(Bloomberg) — Here’s the key business news from London-listed companies this morning.
Next Plc: The lifestyle brand has boosted its profit outlook for this year, as retail store sales recovered from their slump while online sales growth stalled.
- The company said this is probably just a temporary reversal of pandemic-era trends and inflation could dampen consumer demand
- The resurgence in retail sales in the quarter was partly down to warmer weather reinvigorating demand for formalwear, especially with a strong pipeline of delayed weddings, while many competitor stores closing down over the past three years also benefited the chain’s high street locations
Glencore Plc: The mining giant posted what it said was an “exceptional financial performance” in the first-half of the year, prompting it to pay out an additional $4.45 billion to shareholders in dividends and share buybacks.
- Surging coal, oil and gas prices helped boost the world’s top coal shipper’s earnings, while volatility and market dislocations in the wake of Russia’s invasion of Ukraine also benefitted its trading business
Mediclinic International Plc: The hospital operator has agreed a takeover deal with Remgro Limited and a subsidiary of MSC Mediterranean Shipping Company SA valuing the company at about £3.7 billion.
- That deal is at 504 pence per share, improving on the company’s proposed offer in June at 463 pence per share, which was rejected by Mediclinic’s board as “significantly” undervaluing the company
Outside The City
Liz Truss bounced back from a policy U-turn to regain the momentum in the Tory leadership race, buoyed by a fresh major endorsement and strong polling figures.
That’s as the UK could be on the brink of a housing revolution to rival Margaret Thatcher’s council house sell-off in the 1980s — which may prove just as divisive.
In Case You Missed It
Here are some neighbourhoods in the world’s sweltering cities — including London — that actually managed to curb this summer’s heat.
And speaking of cool spots: these are the nine best places to eat and drink at the Edinburgh Fringe this month.
Looking Ahead
It’s Bank of England rate decision day today.
At noon, the Monetary Policy Committee will announce whether they’ll raise its benchmark lending rate again — and by how much. The market expects a 50 basis point hike. Focus will also be on the details of the bank’s so-called active quantitative tightening, where they plan to sell gilts, shrinking its trillion-dollar balance sheet.
On Friday, advertising conglomerate WPP Plc is due to report results.
Bloomberg Intelligence’s Matthew Bloxham says strong sales figures from the company’s rivals suggest WPP will probably hit its own revenue goals. The second half of the year might be tougher with economic headwinds potentially dampening clients’ campaign spending.
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