|Day's range||7,231.01 - 7,303.04|
|52-week range||6,536.50 - 7,793.50|
Karan Bilimoria, the Indian entrepreneur and founder of Cobra Beer, has emerged as the leading contender to take over as the next president of Britain’s largest business association. The CBI confirmed on Sunday that Lord Bilimoria, a crossbench peer, would stand for election as the organisation’s vice-president at its annual meeting on June 18, taking over from the outgoing Paul Drechsler. If confirmed, Lord Bilimoria’s election will put him in line to take over from John Allan, the CBI’s current president, when his two-year term ends next summer.
The FTSE 100 added 0.7% and the midcap index rose 0.5%, slightly off its opening levels, as traders and investors said the market had already priced in May's move when rumours first started circulating. Housebuilders, considered prone to any hit to the economy from a chaotic "no-deal" departure from the European Union, barely budged after May's speech. Housebuilders, retailers, domestic banks and other Brexit-sensitive stocks fell sharply earlier this week when pressure grew on May and investors grappled with the likelihood of Boris Johnson, who wants a tougher divorce deal, as her successor.
FT subscribers can click here to receive Market Forces every day by email. The global growth forecast is turning murkier, spurring further selling in equities and a search for safety via sovereign bonds. ...
Marks and Spencer has suffered a heavy blow to profits from the costs of its restructuring programme, just as it hits shareholders with a steeply discounted rights issue to fund half of Ocado’s food retail business. The high-street stalwart took a £439m hit from exceptional costs in the year to March 31, mainly from store closures, more of which are planned this year.
FTSE 100 chief executives received pension contributions of 25 per cent of pay last year, compared with an average of about 6 per cent for employees, according to a report published on Tuesday by actuarial consultants Lane Clark & Peacock. Nine of the companies were contributing more than 35 per cent of pay to CEO pensions, including Tui, Standard Chartered and Ashtead.
When Vodafone cut its dividend by 40 per cent last week, it joined a growing number of FTSE 100 groups that have inflicted pain on shareholders. In February, Marks and Spencer, another stock popular with retail investors, said it would drop its payout by the same amount. In both cases the cuts marked a stark shift in policy: M&S had not cut its payout in a decade, while Vodafone had held off for almost 20 years.
Stocks fell broadly on Wall Street Friday as investor jitters over the heated trade war between the world's two biggest economies overshadowed encouraging developments in conflicts between the U.S. and other key trading partners.
U.S. President Donald Trump's bid to blacklist Huawei has further intensified trade tensions, while the Chinese ruling Communist Party's newspaper has insisted the trade war will only make China stronger. The morning's biggest loser was British tour operator Thomas Cook, which saw its shares plummet 30% by mid-morning, hitting their lowest since July 2012 and on track for the biggest one-day drop since November 2011. European stocks traded lower Friday as trade fears ratcheted up, amid the U.S. administration's bid to blacklist Chinese telecoms giant Huawei and the ruling Chinese Communist Party's newspaper striking a defiant tone.
Targeted capital allocation has enabled On The Beach to expand its market share, despite the general cooling, writes Tom Dines. Adjusted pre-tax profits were up 14 per cent in the six months to March, on revenue growth of 41 per cent, but management warned that the “ongoing uncertainty” arising from Brexit meant trading in the background market was 10 per cent weaker in 2019. It also launched Classic Package Holidays, an online booking portal for travel agents to complement its growing business-to-business offering, which kicked off with the acquisition of Classic Collection Holidays last August.
Britain’s National Grid has warned there would be “significant” legal challenges if a future Labour government were to renationalise UK electricity and gas networks at below market value. John Pettigrew, ...
LONDON (AP) — Stocks recovered their poise Thursday after dropping over President Donald Trump's decision to limit U.S. exports to foreign telecoms companies, an order that appeared aimed squarely at China.
Tui, the Anglo-German tour operator, has reported widening losses for the first half of its financial year as it struggles to keep up with shifts in consumer booking trends and the effect of the Boeing 737 Max groundings. The losses come at a time when travel companies are fighting for customers in an increasingly tight market. Tui has twice this year warned on profits, but on Wednesday maintained its current full-year guidance.
Colm Lauder, analyst at Goodbody, said a 6.4 per cent decline in net asset value per share was the largest since 2009 in the depths of the financial crisis. “While British Land is posting declines at a rate not experienced since the bottom of the last market cycle, the balance sheet remains in a robust and flexible position,” he added. The drop echoes that posted on Tuesday by the company’s larger rival Land Securities.
Shareholders at Standard Life Aberdeen, the £569bn UK asset manager, have protested against the pay of a senior executive in one of the biggest revolts at a FTSE 100 company this year. Prior to the meeting, influential proxy advisers Glass Lewis and Institutional Shareholder Services had voiced disapproval of the pay increase and one-off recruitment award, saying they should reflect performance and take the form of phased increases.
The FTSE 100 ended down 0.6% while the FTSE 250 tumbled 1.2% on Monday, led by a slump in Metro Bank. The breakdown last week has not proved temporary and it seems China is prepared to go toe-to-toe with the U.S. on this," markets.com analyst Neil Wilson said. Vodafone tumbled 5.2% on its worst day in nearly five years after The Times reported that the world's second-biggest mobile operator was set to slash dividends to pay for auctions for mobile phone airwaves in Germany and Italy.