National Grid PLC (LSE:NG.)’s expected sale of its electricity system operating (ESO) will leave control of Britain’s energy grid in public hands for the first time since the 1990s.
Following years of higher bills and growing strain on the grid, the government’s takeover marks a step towards the long-awaited reform it has promised will cut both.
Arsenal and Tottenham Hotspur appear to be in an off-pitch tussle this season over the spot of the Premier League’s most expensive club to support.
Premier League newcomer Ipswich Town has emerged as the cheapest for fans though, with a pint of beer only undercut at Manchester United Plc (NYSE:MANU) Old Trafford.
Sony Group Corp (NYSE:SONY) is reportedly on the cusp of securing the rights to Pink Floyd’s back catalogue through a deal worth half a billion dollars.
Having previously attracted the likes of Hipgnosis, Warner Music and BMG, the Financial Times reported Friday that the band was in advanced talks with Sony over the rights.
FTSE 100-listed miner Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) shot up over 10% on Friday after gold prices reached a record high.
At 1,826p per share, the big-cap miner is a breath away from year-to-date highs of 1,853p.
Mining stocks have pulled ahead after gold prices hit a record high of US$2,579 (£2,038) per ounce.
Fresnillo PLC (LSE:FRES) is up 6.7%, Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) a full 10%, Glencore PLC (LSE:GLEN) 1.4% and Antofagasta plc 1.1%.
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) picked up 3.5% to 30.5p after it received a further investment of A$690,00 from Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) as the mining giant exercised its unlisted options to obtain over 1.29 million shares in SVM.
This brings Rio Tinto’s holding in the company to 19.9%, just two months after the titan made its initial $18.5 million investment and offered its technical and marketing expertise to support the development of the Kasiya natural rutile and graphite deposit.
easyJet PLC (LSE:EZJ) has echoed calls from Ryanair Holdings PLC (LSE:RYA) for the chief executive of the UK’s air traffic controller to resign following repeated disruptions in recent years.
Chief executive John Lundgren wrote to National Air Traffic Services (Nats) this week to call for Martin Rolfe’s resignation after staff shortages hit Gatwick flights most recently.
PWC, the UK-based Big Four accountancy firm, has been suspended from China for six months and fined £47 million for its work on the collapsed property giant Evergrande.
Chinese authorities said PWC had helped cover up fraud at Evergrande, which collapsed in January after property values in China tumbled.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) this week saw its under-rated potential highlighted by European investment bank Berenberg, which sees “transformational” catalysts in the company’s future.
Undervalued potential is not especially rare on AIM, particularly in 2024 – there’s a long list of opportunities for which the market price doesn’t match what on paper the junior company could be worth.
Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN, OTCQX:PAFRF) is moving into a period of strong cash flow suggest analysts at Berenberg, particularly through the development of the Mogale Tailings Retreatment (MTR) project in South Africa
Elsewhere, Evander underground’s various infrastructure projects as part of its move to Level 24-26 are progressing, albeit the commissioning of the sub-vertical hoisting shaft at Evander 8 underground has been delayed until later this month.
Britain's first coal mine in thirty years is in doubt again after a High Court ruling that planning approval given to the Whitehaven project was illegal because it did not account for potential climate damage by customers.
In his judgement, Mr Justice Holgate stated: "The assumption that the proposed mine would not produce a net increase in greenhouse gas emissions, or would be a net zero mine, is legally flawed."
After a busy couple of years that has seen extensive restructuring at Anglo-South African bank Investec PLC (LSE:INVP), things should be calmer going forward.
Investec Wealth & Investment UK has been merged with Rathbones for a 41% stake in the enlarged business, Ninety-One spun out and Bud Financial streamlined ahead of a possible sale.
Close Brothers Group PLC (LSE:CBG) shares have rallied as interest rates have started to drop while there has been an easing in concerns over the FCA motor finance probe.
At 543p, the shares are up 80% from their 2024 low in February.
Citi analysts expect to see Britain’s largest supermarket Tesco PLC (LSE:TSCO) increase its market share when it reports its first-half results next month.
Analysts are forecasting a 3.8% rise in like-for-like sales, representing a steady acceleration from the 3.4% of growth seen in the first half of 2023.
Phoenix Group Holdings PLC (LSE:PHNX), the life and pensions specialist, kicks off the week with no sign of the boom in bulk annuity activity easing off.
Only last week subsidiary Standard Life pulled off another deal when it bought WH Smith’s pension scheme, a move unlikely to quieten analyst questions over cash flow and debt.
Paddy Power-owner Flutter Entertainment PLC (LSE:FLTR)’s $350 million acquisition of a controlling stake in Brazilian gaming company NSX Group ticks to boxes for brokerage Shore Capital Markets.
“We see this as a sensible move, further expanding and accelerating its growth profile, consistent with its expansion profile and medium-term leverage ratios,” said Shore Cap analysts.
Echo Energy PLC (AIM:ECHO) fell over 14% on Friday morning after updating on progress at its joint-owned Tesoro gold project in Peru.
Development of the ‘Bonanza’ vein has begun, Echo said Friday, for which mapping shows average widths of between 0.15 and 0.20 metres, making it the richer of the two systems at the site.
Proteome Sciences PLC (AIM:PRM) sank more than 17% as it announced more losses and the resignation of chief executive Mariola Soehngen.
Soehngen has been the boss of the proteomic services group for almost four years, with the company saying that the process of finding a successor is underway.
AstraZeneca saw another £4 billion wiped off its value as top city firm Deutsche Bank cut its recommendation to ‘sell’ following the latest update on lung cancer drug datopotamab.
Deutsche Bank said it had already reduced its expectations for the drug, but the recent update on biomarker data confirmed its fears and raised new ones.
Volvere (AIM:VLE) jumped over 13% on Friday morning after reporting higher profits on the back of a record performance from savoury products subsidiary Shire Foods.
Post-tax profit jumped from £0.44 million to £1.78 million over the first half of the year, turn-around investment firm Volvere (AIM:VLE) said Friday.
Boeing Co (NYSE:BA, ETR:BCO) workers have overwhelmingly rejected a 25% pay increase from the manufacturer, prompting thousands to walk out on strike overnight.
Some 30,000 Boeing workers in the Seattle and Portland area, where the firm’s 777 and 737 MAX aircraft are produced, walked out at midnight local time.
ChatGpt developer OpenAI has unveiled its next series of what it describes as a reasoning version of its generative AI software.
Originally called Strawberry and now renamed OpenAI o1, the software can answer complex questions such as writing code much faster than humans, says the Microsoft-backed company.
Technology Minerals PLC (LSE:TM1) told investors it has initiated a cost reduction programme as part of its strategy to improve efficiency across its operations.
It is focusing on reducing workforce numbers and cutting head office costs, alongside ongoing reviews of all service providers.
Balfour Beatty plc (LSE:BBY) has been awarded a £363 million contract by National Grid PLC (LSE:NG.) to replace power lines across East Anglia.
This will reinforce the network to ensure the grid can cope with clean energy projects needed for the UK’s transition to net zero, Balfour said Friday.
GSK PLC (LSE:GSK, NYSE:GSK) announced that its blood cancer drug Blenrep (belantamab mafodotin), in combination with two current treatments, has received Breakthrough Therapy Designation (BTD) in China.
This award, granted by the National Medical Products Administration (NMPA), is aimed at speeding up the development of treatments for serious diseases that show promise in improving patient outcomes over current options.
Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF) said its flotation plant supplier Enprotec has told it that no major fundamental changes are necessary to get the equipment running optimally.
Enprotec has been running a series of laboratory tests to optimise the core processes of the plant, including reagent dosing amounts and points, agitation speeds, flow rates between components, slurry densities, cell residence times, and alternative water sources introduced into the flotation section.
Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) has acquired a 56% stake in NSX Group, a leading Brazilian betting operator known for its Betnacional brand.
The acquisition was valued at approximately $350 million.
Graft Polymer (UK) Plc's (LSE:GPL) interim results charted a significant period of change for the business - one in which it exited polymers to focus on drug delivery technologies.
A major catalyst was the appointment of Anthony Tennyson as CEO, who helped put Graft on a firmer financial footing by finding £1.8 million of investment.
Greatland Gold PLC (AIM:GGP, OTC:GRLGF) has raised an additional £6.7 million (US$8.8 million), the maximum possible, from a retail share offer at 4.8p through Primary Bid.
The retail offer was taken up in full, Greatland added, with the money to be used alongside a US$325 million placing earlier in the week to buy the Havieron prospect and Telfer mine in Pilbara.
National Grid PLC (LSE:NG.) has announced terms have been agreed for the sale of Britain’s electricity system operator (ESO) to the government.
ESO, which manages the UK’s grid, will be sold for an enterprise value of £630 million, National Grid announced Friday, with the deal set to close early next month.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) told investors it has now entered commercial production at both the Sabodala-Massawa BIOX Expansion in Senegal and the Lafigué mine in Côte d'Ivoire.
The projects, which were completed on budget and on schedule, represent key milestones in the company’s growth strategy. The commercial production threshold was passed in August, it noted.
Iofina PLC (AIM:IOF, OTC:IOFNF) has successfully commissioned its latest IOsorb plant, IO#10, in Oklahoma, marking a significant milestone for the iodine production company.
The facility has completed hydro-testing, and brine water is now circulating through its system. Iodine extraction is expected to begin in the coming days, with production gradually ramping up over the next few weeks.
Britain’s competition watchdog has raised concerns about Vodafone Group PLC (LSE:VOD)'s planned merger with Three.
An investigation by the Competition and Markets Authority concluded that the merger could result in higher prices or reduced services for tens of millions of mobile customers.
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) has received a further investment of $690,360 from Rio Tinto, after the mining giant exercised its unlisted options to obtain over 1.29 million shares in SVM.
This brings Rio Tinto’s holding in the company to 19.9%, just two months after Rio made its initial $18.5 million investment and offered its technical and marketing expertise to support the development of the Kasiya natural rutile and graphite deposit.