01 July

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Britain’s JD Sports to split chairman and CEO roles By Reuters

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LONDON (Reuters) - Britain's biggest sportswear retailer JD Sports Fashion has bowed to critics of its corporate governance by saying it will split long-standing boss Peter Cowgill's role as executive chairman and recruit a chief executive over the next year. The group said on Thursday "a comprehensive process" to divide the role would commence shortly. "We fully accept that the composition of our board should reflect the current scale, momentum and global positioning of the group as well as its increased level of market capitalisation," it said. Corporate governance guidelines in Britain recommend that the...

01 July

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ECB’s Lagarde Says Bank Payout Cap Could Be Lifted End September By Bloomberg

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(Bloomberg) -- European banks could see a cap on dividends and share buybacks lifted at the end of September, according to European Central Bank President Christine Lagarde. The European Systemic Risk Board could allow its call for restrictions to lapse if economic and financial sector conditions do not deteriorate materially, Lagarde told European lawmakers on Thursday in her capacity as head of that institution. “The improved economic outlook on the back of rapid progress in vaccination campaigns has reduced the probability of severe scenarios,” she said. European bank stocks were battered last year after regulators issued...

01 July

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Stocks reach for records as second half starts strong By Reuters

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By Marc Jones LONDON (Reuters) - Europe's financial markets made a solid start to the second half of the year on Thursday, with stocks brushing off a rapid re-acceleration in the region's coronavirus cases and both the dollar and oil extending their strong first half rallies. Early 1% gains in London, Frankfurt, Paris and Milan meant the pan-European STOXX 600 was close to joining Wall Street back at record highs. (EU) In an Asia session thinned by a holiday in Hong Kong, Japan's Nikkei fell 0.3% and the yen hit a 15-month low at...

01 July

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UK urges end to violence in Tigray By Reuters

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LONDON (Reuters) - Britain urged all parties to pull back from the violence in Tigray and allow humanitarian workers access to the area on Thursday, after the Ethiopian government declared a unilateral ceasefire earlier this week. "We welcome the Government of Ethiopia’s announcement of a humanitarian ceasefire in Tigray and urge all other parties to the conflict to make similar announcements," a spokesperson for the Foreign Office said. "The violence must now stop and unfettered humanitarian access granted. Eritrean forces should also leave Tigray." ...

01 July

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FTSE 100 climbs on upbeat earnings; A.B. Foods top gainer By Reuters

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By Shashank Nayar (Reuters) -London's FTSE 100 gained on Thursday as a set of strong earnings reports helped investors look past concerns over rising COVID-19 infections in the UK, while Associated British Foods (LON:ABF) jumped to the top of the blue-chip index. The food and clothing retailer rose 4% to hit its highest in nearly two weeks after third-quarter sales at its Primark fashion stores, which reopened after COVID-19 lockdowns, came in ahead of expectations in all markets. The FTSE 100 climbed 1.2% with heavyweight financials and precious and base metal miners leading gains on strong...

01 July

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Nissan bets big on UK with EV battery plant and new crossover By Reuters

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By Guy Faulconbridge and Paul Sandle SUNDERLAND, England (Reuters) -Nissan Motor Co bet on Britain to supercharge its European electric future on Thursday, pledging $1.4 billion with its Chinese partner to build a giant battery plant that will power 100,000 vehicles a year including a new crossover model. Facing the most profound technological shift in a century, the titans of the auto industry are racing to secure battery supply close to the factories where they will make the new cleaner electric vehicles of the future. Nissan's backing for the 9 gigawatt-hour (GWh) plant cements its...

01 July

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H&M’s profits rebound, but sales recovery remains uneven By Reuters

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By Anna Ringstrom STOCKHOLM (Reuters) -Fashion retailer H&M's global sales growth slowed in the second half of June, highlighting a patchy recovery from the pandemic as restrictions ease and stores reopen. The world's second largest fashion retailer, on Thursday reported a stronger than expected second-quarter profit, but said sales for June 1-28 were down 4% compared to 2019, indicating that sales slowed throughout the month. Chief Executive Helena Helmersson, speaking to analysts and reporters, attributed the June easing of sales to a combination of factors, including tough year-ago and 2019 comparisons, cold weather in some European...

01 July

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European shares rise as investors shake off virus, inflation fears By Reuters

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(Reuters) - European shares rose on Thursday as investors focused on signs of a steady economic recovery, shaking off growing concerns around a jump in inflation as well as the global spread of the Delta variant of the coronavirus. The pan-European STOXX 600 was up 0.6% after ending Wednesday with its fifth straight quarter of gains. Germany's DAX also jumped 0.6% as data showed retail sales in Europe's biggest economy rebounded in May. ...

01 July

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Grafton to sell traditional merchanting business in Britain for $718 million By Reuters

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(Reuters) - Grafton said on Thursday it will sell its British traditional merchanting business to a Blackstone-managed firm in a deal with an enterprise value of 520 million pounds ($718 million), as it focuses on higher-growth businesses. The building materials distributor, which operates in the UK, Ireland and the Netherlands, also said it will be focused on developing Selco Builders Warehouse branch network and other specialist distribution and manufacturing businesses in Britain. FTSE 250-listed Grafton will sell the business — which comprises brands such as Buildbase, Civils & Lintels and PDM Buildbase — to Huws Gray,...

01 July

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Britain’s AO World signals strong start to year after profit triples By Reuters

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(Reuters) - Online electricals retailer AO World signalled a robust start to the new financial year on Thursday, after reporting an annual profit that nearly tripled on strong demand for home appliances and office products due to the COVID-19 pandemic. Shares of the AO World, which sells which sells laptops, washing machines, mobile phones and printers, had more than quadrupled in value in 2020 as the company benefited from Britons working from home during the global health crisis. Investor focus is now on its expansion plans and how the company is gearing up for the new...

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News

Britain’s JD Sports to split chairman and CEO roles By Reuters

ECB’s Lagarde Says Bank Payout Cap Could Be Lifted End September By Bloomberg

Stocks reach for records as second half starts strong By Reuters

UK urges end to violence in Tigray By Reuters

FTSE 100 climbs on upbeat earnings; A.B. Foods top gainer By Reuters

Nissan bets big on UK with EV battery plant and new crossover By Reuters

H&M’s profits rebound, but sales recovery remains uneven By Reuters

European shares rise as investors shake off virus, inflation fears By Reuters

Grafton to sell traditional merchanting business in Britain for $718 million By Reuters

Britain’s AO World signals strong start to year after profit triples By Reuters

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