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Share Price: 456.60
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Change: -9.00 (-1.93%)
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Open: 465.30
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Sunday newspaper round-up: Brexit warnings, Rio Tinto copper, Sports Direct

Sun, 12th Jun 2016 17:19

(ShareCast News) - The Bank of England will face huge pressure to cut interest rates to new lows if Britain opts to quit the EU, according to international investors cited by the Sunday Times. With online and phone polls indicating the result is too close to call, fears that a Brexit vote could derail the recovery are mounting and investors are now betting there is a 50% chance of a rate cut by the end of the year, according to recent moves in interest rate markets, up from nearer 20% three months ago.The Bank of England and International Monetary Fund will both this week warn of the economic consequences of leaving the EU. Minutes from the BoE's latest interest rate meeting are expected on Thursday to say that uncertainty surrounding the referendum is delaying investment decisions and weighing on the pound, while on the same day the IMF is due to publish its annual health check of the UK economy, in which it will warn of a vicious cycle of lower growth, weaker spending and higher unemployment if Britain votes 'leave'.Some of the City of London's biggest overseas banks are planning to pull thousands of workers out of the UK if the country's votes to leave the European Union. With polls tightening ahead of the 23 June referendum, foreign lenders are facing the heightening prospect that their London-based operations could lose the right to operate freely across Europe under the EU's passporting rules, the Sunday Times reported, with Paris and Frankfurt expected to benefit.The jobs market is treading water as cautious companies limit new hirings ahead of the EU referendum on June 23, official figures are set to show this week. Numbers to be released on Wednesday are forecast to show employment rising by about 42,000 in the three months to April, the Mail on Sunday said.Sports Direct has made a last-ditch bid to save BHS from liquidation, writing to administrators to reopen talks to "save a number of stores, jobs and the BHS name". The Sunday Telegraph, which has seen the letter, also reported that the government will take the unprecedented step of publishing the Insolvency Service's investigation into the collapse of BHS due to the major public interest.Sports Direct staff are owed more than £20m, union sources and City analysts have estimated following the admission by the firm's owner Mike Ashley that he failed to pay the minimum wage. Founder and majority shareholder Ashley admitted to MPs last week that staff at the group's main distribution centre had not been paid the minimum wage, because they had been forced to spend unpaid time going through security checks, the Mail on Sunday said.Sir Philip Green considered selling Dominic Chappell the bulk of his Arcadia Group high street empire as well as BHS, said the Sunday Times, citing a previously undisclosed document. Retail billionaire Green, who is due to appear in parliament this week to explain his role in the department store's collapse, initially offered the three-time bankrupt the chance to buy any of Arcadia's brands, except the lucrative Topshop chain.The chairwoman of the BHS staff hardship trust has called on billionaire Sir Philip Green to plug the deficit in the staff pension fund and to make a donation to help those who face financial crisis as a result of the company's collapse. Jeanette Bradley, who has chaired the organisation for a decade and was head of human resources for shop workers at BHS under Green's ownership, told the Mail on Sunday that time is running out for pensioners and is urging Green to step in and make 'a grand gesture'.Rio Tinto has hired Goldman Sachs to engineer a takeover of the mining giant's £8bn listed copper operation as it seeks to position itself for a recovery in the metal's price. The £36bn company owns 51% of Turquoise Hill, quoted on the New York and Toronto stock exchanges, and holds a controlling stake in Oyu Tolgoi, a mammoth copper deposit in southern Mongolia. Copper, the Sunday Times reported, is expected by many analysts to be among the first commodities to rally as it is used in home appliances and is less reliant on construction.A pair of private equity firms are in talks to launch a joint £10bn deal to buy mobile phone provider O2 from its Spanish owner. CVC Capital Partners and Apax Partners, the Sunday Times revealed, are mulling a purchase of the UK's second biggest mobile operator, a month after European competition watchdogs blocked a sale by Telefonica to Three owner Hutchison Whampoa for £10bn.The town of Stanley in northeast England has become the first to offer in-home batteries and solar panels for free, in the latest sign of the huge shifts rocking the household energy market identified by the Sunday Times. The programme, a joint scheme between the town council and a startup called North Star Solar, will be offered to all the town's 35,000 households and is expected to be followed by others aiming to cut the "big six" energy suppliers out of their traditional market by turning homes into mini power stations.Marks & Spencer has again paid its executives bonuses that are based on targets which ignore millions of pounds of goods returned, despite warnings from an adviser that this was 'inappropriate', the Mail on Sunday reported. The issue first came to light last year, when it emerged that the retailer had been reporting online sales to the City that included clothing, shoes and other goods that were paid for but later returned because they did not fit or were faulty. And despite a ticking-off by its corporate stockbroker Citigroup, M&S has again used the higher figure to pay executive bonuses, when the only target met was for online sales growth.Budget airline easyJet has examined setting up a separate European business in case Britain leaves the European Union, the Sunday Telegraph reported. Obtaining an air operator's certificate (AOC) in an EU country, which would require it to establish a local holding company, is one of the options the FTSE 100 carrier has looked at as part of contingency planning in the event of a Brexit.Profits for airlines around the globe are expected to total a record £27bn in 2016 thanks to strong passenger growth and cheap oil. The world's biggest aircraft maker Boeing used figures from the International Air Transport Association to calculate that half of that profit will be made by US airlines, the Mail on Sunday noted.Defence Secretary Michael Fallon is set to run into further controversy over British jobs this week, the Mail on Sunday said, when he signs a key agreement to buy nine US-made Boeing P-8 Poseidon maritime patrol aircraft for $3.2bn to replace the scrapped Nimrod fleet. Fallon is already facing protests over an expected deal to buy 50 Apache helicopters, also made by Boeing, putting the future of 600 aeronautical jobs in the UK at risk.Amazon is preparing to launch a music-streaming service to rival Spotify and Apple Music - the latest in a series of aggressive moves by the online retail giant - after it emerged at the weekend that Amazon is negotiating with big music labels for the rights to use their songs. The standalone service will be offered, initially in America, for $9.99 a month via the Echo device, according to reports, and could offer more than 30m songs, the Sunday Times noted.Bain Capital, a giant US buyout firm, is gearing up to offload British car parts maker TI Automotive less than a year after it bought it, the Sunday Times reported. Bain is exploring a £2bn float of the company, which was founded as Tube Investments in Birmingham in 1919, in New York or London at almost double the £1.2bn deal completed last June.Buyout baron Guy Hands faces a legal bill of nearly £20m after the collapse of his court battle with Citigroup bank over his disastrous 2007 takeover of music giant EMI. Hands, the 56-year-old founder of private equity outfit Terra Firma, is set to be hit with a huge costs order after the long-awaited High Court showdown with Citi lasted only two days, the Sunday Times said.
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11 Apr 2024 15:56

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11 Apr 2024 15:04

UK earnings, trading statements calendar - next 7 days

Friday 12 April 
SigmaRoc PLCTrading Statement
Monday 15 April 
Ashmore Group PLCTrading Statement
Ceres Power Holdings PLCFull Year Results
Engage XR Holdings PLCFull Year Results
Itaconix PLCFull Year Results
Mitie Group PLCTrading Statement
PageGroup PLCTrading Statement
Tuesday 16 April 
Accesso Technology Group PLCFull Year Results
Ashtead Technology Holdings PLCFull Year Results
Billington Holdings PLCFull Year Results
Chapel Down Group PLCFull Year Results
Equals Group PLCFull Year Results
Gattaca PLCHalf Year Results
Gresham Technologies PLCFull Year Results
IntegraFin Holdings PLCTrading Statement
Learning Technologies Group PLCFull Year Results
Next 15 Group PLCFull Year Results
Ninety One PLC and LtdTrading Statement
Oxford Instruments PLCTrading Statement
Qinetiq Group PLCTrading Statement
Petra Diamonds PLCTrading Statement
Robert Walters PLCTrading Statement
Team17 Group PLCFull Year Results
Wednesday 17 April 
Brooks Macdonald Group PLCTrading Statement
Hays PLCTrading Statement
Inspecs Group PLCFull Year Results
Liontrust Asset Management PLCTrading Statement
M Winkworth PLCFull Year Results
Menhaden Resource Efficiency PLCFull Year Results
Rio Tinto PLCTrading Statement
Saga PLCFull Year Results
Thursday 18 April 
AJ Bell PLCTrading Statement
BHP Group LtdTrading Statement
Devolver Digital IncFull Year Results
Dunelm Group PLCTrading Statement
easyJet PLCTrading Statement
Foxtons Group PLCTrading Statement
Keystone Law Group PLCFull Year Results
LBG Media PLCFull Year Results
Pod Point Group Holdings PLCFull Year Results
Rentokil Initial PLCTrading Statement
Segro PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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10 Apr 2024 11:42

easyJet cabin crew secure 20pc rise in base pay

(Sharecast News) - Cabin crew at low-cost airline easyJet are to receive a 20% increase in their basic pay, it was announced on Wednesday, after negotiations with the Unite union.

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10 Apr 2024 07:30

Under fire UK air traffic provider appoints Warren East as chair

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8 Apr 2024 17:15

UK stocks close higher on commodities lift

FTSE 100 up 0.4%, FTSE 250 adds 0.7%

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8 Apr 2024 17:03

LONDON MARKET CLOSE: Miners and airlines in demand as FTSE 100 climbs

(Alliance News) - Investors bought in London on Monday, as the FTSE 100 rose with gold hitting a new high before fading, airlines and miners were in demand, while Entain prospered on bid speculation.

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8 Apr 2024 09:13

LONDON BROKER RATINGS: Wizz Air raised; HSBC cuts Rentokil to 'hold'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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5 Apr 2024 15:22

London close: Stocks finish lower as US payrolls top forecasts

(Sharecast News) - London markets closed lower on Friday amid a backdrop of heightened investor caution, following robust US job data for March, hawkish remarks from Federal Reserve officials, and escalating tensions in the Middle East.

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2 Apr 2024 09:54

LONDON BROKER RATINGS: Bernstein starts AstraZeneca at 'outperform'

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning:

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15 Mar 2024 13:11

UK dividends calendar - next 7 days

Monday 18 March 
Aquila European Renewables PLC 
BP Marsh & Partners PLC 
Triple Point Venture VCT PLC 
Tuesday 19 March 
Jarvis Securities PLCdividend payment date
Wednesday 20 March 
Virgin Money UK PLCdividend payment date
Thursday 21 March 
abrdn Asia Focus PLCdividend payment date
abrdn Private Equity Opportunities Trust PLCex-dividend payment date
AIB Group PLCex-dividend payment date
Beazley PLCex-dividend payment date
BlackRock World Mining Trust PLCex-dividend payment date
British American Tobacco PLCex-dividend payment date
Chemring Group PLCex-dividend payment date
CLS Holdings PLCex-dividend payment date
Conduit Holdings Ltdex-dividend payment date
Craneware PLCex-dividend payment date
Crest Nicholson Holdings PLCex-dividend payment date
Diverse Income Trust PLCex-dividend payment date
Fonix Mobile PLCex-dividend payment date
FW Thorpe PLCex-dividend payment date
Glanbia PLCex-dividend payment date
GlobalData PLCex-dividend payment date
Globalworth Real Estate Investments Ltdex-dividend payment date
Goodwin PLCex-dividend payment date
Gore Street Energy Storage Fund PLCex-dividend payment date
Hargreaves Services PLCex-dividend payment date
HgCapital Trust PLCex-dividend payment date
Hikma Pharmaceuticals PLCex-dividend payment date
Jardine Matheson Holdings LDex-dividend payment date
London Finance & Investment Group PLCex-dividend payment date
Maven Income & Growth VCT 3 PLCex-dividend payment date
Maven Income & Growth VCT 5 PLCex-dividend payment date
MTI Wireless Edge Ltdex-dividend payment date
Nichols PLCex-dividend payment date
NWF Group PLCex-dividend payment date
Palace Capital PLCex-dividend payment date
Pearson PLCex-dividend payment date
Pembroke VCT B PLCex-dividend payment date
Primorus Investments PLCex-dividend payment date
Schroders PLCex-dividend payment date
Triple Point Energy Transition PLCex-dividend payment date
Tristel PLCex-dividend payment date
VPC Specialty Lending Investments PLCdividend payment date
Friday 22 March 
easyJet PLCdividend payment date
FRP Advisory Group PLCdividend payment date
Gulf Investment Fund PLCdividend payment date
Henderson Opportunities Trust PLCdividend payment date
Hercules Site Services PLCdividend payment date
Impax Asset Management Group PLCdividend payment date
JLEN Environmental Assets Group Ltddividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
Mattioli Woods PLCdividend payment date
Mobeus Income & Growth 2 VCT PLCdividend payment date
Mobeus Income & Growth 4 VCT PLCdividend payment date
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Ruffer Investment Co Ltddividend payment date
Samuel Heath & Sons PLCdividend payment date
Troy Income & Growth Trust PLCdividend payment date
Unilever PLCdividend payment date
  
Comments and questions to newsroom@alliancenews.com
  
A full 14-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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14 Mar 2024 10:58

IN BRIEF: easyJet prices EUR850 million of bonds at 3.75% coupon

easyJet PLC - Luton, England-based budget carrier - Prices EUR850 million of bonds under its medium-term note programme to be issued on Wednesday next week. The bonds mature in 2031 and have a coupon of 3.75%. "Over the last 18 months, easyJet has retired circa GBP1.6 billion of debt, deleveraging the balance sheet following the recovery in travel post pandemic. Part of the issuance proceeds will be used to repay existing debt as it matures over the next 18 months," the company notes. Chief Financial Officer Kenton Jarvis says: "We are very pleased with the success of this bond issue. The interest shown by investors at greater than 4x over-subscription and the competitive pricing underscores the market's confidence in easyJet's strategy."

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3 Mar 2024 15:16

Sunday newspaper round-up: EasyJet, Direct Line, Cairo

(Sharecast News) - EasyJet founder Sir Stelios Haji.Ioannou has called time on his long-running feud with the "scoundrels" running the carrier. Haji-Ioannou has admitted that his war with easyJet boss Johan Lundgren was motivated by his fear that it would not get through Covid-19. His latest remarks come as the company is preparing to re-enter the ranks of the FTSE 100. They also come after attempts by easyJet to fill the gap in the market left by the collapse of Monarch and Thomas Cook, with Lundgren and chairman Stephen Hester having tried to shift focus towards selling holidays instead of just flights. - The Sunday Times

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Ryanair forced to cut summer travel schedule due to late Boeing jets

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28 Feb 2024 18:09

TOP NEWS: easyJet flies back into FTSE 100; Endeavour relegated

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28 Feb 2024 11:02

EasyJet to re-join FTSE 100 in latest reshuffle; Endeavour up for demotion

(Sharecast News) - EasyJet is expected to make its way back into the FTSE 100 in the latest reshuffle due to be announced after the market close on Wednesday.

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