Market overview: ITV leads fallers as Ofcom reveals new phone-in charges

LONDON (ShareCast) - 1010: The FTSE 100 is down almost 30 point at 7,041.12 led by falls at ITV (LSE: ITV.L - news) , Tesco (Xetra: 852647 - news) , and RSA Insurance (LSE: RSA.L - news) . ITV is down just as Ofcom have announced changes to the cost of entering phone-ins, competitions and votes on TV and radio programmes. 1000: Some media are noting a move by Venezuela's central bank to convert part of its gold reserves into at least $1bn in cash through a swap with Citibank on Friday. The socialist-led country, which is a minor member of the Opec oil price-fixing group, will now have more foreign currency as it struggles with soaring consumer prices and an economy hit by low oil prices 0950: Drinks giant Diageo (LSE: DGE.L - news) is down only slightly on news that broke over the weekend of a storm brewing in its Indian subsidiary United Spirits (BSE: UNITDSPR4.BO - news) . The FTSE 100 company conducted an investigation into the 54.78%-owned Indian arm and found what appeared to be "various improprieties and legal violations" that has led it to demand the resignation of the business's chairman Vijay Mallya, though the 'liquor King of India' has refused and hired a battery of top lawyers.

0917: Sainsbury's has hired ex-Next finance director David Keens to its board as a non-executive director. Keens, who was group finance director of Next from 1991 to March 2015, will become chairman of the grocer's audit committee in July.

0850: UK stocks have started the morning drifting lower on the back of an inconclusive round of negotiations between Greece and its international creditors over the weekend. The yield on 10-year Greek government bonds is higher by 22 basis points to reach 12.8%. Tullow Oil (LSE: TLW.L - news) is an outstanding gainer early on after the International Tribunal for the Law of the Sea ruled that the outfit could continue exploration activity in a contested area offshore from Ivory Coast. HSBC is the best performer on the top flight index on reports of the possible spin-off of its UK unit. StanChart (HKSE: 2888-OL.HK - news) is also higher on Friday´s reports that it is reviewing its UK domicile. FTSE 100 down 8.10 points to 7,062.76.