FTSE 100 slumped even though the UK economy is doing better than expected as investors fret about inflation especially in the US. The UK index had dropped 73 to 7,137 after an hour.
Britain’s economy (GDP) for May was up 0.5% on the month before and beating forecasts of a 0.1% rise. Ben Jones, CBI lead economist, cited the impact of the Jubilee bank holidays.
BT, ITV, Sky and IMG Media are being investigated by the UK competition authorities over freelance pay for sports broadcasts. Contractors often work for whichever broadcaster is showing a game or event.
J D Wetherspoon has missed out on the post-pandemic pub boom. Like-for-like sales were down 0.4% in its latest quarter with chairman Tim Martin citing “the "fear factor", used by governments to encourage compliance with lockdowns and restrictions.
AQRU has partnered with Blimp Technologies to launch ByBrix to pursue opportunities in crypto-mortgages. There is a large addressable market here, it said.
Powerhouse Energy and Hydrogen Utopia are jointly to develop a waste plastic facility at Lanespark in Co. Tipperary. Once developed, it would be Powerhouse’s first operational full-scale facility outside of the UK.
Aeorema moved sharply higher after the live events agency said it had seen its strongest year on record. Revenues were up 130% with a particular success being Cannes Lions. A record profit of £700,000 is now forecast.