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Sunday newspaper round-up: Tesco, National Grid, Morrisons

Sun, 14th May 2023 20:17

(Sharecast News) - Tesco's pension fund lost £9bn in value and fell into a deficit after multiple safe investments went sour. In particular, the fund is heavily exposed to so-called Liability Driven Investments. Those LDIs came unstuck in 2022 following a sharp rise in interest rates that left pension funds nursing heavy losses. Yet the grocer had no plans to pay more into the pension plan with a spokesman saying that the scheme was "in a strong position", "well-funded" and employing a different measure for estimating contributions then it was in fact "in surplus". - The Financial Mail on Sunday

National Grid boss John Pettigrew believes there is "no time to lose" to carry out the complete revamp that the electricity network requires in order to achieve net zero targets and cut the UK's exposure to gas prices. The planning system also required changes to speed up construction, he argued. Nearly five times as many pylons and underground lines as had been built over the past three decades needed to built by 2030. And rewiring the grid would cost "tens of billions of pounds" which meant higher household bills. - The Sunday Times

GMB national officer Gary Carter urged ministers to intervene if Macquarie went ahead and took full control of National Grid's gas transmission and meter business. The former operated over 4,000 miles of gas pipes in the UK. "Macquarie's reputation is one of maximising profits and stripping assets, often at the expense of investment as well as employees, pay and pensions. This government must not sit idly by when energy security is at stake." - Guardian

Morrisons has promised clients that they will see many "deflation dividends" over the next few months as the grocer went ahead with a fourth wave of price reductions since the start of 2023. Starting from Monday, white, wholemeal and granary rolls would cost 56% less, coffee prices were cut by 27% and those of cornflakes by 46%. A few days before industry chiefs were called to a meeting at the Treasury to explain why the cost of the weekly shop remained high and what measures they were taking to address the situation. - Sunday Telegraph

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9 Sep 2021 07:07

Morrisons sticks to guidance after H1 profit falls

(Sharecast News) - Morrisons stuck to its full-year guidance as the supermarket chain reported a 37% drop in first-half profit before exceptional items.

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8 Sep 2021 13:11

LIVE MARKETS-Popular Europe

* European shared off lows, down 0.5%* Smiths gains after $2.7 bln unit sale* Asian shares mixed, Tokyo up* U.S. futures a touch lowerSept 8 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share y...

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8 Sep 2021 11:45

LIVE MARKETS-Who's holding the meme stocks hot potato?

* European shared down 0.8%* Smiths gains after $2.7 bln unit sale* Asian shares mixed, Tokyo up* U.S. futures lowerSept 8 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with...

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8 Sep 2021 10:47

LIVE MARKETS-Share placements galore

* European shared down 1%* Smiths gains after $2.7 bln unit sale* Asian shares mixed, Tokyo up* U.S. futures lowerSept 8 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with u...

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8 Sep 2021 09:21

TOP NEWS: Morrisons eyes takeover auction as suitor talks continue

TOP NEWS: Morrisons eyes takeover auction as suitor talks continue

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8 Sep 2021 08:47

LIVE MARKETS-93% of the STOXX in the red

* European shared down 1%* Smiths gains after $2.7 bln unit sale* Asian shares mixed, Tokyo up* U.S. futures lowerSept 8 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with u...

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8 Sep 2021 08:41

LONDON MARKET OPEN: Stocks struggle as economic worries weigh

LONDON MARKET OPEN: Stocks struggle as economic worries weigh

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8 Sep 2021 07:54

LIVE MARKETS-Time to join the green bond gang

* European stock futures down slightly* Asian shares mixed, Tokyo up* Sanofi to buy Kadmon in $1.9 bln dealSept 8 - Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at mar...

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8 Sep 2021 07:49

UPDATE 3-$10 bln U.S. battle for Britain's Morrisons heads for auction

* Morrisons agreed CD&R's 7 bln stg offer last month* Rival suitor Fortress considering options* All parties talking to Takeover Panel regarding auction* Morrisons shares trading above CD&R's offer (Adds detail, shares)By James DaveyLONDON, Sept 8 (...

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8 Sep 2021 07:49

UPDATE 2-$10 bln U.S. battle for Britain's Morrisons heads for auction

* Morrisons agreed CD&R's 7 bln stg offer last month* Rival suitor Fortress considering options* All parties talking to Takeover Panel regarding auction* Morrisons shares trading above CD&R's offer (Adds details, shares)By James DaveyLONDON, Sept 8 ...

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8 Sep 2021 07:49

UPDATE 1-Battle for Britain's Morrisons heads to auction

(Adds detail)LONDON, Sept 8 (Reuters) - British supermarket group Morrisons is in talks with its two U.S. private equity suitors and the Takeover Panel, which governs deals in the UK, regarding an auction procedure to settle its future ownership, ...

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8 Sep 2021 07:48

MORNING BID-Time to join the green bond gang

A look at the day ahead from Dhara Ranasinghe.As governments get back to business with debt issuance after the summer break, there's something notable about this week's debt sales in Europe -- it's green.Germany on Wednesday will sell 10-year green...

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8 Sep 2021 07:46

LONDON MARKET PRE-OPEN: Morrisons eyes auction; Dunelm special payout

LONDON MARKET PRE-OPEN: Morrisons eyes auction; Dunelm special payout

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8 Sep 2021 07:44

Bid for Morrisons set to be decided by auction

(Sharecast News) - Morrisons said on Wednesday that it is in talks with the Takeover Panel about launching an auction process for the supermarket chain after Fortress Investment Group and Clayton Dubilier & Rice failed to declare their bids final.

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8 Sep 2021 07:17

Britain's Morrisons in talks with suitors to start auction process

LONDON, Sept 8 (Reuters) - British supermarket group Morrisons said on Wednesday it was in talks with its two U.S. private equity suitors and the Takeover Panel, which governs deals in the UK, regarding an auction procedure to settle its future o...

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