All Things Newz

AB Foods Warns on Profit as Energy Costs Rise: The London Rush

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(Bloomberg) — Here’s the key business news from London-listed companies this morning.

Associated British Foods Plc: The Primark owner warned profit in the next fiscal year will be lower as rising energy costs and the strengthening of the US dollar weigh on the business. 

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  • Soaring energy costs are putting pressure on the business while a stronger dollar is particularly the Primark arm, which buys most of its clothing stock in dollars

Darktrace Plc: The cyber security company’s talks with buyout firm Thoma Bravo have ended after the two companies couldn’t agree on a firm offer.

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  • The company’s CEO Poppy Gustafsson reaffirmed the company’s commitment to its London listing, saying in its full year results: “Being listed on the London Stock Exchange is exactly where we want to be right now”

Melrose Industries Plc: The industrials investment firm plans to spin off its GKN Automotive and GKN Powder units. The demerged company will seek list on the premium segment of the London Stock Exchange. 

  • The London-headquartered company will have a “dual strategy of profitable organic growth and targeted M&A in automotive sector”

Lloyd’s of London:  The insurance exchange will pay staff earning less than £75,000 an extra £2,500 to help cover rising living costs. 

Outside The City

Liz Truss will set out her plan to tackle soaring energy bills in the House of Commons today. The new prime minister is expected to set out an economic intervention that could see the government spend as much as £200 billion over the next 18 months to contain energy prices. 

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The announcement comes as the looming energy crisis makes improving UK-EU ties more urgent, writes Bloomberg Opinion’s Lionel Laurent.

Any attempt to roll back rules governing the UK’s post-Brexit trade with Northern Ireland could hurt chances of a bilateral trade agreement with the US, the White House said Wednesday. 

In Case You Missed It 

UK job vacancies grew in August at the slowest pace in 18 months, adding to signs that the labor market is starting to ease.

Royal Mail Plc — the biggest flash-point of Britain’s summer of industrial strife with 115,000 striking employees — could also prove to be the most intractable as a new round of walkouts begins with no deal in sight.

Looking Ahead

IT services firm Computacenter Plc is scheduled to cap off the earnings week tomorrow morning.

For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.

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