% without beer, as opposed to 3.8% with it. The beer business alone could fetch up to £11 billion, money that could be returned to shareholders or reinvested elsewhere in the portfolio

Drax says cheap oil feeding through to electricity prices: The power generator Drax has warned that weak prices since the start of the year are hitting the rate at which it can sell its electricity.

Rothschild’s ill-fated Indonesian adventure ends with £80 million loss: Nat Rothschild’s stormy five-year foray into the Indonesian coal market neared its conclusion after the banking scion accepted an offer for his stake in Asia Resource Minerals (Arms), the company formerly known as Bumi

Rising profits will be poured back into the Falkland Islands: The London-listed conglomerate that dominates commerce in the Falkland Islands reported sharply improved annual profits, but it denied shareholders a dividend because it wants to reinvest its cash.

GMB breaks with Unite to support fracking: One of Britain’s biggest unions has backed fracking by agreeing to work with explorers to develop the industry.

UK retail sales across all sectors remained unchanged in May On an annual basis in May, retail sales across all sectors remained flat in the UK, compared to a fall of 2.40% in the prior month. Markets were expecting retail sales across all sectors to rise 1.20%

At 0330GMT today, Brent crude oil one month futures contract is trading 0.26% or $0.16 higher at $62.85 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to be released later today. Yesterday, the contract declined 0.98% or $0.62, to settle at $62.69 per barrel, as a decline Chinese imports in May sparked demand concerns from the nation.

British business expects economy to bounce back: Britain’s biggest business body said that it believes the economy will grow healthily for the remainder of the year, after stalling in the first three months. Fastest jump in British spending since early 2008: Consumer spending accelerated in May as shoppers splashed out on hotels, restaurants and bars.

Scottish economy to trail U.K. amid North Sea oil and gas industry downturn: Growth in Scotland will lag further behind the U.K. in coming years as the downturn in the North Sea oil and gas industry takes a heavy toll on the country, economists have predicted.

Roman Abramovich increases his stake in Velocys: Roman Abramovich, the billionaire Owner of Chelsea Football Club, has become the largest shareholder in Velocys, the developer of smaller scale gas-to-liquids technology.

Middle Eastern sovereign wealth funds fear inflow decline: More than a third of Middle Eastern sovereign wealth funds expect new funding to decrease as the region adjusts to a period of lower oil prices, research suggests.

Patagonian shale raises hopes and fears: Dario Díaz will never forget the day two years ago when Argentina’s biggest company, YPF, and the U.S. oil major Chevron signed a $1.2 billion deal to develop what is now the biggest shale field outside the U.S. next to the dusty little town of Añelo.

U.K. manufacturers turn to after-market services in hunt for value: British manufacturers are stepping up their investments in the profitable after-sales service market as they hunt for new sources of revenue streams to help against downturns.

Banks’ post-crisis legal costs hit $300 billion: The total cost of litigation aimed at a group of the biggest global banks since 2010 has broken the £200 billion ($306 billion) barrier, according to a new study that challenges assumptions that banks are through the worst of post-crisis reparations.

UK consumer inflation expectations for next 12 months climbed in May In the UK, consumer inflation expectations for the next 12 months registered a rise to 2.20% in May, compared to a level of 1.90% in February.

At 0330GMT today, Brent crude oil one month futures contract is trading 0.92% or $0.58 lower at $62.73 per barrel. On Friday, the contract climbed 2.06% or $1.28, to settle at $63.31 per barrel, as the OPEC, according to market expectations, announced that it would keep its oil production levels unchanged for the second time in six months. Additionally, weekly data indicated that the number of US rigs actively drilling for oil declined to 642, thereby boosting oil prices.

Estate agent Foxtons risks huge legal bill after charging £ 616 to fix light: Stock market listed estate agent Foxtons could face a legal bill of as much as £42 million after charging a landlord a total of £ 616 to change a light fitting