FTSE 100 closes down
US stocks nudge higher awaiting FOMC minutes
Sterling edges up versus dollar
FTSE 100 closed down 4.46 points on Wednesday at 7,533 as traders await the FOMC minutes for some inspiration.
The more UK company focused FTSE 250 fared better, closing up 21.50 points at 20,167. Elsewhere, in Europe, the German DAX added 0.17%, while the CAC 40 lost a shade - 0.02%.
In the September meeting, the US central bank announced plans to start reducing its balance sheet by US$10 billion per month.
David Madden, at CMC Markets, said: "The unwinding of the balance sheet was expected and it’s a sign the US economy is strong enough to operate will less assistance. Interest rates were kept on hold at the meeting, and the Fed admitted they couldn’t explain why inflation is relatively weak.
"Traders will be trying to decipher the language and figure out if the bank will hike interest rates in December."
The biggest gainer on Footsie was hospitality group Whitbread plc (LON:WTB), which added 3.41% to 4,028p. Yesterday, the group said it had bought out its Costa Coffee joint venture (JV) partner in South China for around £35mln.
The company paid 310mln renminbi to buy out Yueda’s 49% stake in the JV, which currently operates 252 Costa Coffee outlets in the south of China, including 93 stores in Shanghai.
On the downside, packaging group Mondi (LON:MNDI) shed 7.80% to 1,926p to be the biggest laggard after it warned on profits
The company complained that continuing cost pressures and negative currency impacts would likely result in the underlying performance in the current financial year being “modestly below market expectations”.
It blamed a weaker US dollar and a weaker Turkish lira, as well as a 15% rise in the cost of wood, energy and chemicals.
3.00pm: Little action ahead of FOMC minutes
The Footsie stayed dull in late afternoon trading as US stocks made cautious early progress with all eyes on the release later today of minutes from the last Federal Reserve policy meeting.
Around 3pm, the FTSE 100 index was about 5.5 points lower at 7,532, below the session peak of 7,550.17 but above the low of 7,519.60.
On currency markets, sterling ticked up 0.1% versus the dollar at US$1.3209, and was flat against the euro at €1.1144, recouping earlier losses.
After half an hour of trading in New York, the Dow Jones was just 1 point firmer at 22,836, while both the broader S&P 500 and tech-laden Nasdaq Composite were a touch lower ahead of the September FOMC meeting minutes.
FOMC minutes to shed some light on Fed thinking
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— FXGiants (@FXGiants1) 11 October 2017
David Cheetham, chief market analyst at XTB,com commented: “The meeting saw Fed officials stick with their forecast of one more rate hike this year, but with markets already pricing in an 80%+ chance of this happening it will likely take further hawkish noises in the minutes to boost the greenback.”
He added: “The probability of a 3rd increase in interest rates by year-end was well below 50:50 heading into the meeting and this rise in expectations has been one of the key factors that supported the sUBSequent appreciation of the US dollar.
“The discussion surrounding balance sheet reduction will also be of interest to traders but given the positive reaction seen in the US dollar following last month’s meeting there is arguably greater scope for a disappointment this evening instead of the buck receiving a further boon.”
1.30pm: Leeson’s lesson
So, the man that broke Barings bank has a sense of humour – but surely we must be close to the top of the market then:
Nikkei225 at highest level today since 1996 - probably not far off my break-even point. If only they'd waited!!
— Nick Leeson (@TheNickLeeson) 11 October 2017
Despite easing back slightly today, down around 6 points at 7,532 at 1.30pm, the FTSE 100 index remained within sight of its all time peaks at just under 7,600.
On currency markets, the pound was flat versus the dollar at US$1.3202, but lost 0.2% against a firmer euro at €1.1154.
1.05pm: Brexit "a cloud of uncertainty"
Chancellor Philip Hammond today told UK lawmakers that a “cloud of uncertainty” about Brexit was hanging over the country’s economy and needed to be cleared as quickly as possible.
In his regular slot in the House of Commons, the UK finance chief said: “My general view of our economy is that it is fundamentally robust. We have some very strong things going for us, a strong outlook for the future.”
“But the cloud of uncertainty is a temporary damper and we need to remove it as soon as possible by making progress with the (Brexit) negotiation process,” he added.
Yesterday the International Monetary Fund cut its growth forecast for the UK and warned that Brexit is starting to bite.
In early afternoon trading, the FTSE 100 had extended its earlier falls to 14 points at around 7,523, while sterling edged 0.1% lower against the dollar to US$1.3191, and was down 0.3% versus the euro at €1.1150 with the Catalan independence climb-down a boost for the single currency.
12.00pm: Uncertain direction persists
The FTSE 100 index remained modestly lower around midday as investors searched for fresh direction, with US stocks seen fairly flat ahead of the release of minutes from the last Federal Reserve policy meeting tonight.
At 11.55am, the UK blue chip index was down around 4.5 points at 7,533, stuck in a tight trading range from a high of 7,550.17 and a low of 7,527.52.
After gains yesterday, US stock futures were just edging lower today awaiting the FOMC September meeting minutes and a batch of third-quarter earnings from across the Atlantic.
FOMC minutes to reflect the debate among participants about recent inflation - Nomura… https://t.co/KD0nNijlMV
— Forex Warrior (@Forex_warrior) 11 October 2017
Craig Erlam, senior market analyst at Oanda, said: “The Fed surprised traders last month when it projected one more rate hike this year and three next, despite the fact that inflation has not recovered as expected despite the apparent tightness in the labour market.
“Still, policy makers since the meeting haven’t given the impression that they are particularly confident when it comes to these interest rate projections which is creating doubt around them.”
He added: “I’m not convinced the minutes will provide much additional detail on interest rates and will instead simply reiterate what we learned in the statement, economic projections and press conference with Chair Janet Yellen.
“Moreover, with vice Chair Stanley Fischer having now left the FOMC and Yellen’s tenure as Chair expiring in February, we have to question just how useful they could be in anticipating the Fed’s moves next year.“
Leg-up for knees group
Among the movers in London, Smith & Nephew PLC (LON:SN.) remained the top FTSE 100 gainer, ahead nearly 3% at 1,399p after the Financial Times reported that US activist investor Elliott Associates has built up a stake in the medical products group.
News of the stake building comes just days after the knee replacement firm’s long-standing chief executive Olivier Bohuon abruptly announced that he was retiring next year.
Also on the up was FTSE 250-listed mail delivery firm Royal Mail Group PLC (LON:RMG), which added 1,8% at 389.4p after Swiss bank UBS upgraded its rating for the firm to ‘neutral’ from ‘sell’.
But on the downside, blue chip clothing and homewares retailer Next PLC (LON:NXT) shed 1% at 5,065p on news of a downgrade by Morgan Stanley to ‘underweight’ from ‘equal-weight’.
Next shares are up almost 40% over the past three months and analysts at the US investment bank think that recovery is “overdone” given that, in their view, the core business is deteriorating.
And South Africa-based paper and packaging firm Mondi PLC (LON:MNDI) was the biggest FTSE 100 casualty, dropping 8% to 1,920p as it warned that its full year profits will be below expectations, blaming cost pressures and adverse currency movements.
10.40am: Happiness is a warm spring
Hope springs eternal, they say, but certainly living in a spa town makes you more happy, according to a survey from property website Rightmove, published today.
According to the report, the Warwickshire town of Royal Leamington Spa has been ranked the happiest place to live in Britain, while Harrogate in Yorkshire, and Royal Tunbridge Wells in Kent also featured in the top 10 "happy at home" index.
The #HappiestPlaces to live... revealed! Is your local area number one? >> https://t.co/sYA5MElbgm pic.twitter.com/0SUPhfU7XE
— Rightmove (@rightmove) 11 October 2017
Meanwhile Llandrindod Wells was deemed the happiest place to live in Wales.
There are spa towns all across England and Wales - including Cheltenham and Bath which came in 29th and 38th place in terms of happiness rating. Dumfries was identified as the happiest place to live in Scotland.
9.55am: Energy price cap not imminent
Energy suppliers such as British Gas owner Centrica PLC (LON:CNA) edged higher today as the price cap on bills proposed by prime minister Theresa May last week look unlikely to take effect before the winter.
During the ruling Conservative Party’s annual conference, May had vowed to revive a plan to cap charges for an extra 12mln consumers.
Chief executive of Ofgem says he won't speculate on timing of introduction of energy cap #r4today pic.twitter.com/bFxOQDLY5E
— BBC Radio 4 Today (@BBCr4today) 11 October 2017
However, in a statement today, regulator Ofgem said it would have to wait for legislation to be in force before it could take action on standard variable tariffs.
It added that, until then, a more limited price cap will cover another one million low income households.
In morning trading, Centrica shares were up 0.4% at 176.8p, while SSE gained 0.9% at 1,384p.
The FTSE 100 index remained lacklustre, down around 5.5 points at 7,532.
8.40am: Footsie sees slow start
The FTSE 100 got off to a slow start as it drifted just over a point lower to 7,537.25 in the first few minutes of trade.
The index of blue-chip shares is, however, within ten points of the closing all-time high and could punch through the intra-day high-water mark of 7,598.99 if news flow allows.
It has been more of a slow and slight uncertain creep back to May’s peak against a backdrop of political chaos at home caused by Brexit negotiations, a snap election and the rather faltering performance of Prime Minister Theresa May.
Across the Atlantic, the major stocks indices have been in virgin territory for some time, while Japan’s Nikkei closed at a level last seen in 1996.
Here in the UK, shares in Smith & Nephew (LON:SN.) were up 3% amid news that activist investor Elliot Management Corp has begun stake building.
Interesting timing given Tuesday’s announcement that chief executive of the knee joint and replacement hip maker, Olivier Bohuon, will retire next year.
One thing to note about this situation – S&N is a perennial bid target (it has been in the shop window for at least the last decade), yet market share concerns make it difficult for rivals to swoop in. London's top shares are expected to add to yesterday's gains after a strong showing overnight by Wall Street and encouraging developments in Catalonia.
Proactive news headlines:
SDX Energy Inc (LON:SDX, CVE:SDX) has announced its second new discovery this month, with the KSR-14 well in Morocco unearthing gas in four intervals. The better-than-expected well encountered a total of 20 metres of conventional gas pay, in the Guebbas and Hoot formations, and analysis is underway to determine an accurate estimate of recoverable gas volumes.
Asiamet Resources Ltd (LON:ARS) is increasingly confident it has found a new stand along polymetallic deposit at its BKZ prospect in Kalimantan, Indonesia. Assays from the first of a six hole shallow drilling programme were ‘exceptional’ said Peter Bird, chief executive, and consistent with a much larger deposit.
BATM Advanced Communications Limited (LON:BVC) has hailed the launch of the electronics industry's first ARM-based universal Customer Premises Equipment platform, which uses the group's network function virtualisation technology.
Corero Network Security PLC (LON:CNS) has signed a resell partnership agreement with a leading US based distributed denial of service (DDoS) protection provider.
London-listed wealth management group European Wealth Group Limited (LON:EWG) is to acquire US-based broker-deal and investment adviser platform operator Newbridge. The acquisition will almost double the assets under management (AUM) at the UK company to more than US$4bn and give it a strong footprint in the USA.
Silence Therapeutics PLC (LON:SLN) has been granted a US patent, which it believes significantly strengthens its claim to ownership of technology used in competitors’ late stage drugs. The award covers the innovative chemical modification technology pioneered by Silence. The AIM-listed biotech, which specialises in RNA interference (RNAi), a cellular process of silencing unwanted or harmful genes, believes it could have implications for competitor Alnylam Pharmaceuticals' Patisiran drug.
WideCells Group PLC is in the process of inking a deal worth an initial £250,000 that will take its stem cell services into the Middle East, North Africa and Asia-Pacific regions. It hopes to have brokered a formal agreement with Gulf-based White Apex General Trading by the end of the month, which will trigger the first payment to the AIM-listed firm.
Digital media and social video broadcaster Brave Bison Group PLC (LON:BBSN) has won the contract to create a video marketing campaign for All Nippon Airways – the largest airline in Japan.
Clinical stage biotech ValiRx PLC (LON:VAL) has been awarded a fifth patent for its novel cancer treatment drug VAL401. The patent has been awarded by the US Patent Office and covers the use of VAL401 in the treatment of prostate adenocarcinoma – the most common form of prostate cancer.
Avation PLC (LON:AVAP) has announced the acquisition of a Boeing 777-300ER (Extended Range) new, twin-aisle aircraft from another lessor and is scheduled to deliver it to Philippine Airlines Inc. The commercial passenger aircraft leasing company said the acquisition of the aircraft is expected to be completed by the end of the fourth quarter of 2017. In a separate announcement, Avation also announced the purchase of one Airbus A330-300 aircraft, which is currently on long-term lease to EVA Air of Taiwan.
AIM-listed Obtala Limited (LON:OBT) in is the process of appointing a new nominated adviser after ZAI Corporate Finance was stripped of its status. The Africa-focused forestry and agriculture group said it had already vetted several alternatives and is in the final stages of agreeing terms with a replacement.
6.45am: Gains predicted
Spread betting quotes indicate the FTSE 100, which rose 30 points yesterday to close at 7,538, will kick-off at around the 7,552 level.
As expected, Catalan leader Carles Puigdemont declared Catalonia had won its right to become an independent country but then offered an olive branch by seeking to negotiate with Madrid.
“While Puigdemont remained clear that they had been given a mandate for independence by the Catalan people, his call for talks in order to find a peaceful resolution was the much preferred option at this stage. A declaration of independence on Tuesday could have led to a chain of events that made the situation much worse and seen Puigdemont arrested, likely leading to more unrest,” suggested Craig Erlam at OANDA.
US markets had a good day yesterday, with the Dow Jones rising 70 points to close at 22,831 while the broader-based S&P 500 climbed 6 points to 2,551.
Focus today will be on the release of the minutes from the FOMC, the policy-making committee of the US central bank.
Marshall Gittler, chief strategist & head of education at ACLS Global, thinks the market's mind is made up in any case on the interest rate issue.
“The market sees a 77% likelihood of a hike in December, so the minutes can’t do that much to increase the odds,” Gittler said.
“The minutes may also give us some insight into the surprising revisions to the FOMC’s forecasts that were made at the meeting. They were revised to show stronger growth this year, a deeper fall in the unemployment rate, and yet lower inflation this year and next and therefore a longer time to achieve the Fed’s inflation goal – seemingly contradictory developments. We may also get some insight into how the Committee members expect the hurricanes to affect the economy,” he added.
Heading towards the close in Asia, Hong Kong's Hang Seng index was little changed, but the Nikkei 225 in Japan was up 61 at 20,884.
Back in the UK, the trading update from white-collar recruiter Pagegroup should show whether sector peer Robert Walters was a one-off in reporting a record third quarter, or part of an industry trend.
Back in July, Pagegroup was celebrating its own record quarter (Q2) for profits, but the UK recruitment market was still cited as a concern.
The UK accounts for about a fifth of the group’s total profits, so a pick-up on the domestic front would be most welcome.
Homewares seller Dunelm issues a trading update in which it will reveal whether its “encouraging start” to the current financial year (to end-June) has continued.
“Sales in the first two months of the new financial year have started positively, with good LFL [like-for-like] sales boosted by favourable weather comparatives,” the company said last month.
The first quarter of the previous financial year saw LFL sales fall 3.8% year-on-year so the retailer is not going up against particularly challenging comparatives.
Barclays is forecasting LFL sales growth of 2.5% for the first quarter, and growth of 1.5% for the year as a whole.
“Aside from LFLs, we will be looking at progress on store roll-out (we model 10 net store openings in FY18, weighted towards 1H) as well as commentary on gross margins (we model 45 bps GM decline in FY18),” Barclays said.
“The company is hosting a Capital Markets Day at its Stoke warehouse in conjunction with Q1 trading, where we hope to gain further insights on progress made in inventory management, the integration of Dunelm and WorldStores, and the continued development of the online proposition,” it added.
Significant announcements expected:
Trading updates: Countryside Properties PLC (LON:CSP), Dunelm Group PLC (LON:DNLM), Hargreaves Lansdown PLC (LON:HL.), Jupiter Fund Management PLC (LON:JUP), Mondi Plc (Q3) (LON:MNDI), Pagegroup PLC (LON:PAGE), Quiz PLC (LON:QUIZ)
Finals: Proactis Holdings PLC (LON:PHD)
Interims: Vertu Motors PLC (LON:VTU)
Economic data: FOMC minutes published
Around the markets:
- Sterling: US$1.3186, down 0.18 cents
- 10-year gilt: 1.367%
- Gold: US$1,290.10 an ounce, down US$3.70
- Brent crude: US$56.72, up 11 cents
Business headlines
The Times
Santander set to benefit from RBS ‘start-up’ fund: Royal Bank of Scotland’s £425mln “challenger” fund’s grant policy has come under attack from new lenders and politicians because one of its chief beneficiaries could be Santander.
Myners calls for inquiry into owner of Monarch: Lord Myners has called into question the conduct of Greybull Capital, the owner of Monarch Airlines, and demanded that MPs launch an inquiry into the carrier’s collapse.
Murdochs’ media links will be focus of Sky bid investigation: Links between Sky and The Times, The Sun and other newspapers controlled by companies connected to Rupert Murdoch are to be examined by competition regulators as part of a detailed investigation into a proposed £11.7bn takeover of the broadcaster by 21st Century Fox.
Boeing's move against Bombardier is unjustified, says Greg Clark: Greg Clark, the business secretary, told MPs that the complaint brought by Boeing against Bombardier, the aircraft maker, was unjustified and that Britain would do everything it could to resolve the row.
Factory output jumps and gives economy a lift: The outlook for Britain’s economy has been given a boost after official figures revealed that the manufacturing and construction sectors were doing better than expected.
Second nuisance calls fine for doorstep lender Provident Financial: The doorstep lender’s Vanquis Bank business was fined £75,000 for sending nuisance marketing texts and emails. The Information Commissioner’s Office said that Vanquis had broken the law because the recipients had not agreed to being sent the marketing messages.
The Independent
United Utilities fined for providing water unfit for human consumption: Water firm United Utilities has been fined £300,000 for providing water unfit for human consumption in Lancashire in the summer of 2015.
Weed killer found in Ben and Jerry’s ice cream: Ben & Jerry’s have vowed to introduce to remove all traces of weed killer from their products and introduce an “organic dairy” range by next year, after a study showed traces of glyphosate in its European ice cream.
Germany’s largest trade union pushes for shorter working hours: Germany’s largest trade union pushed for shorter working hours and 6% more pay for the 3.9 million workers in the metals and electrical sectors on Tuesday, in what it said was a drive for a better work-life balance.
Sadiq Khan set to visit India and Pakistan to encourage London trade: London mayor Sadiq Khan will visit India and Pakistan later this year to promote business and cultural ties between the two countries and the capital.
Hermes boss is ‘shocked’ at firm’s treatment of self-employed workers: A boss at courier firm Hermes has apologised to MPs over a case in which a driver’s contract was cancelled because he was unable to work due to the premature birth of a child.
Ikea closer to being energy independent as its turbines surpass stores: Flat pack furniture giant Ikea has posted rising full year sales and revealed that it now owns more wind turbines than stores as it moves a step closer to becoming “energy independent”.
Richard Branson calls for universal basic income: Richard Branson has backed the introduction of a universal basic income and said it is crucial to tackling the rise of artificial intelligence (AI).
Uber says UK National Insurance contributions would cost millions: Uber said on Tuesday that paying National Insurance contributions for its British drivers would add tens of millions of pounds to the taxi app’s costs were they to be deemed employees.
Air fares must increase to pay for airline collapse, says Abta: All plane tickets should be subject to a levy to fund the repatriation of passengers after an airline collapses, the Association of British Travel Agents (Abta) has demanded.
The landmark legal battle that could stop women in the UK being paid less than men: The latest hearing in the UK’s largest ever private sector equal pay claim is due to kick off, in a case that could eventually see around 15,000 predominantly female Asda workers recovering well over £100mln in pay.
Financial Times
Commerzbank in play
Investment trust The People’s Trust fails to get off the ground
Smith & Nephew in the sights of activist hedge fund Elliott Management
The Daily Telegraph
BAE Systems to cut 1,900 jobs as new boss rings in the changes: The new boss of Britain’s biggest defence contractor BAE Systems has wasted no time in wielding the axe with plans for more than 1,900 redundancies, double what had been anticipated.
Equifax hackers targeted 15.2 million UK records: Equifax has admitted that almost double the number of UK customers had their information stolen in a major data breach earlier this year than it originally thought, and that millions more could have had their details compromised.
Gig economy companies claim flexibility essential for growth: Approximately 50% of Deliveroo’s 15,000 self-employed riders, who deliver takeaway meals on bicycles, are students who prefer flexible working, a select committee has heard.
Energy markets march higher as Government price cap looms: Government’s plan to cap household energy prices is set to steam-roll ahead even as fresh data shows wholesale prices are on the rise and bills remain well below their 2014 peak.
Towergate owner to snap up motorbike broker Carole Nash in £65mln deal: The UK insurance giant created by the merger of Towergate and four companies this year is to snap up motorcycle insurance broker Carole Nash this week in a deal worth up to £65mln.
Ted Baker profits strut ahead of rivals despite slowing US growth: Ted Baker has strutted ahead of its fashion rivals by delivering a 14% jump in profits for the first half of the year on the back of its ambition to become a global brand.
The Guardian
Saving Bombardier jobs needs more than fluffy words, union tells May: The government has been accused of failing to go beyond “fluffy words” in its attempts to help more than 4,000 staff of aircraft maker Bombardier who face losing their jobs in an international trade dispute.
Network Rail to get budget boost despite efficiency concerns: Network Rail is set to be granted an enhanced budget, likely to be more than £40bn, to run Britain’s railway despite the regulator highlighting more concerns over billions lost due to inefficiency.
UK productivity estimates must be ‘significantly’ lowered, admits OBR: The government’s independent economic forecaster has admitted it will need to “significantly” lower its estimates for the productivity of UK workers after a decade of stagnant growth since the financial crisis.
UK state should pay for housing, food, transport and internet, says report: Free housing, food, transport and access to the internet should be given to British citizens in a massive expansion of the welfare state, according to a report warning the rapid advance of technology will lead to job losses.
Tesco’s UK financial forecasts can change overnight, court told: The sheer scale of supermarket firm Tesco meant the financial picture could change “overnight”, a court has heard.
Deliveroo boss: giving workers better rights will add £1 to meal cost: The boss of Deliveroo has warned MPs that if the company is forced to give workers basic rights such as the minimum wage and holiday and sick pay, it will pass the cost on to consumers by raising the cost of delivery by £1.
E.ON chief: Theresa May’s energy price cap will hurt competition: Theresa May’s price cap on energy bills would be a backward step that hits competition, deters new companies and hurts consumers, the head of one of the country’s biggest energy firms has warned.
Global economic recovery may not last, warns IMF: The International Monetary Fund has said the global economy’s recent recovery may not last, despite a pick-up in activity in all western countries except the UK.
Daily Mail
Jupiter Asset Management pulls £300mln from fund manager Neil Woodford over bad bets: A rift between fund manager Neil Woodford and his long-time supporter Jupiter Asset Management has gripped the markets. Sources said Jupiter was pulling nearly £300mln out of Woodford’s flagship income fund after a 20-year partnership between them.
Assura appoints former NHS Improvement chair Ed Smith as a non-executive director: Primary care property developer Assura has appointed the former chair of NHS Improvement as a non-executive director.
Shamed Icelandic money men plot £1.5bn comeback: Trio plan to float supplier of pizzas and salads to M&S and Tesco: Three tycoons who were embroiled in the Icelandic financial crisis are plotting a comeback by floating their food business on the London Stock Exchange.
Struggling Capita hires ex-boss of oil services firm Amec Foster Wheeler as chief exec: Jonathan Lewis, 55, will have to revamp the firm, which provides IT services to public and private sector companies, after a string of profit warnings.
Co-op set to take over 7,000 Nisa stores after board recommends members accept £143mln takeover bid: The board of convenience store operator Nisa has recommended that its members accept a £143mln takeover bid from the Co-op.
Wind power tycoon secretly borrowed £1.8mln from his company to buy personal property: A wind power tycoon secretly borrowed £1.8mln from his business to spend on buying personal property.
Daily Express
Google reported to be purchasing Apple in ‘erroneous’ Dow Jones hiccup: Dow Jones has reported that Google was in the process of taking over Apple Inc in an “erroneous” hiccup that mystified readers and shook the stock market.
Rush to spend set to give massive boost to Britain’s economy: The rush to spend £500mln worth of old round pound coins in the coming days is set to give the economy a huge boost.
The Scotsman
IMF raises growth forecast for all advanced economies except UK: The pound has made gains despite a flurry of gloomy economic reports, while advances among bank stocks helped the wider market push higher.
City AM
M7 Real Estate backs Britain’s smaller businesses with IPO of new property investment vehicle: Real estate investment firm M7 has launched a new listed trust, focusing on commercial property in the UK, which aims to raise £300mln in a stock market float.
Vedanta digs deep to boost mined metals production: India-based miner Vedanta Resources boosted its metal production in the first half of the year thanks to higher output across its mines.
Rapid expansion delivers boosted sales for easyHotel: Budget hotel chain easyHotel revealed a jump in sales this morning as the company expanded its presence in Europe, especially the UK.
Pfizer mulls the sale of its consumer healthcare business: US pharmaceuticals giant Pfizer is reviewing strategic alternatives for its consumer healthcare business, including a full or partial separation of the business through a spin-off, sale or other transaction.
Tesco and Waitrose ready meal supplier Bakkavor sets date for IPO: Bakkavor, a ready meal supplier which serves Tesco, Marks & Spencer, Sainbury’s and Waitrose, has set an early November date for its IPO which City A.M. revealed earlier this year could value it at up to £2bn.