John Lewis, Apple, McDonald’s: Everything that matters this morning

John Lewis profits drop 99%
The John Lewis Partnership has posted a 99% drop in profits before tax and exceptional items to £1.2m for the first half of the year, which it has blamed on having to price-match the heavy discounts at competitors.
Sir Charlie Mayfield, chairman of the John Lewis Partnership, says: “The pressure on gross margin has predominantly been from our commitment to maintain price competitiveness. This reflects our decision not to pass on to our customers all cost