The 'hard Brexit' roller coaster and BP's Aussie hit: Today's City headlines

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The pound took a fresh battering in currency markets as fears of a “hard Brexit” intensified. Sterling lost almost a cent to $1.2279 at one stage and fell to €1.1044 against the euro on reports that leaving the EU without a trade deal in place could cost the UK as much as £66 billion a year.

Pure Gym, the UK’s biggest fitness chain, pulled plans for a £500 million float weeks after it was announced. The board blamed “market volatility” for not pursuing the move.

Recruiter PageGroup underlined the looming threats to the UK economy, showing a near-5% slide in UK profits for the three months immediately following the EU referendum.

Warren Buffett has hit back at Donald Trump over his tax affairs, releasing figures that suggest he has been paying more than the US presidential candidate since he was 13.

BP has abandoned plans to drill for oil off the coast of southern Australia in a move which delighted environmentalists, but is likely to cost the company up to $200 million (£162.7 million).

Sir Stelios Haji-Ioannou today reignited his long-running war with the board of easyJet, the airline he founded in 1995, condemning its fleet expansion. EasyJet placed a deal to buy  135 new aircraft at a list price of  £8 billion in 2013, despite Sir Stelios, whose easyGroup owns just over a third of the airline, voting against the purchase.

Ted Baker promised to entertain customers with “shoppable” films as it revealed blockbuster first-half sales.

Dixons Carphone sank to the bottom of the FTSE 100 as investors in the mobile phones retailer feared the impact of Samsung stopping all sales of its flagship new Galaxy Note 7.

Heathrow said a record 6.8 million passengers used its arrival and departure halls in September as airlines flew larger, fuller planes from the at-capacity London airport.

Former Barclays boss Bob Diamond has stepped up to be chairman of Atlas Mara, the acquisition vehicle he founded to snap up banking assets in the continent.

The gloom surrounding luxury fashion firms lifted as investors cheered forecast-beating growth at handbag-maker Louis Vuitton’s parent, LVMH.

A £200 million for-sale sign has been hoisted over the last piece of jailed ex-poker star and property fraudster Achilleas Kallakis’ empire in St James’s.

N Brown, the plus-size retailer behind the Simply Be and Jacamo brands, assured shoppers it will resist hiking prices despite the pound’s plunge.

Comment highlights:

Simon English pours cold water on Frankfurt’s chances of superseding London as Europe’s financial hub.

“Moving just one family overseas is a pain in the neck. Moving thousands is a logistical nightmare. The clear preference for all concerned — the banks and the bankers — is to stay here.”

Pure Gym’s explanation for pulling its float doesn’t stack up, writes Jim Armitage.

“On the one hand they tell us they’ve received “strong interest” from potential investors, while on the other admitting there’s not enough demand to get the thing away. Well, I’m afraid you can’t have it both ways, chaps.”

Anthony Hilton explains that the foundations of our current housing crisis were laid in the Thatcher era.

“The demise of council house building left a huge gap that has never been properly filled.”

Market update:

The FTSE 100 flirted with record highs, up 11.29 points at 7108.79 — above its highest closing price by around five points, but just below the intra-day record.

Going up: ARM Holdings, Pearson, Victrex

Doing down: Audioboom

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October 11, 2016 |
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