City morning headlines: Sainsbury's reports sales fall, HSBC shuts UK Jersey accounts

Sainsbury's has recorded yet another sales fall and said conditions in the supermarket industry would be "challenging for the foreseeable future".

The grocer said like-for-like sales in the last 10 weeks had slipped 1.9%, but claimed it was starting to see some volume growth from its price cutting tactics.

HSBC is to close all accounts in Jersey registered to customers living in the UK, according to a report.

Allegations emerged last month that HSBC's Swiss private banking unit had helped customers avoid millions of pounds in tax. It was later revealed that around 170 of its customers with Jersey-based accounts were ordered to pay up to £20 million by the tax man.

HSBC is closing certain Jersey accounts as part of a move by UK banks carrying out checks on the identity and addresses of thousands of their customers on the Channel Islands, the BBC report said.

Trinity Mirror, the publisher of the Daily Mirror and other titles, is reportedly considering a bid for Richard Desmond's Express Newspapers, which includes the Daily Express and Daily Star.

The two parties are at an "information-sharing" stage, according to a report in the The Times.

Chinese billionaire Guo Guangchang and his Fosun investment business are mulling a $2 billion bid for property agent Cushman and Wakefield.

BHP Billiton gives details on a spin-off known as South32, which will carry less debt than expected and pay at least 40% of its earnings as dividend.

French Connection cuts its annual loss from £4.4 million to £800,000, as revenues fall 6% after closing loss-making stores.

Antofagasta says its earnings are down on lower copper prices.

Just Eat says its maiden full-year operating profit is up 179% at £19 million and predicts sales will rise from £157 million to £200 million this year.

IG Group warns that it is unlikely to collect much of the £18 million clients owed it after the Swiss franc debacle and reports revenues down 5%.

WANDisco says its pre-tax losses have doubled.

Gfinity gives an enthusiastic update

OneSavings Bank says its profits have doubled to £60 million as it grows its mortgage and savings books.