BUSINESS CLOSE: Recession fears as PMIs flash warning for economy

The FTSE 100 closed up 0.68 per cent or 49.77 points to 7,320.53 this afternoon. Among the companies with reports and trading updates today are Home REIT, Costain and Mulberry. Read the Wednesday 23 August Business Live blog below.

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Profits reached £6.5million, up 42 per cent on 2021, as commuters flocked back to towns and cities."},"meta":{"block":{"key":"1jofv","text":"The group’s restaurant division saw sales hit £101million in 2022 – below the £114.7million it took in 2019 but up 73 per cent on 2021. 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Investor group accuses Liontrust of ‘false rumours and information’

A war of words has erupted over the potential takeover of GAM, after a rebel investor group accused Liontrust of transmitting ‘false rumours and information’ to try and scupper their rival offer.

It comes just a day before the deadline for the Swiss fund manager’s shareholders to accept GAM’s proposed acquisition by Liontrust Asset Management.

The Footsie closes soon

Just before close, the FTSE 100 was 0.68% up at 7,320.41.

Meanwhile, the FTSE 250 was 0.96% lower at 18,197.11.

Post Office boss to return bonus pay linked to Horizon inquiry after pressure

(PA) – The boss of the Post Office has said he will return all of his bonus payment linked to the Horizon inquiry regarding hundreds of wrongfully convicted postmasters.

Nick Read, chief executive of the Post Office, also apologised again for “procedural and governance mistakes made” in the firm linking significant bonus payments to work related to the inquiry into the miscarriage of justice.

Around 700 Post Office workers were convicted, and some sent to prison, for theft and false accounting between 2000 and 2014.

It was later revealed that errors linked to the Fujistu Horizon software were to blame.

The boss has said that he will voluntarily return this part of the £455,000 bonus he received for the 2021-22 financial year.

It is understood this part of the bonus is £54,400.

This includes around £13,000 of Mr Read’s bonus which he had previously committed to returning.

The company has not said whether other workers who received bonus payments linked to the inquiry will also return these significant payments.

The Post Office told Darren Jones MP, chair of the House of Commons business and trade committee, last week that 33 employees had paid back a total of £64,252 in payments linked to the inquiry sub-metric.

In response, Mr Jones threatened to haul bosses from the business back in front of the committee after it refused to fully commit to clawing back all executive bonuses linked to the inquiry.

Monarch Airlines wants to resume flights to Gibraltar and North Africa

Bold plans to resurrect Monarch Airlines will see the carrier return its headquarters to Luton, the town it was founded in 1967 and where it ran for 50 years until its demise in 2017.

The plans would see the defunct brand take to the skies once again by mid-2024 using a small fleet of Airbus A20-family jets, according to its newly appointed director.

Nigel Farage blasts ‘sick joke’ £2.4million payout to ex-NatWest boss

NatWest sparked fury today after revealing former boss Dame Alison Rose is set to receive a £2.4million pay package, a month after resigning in disgrace in a row over Nigel Farage’s bank account.

The former chief executive led the company for four years but stepped down on July 25 following the disclosure of information about Mr Farage’s account with Coutts, the elite private bank NatWest owns.

Has inflation turned a corner or could it bounce back? TiM podcast

The inflation spike took central banks, governments and many ordinary people by surprise but Britain’s cost of living problem has proved more stubborn that most.

The latest set of official figures on consumer prices index inflation seem to show that the UK may be making some headway on getting it down.

Iceland exec says ban on advertising baby formula is ‘bonkers’

Iceland’s CEO has sparked a huge debate after calling the ban of baby formula advertising ‘bonkers’.

Richard Walker, executive chairman of the supermarket chain, said that a lot of new parents in the UK ‘can’t breastfeed’ and rely on formula milk.

Nationwide, HSBC and Santander cut mortgage rates

Three more major mortgage lenders have slashed their rates, offering further respite for mortgage borrowers – as brokers warn that they shouldn’t wait around for rates to fall further.

HSBC and Nationwide are the latest large lenders to announce further rate reductions, both taking effect from today.

Google gets ensnared in $6BILLION ‘Sunday Ticket’ lawsuit against NFL

Google has been hit with a lawsuit in US federal court seeking information about its multibillion-dollar deal with the NFL to exclusively hold the broadcast rights for the ‘Sunday Ticket’ package of televised professional games.

Lawyers representing classes of residential and commercial business subscribers of Sunday Ticket filed the lawsuit on Monday in San Jose, California, federal court.

UK business activity shrinks on ‘heightened’ recession risk

The UK’s private sector suffered a downturn in August on the back of lower new orders and higher borrowing costs, ratcheting concerns the economy could enter a recession.

It represented the first monthly decline since January as firms were struck hard by recent hikes to interest rates, which have risen to a 15-year high of 5.25 per cent.

Camden Town Brewery advert banned for appealing to kids

A TV advert for AB InBev’s Camden Town Brewery has been banned by the Advertising Standards Authority for appealing to under 18s.

An unnamed complainant said their young children found the advert engaging and challenged whether it was likely to appeal strongly to people under 18 years of age.

Costain Group considers restarting dividends on Gatwick boost

Costain Group is considering the resumption of dividends after revealing a healthy first-half performance and an improved financial position.

The civil engineering firm, which helped construct the Channel Tunnel Rail Link and London’s Thames Barrier, saw flat turnover of £664.4million for the six months ending June.

MAGGIE PAGANO: The CMA bares its teeth

Hats off to the Competition and Markets Authority’s Sarah Cardell.

The watchdog’s boss took on the might of Microsoft by blocking its original £60billion bid for Activision Blizzard, provoking a barrage of gratuitous criticism from the US tech giant.

Home REIT tenant surrenders 100 leases

Troubled housing provider Home REIT will take control of 100 property leases comprising 418 bed after tenant (Housing & Support) CIC (One CIC) agreed to surrender them.

Mears Limited, guaranteed by housing and social care provider Mears Group, has been occupying the properties on a sub-lease from One CIC.

‘I’ve never seen turmoil like it,’ says PwC chief

PwC has experienced more ‘political and economic turbulence’ over the past year than ever before, its UK boss revealed yesterday.

Kevin Ellis was speaking as the UK arm of the accounting and auditing giant published results for a period which has seen three prime ministers and a bond market meltdown, as well as inflation at the highest level for four decades.

Morgan Stanley slapped with £5.4m fine by Ofgem amid WhatsApp debacle

Britain’s energy regulator has fined US banking giant Morgan Stanley over £5.4million after its energy traders communicated via private WhatsApp discussions.

The regulator said the group had failed to take ‘reasonable steps’ to ensure its staff did not use ways of communicating that it could not hand over to investigators should they ask for the information.

Market open: FTSE 100 up 0.4%; FTSE 250 adds 0.3%

The FSE 100 is trading higher this morning, helped by mining stocks on the back of gains in metal and gold prices, while Reckitt Benckiser is up after the company said its chief financial officer would retire next year.

Industrial metal miners are up 1 per cent, leading sectoral gains on the back of higher base metal prices.

Shares of personal care, drug and grocery store companies have recovered after a sell-off in the previous session, rising 0.5 per cent, helped by a 0.4 per cent gain in Reckitt Benckiser.

Microsoft launches new £60bn bid for Activision

Microsoft has tabled a revised £60billion offer for Activision Blizzard in a bid to secure approval from UK regulators.

The US tech giant had to submit another bid for the video game group after the Competition and Markets Authority (CMA) blocked the original deal ‘to protect innovation and choice in cloud gaming’.

‘Markets return to a holding pattern’ ahead of Powell speech

Richard Hunter, Head of Markets at interactive investor:

‘Markets returned to a holding pattern ahead of two key imminent events which could shape the immediate outlook for investor sentiment.

‘The upcoming speech by Federal Reserve Chair Powell at the Jackson Hole symposium is eagerly awaited, as it is expected to provide further colour on the central bank’s current thinking. The probability of higher rates for longer in an attempt to finally quash inflation is increasingly being reluctantly accepted by investors, while the jury remains out as to whether there could actually be more rises to come.

‘In the meantime, US markets drifted, with some weakness in bank shares following a report from S&P Global which revised its outlook for the sector, based on the currently tough operating conditions.

‘Even so, the reaction was muted and did little to move the dial on the strong performance of the main indices in the year to date, where the Dow Jones has added 3.4%, the S&P500 14% and the Nasdaq 29%.

‘The FTSE100 maintained its own sideways shuffle in early trade, posting a marginal gain. Some tentative buying interest in the mining sector provided something of a prop, with investors now likely to return to macro matters as the latest quarterly earnings season moves into the rear-view mirror.

‘In the meantime, the FTSE100 has drifted by 2.2% in the year to date, underperforming many of its global peers and having seen earlier year gains disappear into thin investment air.’

Arm sounds alarm over its Chinese business

Arm has raised alarm bells about China as it gears up for the biggest stock market listing in the US for nearly two years.

The Cambridge-based chip designer – which is owned by Japanese investor SoftBank – revealed it was ‘particularly susceptible to economic and political risks’ in China, where it rakes in nearly a quarter of its revenues.

Itsu sales bounce back as workers return to office

Business at Asian food chain Itsu remains below pre-pandemic levels despite a strong recovery last year as workers returned to the office.

The group’s restaurant division saw sales hit £101million in 2022 – below the £114.7million it took in 2019 but up 73 per cent on 2021. Profits reached £6.5million, up 42 per cent on 2021, as commuters flocked back to towns and cities.

Home REIT surrenders 100 property leases

Beleaguered homeless housing business Home REIT has agreed to surrender its leases on 100 properties comprising a total of 418 beds as the investment trust attempts to stabilise its portfolio.

Home REIT said the surrender will give it ‘a sustainable income stream’ from a strong tenant covenant and it is expected to generate ‘significantly higher rent collection than has previously been received… despite lower headline rent’.

It added: ‘The transaction is in line with AEW’s strategy as Investment Manager to stabilise the Company’s portfolio. The current occupiers of the Properties will not be impacted as a result of this transaction.’

M&S set for FTSE 100 return but builder Persimmon heading for exit

Marks & Spencer looks set to return to the FTSE 100 after a four-year absence as its turnaround gathers pace.

The High Street stalwart is on course to be one of four companies promoted to the blue-chip benchmark in next month’s quarterly reshuffle, according to an update from index compiler FTSE Russell last night.

Going in the opposite direction could be housebuilder Persimmon, which faces relegation to the FTSE 250 as the property market is battered by rising interest rates.

Ofgem fines Morgan Stanley for trading comms failures

Energy regulator Ofgem has levied a £5.4million fine on Morgan Stanley for not recording and retaining electronic communications relating to trading wholesale energy products.

The fine was for the period between January 2018 and March 2020.

Cathryn Scott, regulatory director of enforcement and emerging issues at Ofgem, said:

‘This fine sends a strong message to market participants that they must comply with all REMIT rules or face enforcement action.

‘It is unacceptable that MSIP failed to prevent electronic communications which could not be recorded or retained. It risks a significant compromise of the integrity and transparency of wholesale energy markets.

‘We welcome the steps MSIP has taken to ensure the breaches do not happen again.’