Sat. Jan 22nd, 2022


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Home Builders with profits of more than £ 10m was notified by Michael Gove about the clothing crisis after the Secretary of State for Leveling Up Developers set a March deadline to come up with a “fully funded plan of action”.

In a letter published on Monday, Gove said a “new agreement with the industry” should be built on commitments from developers to contribute to an estimated £ 4bn fund to cover unsafe upkeep at £ 11-18m fixing buildings and fixing properties that played a role. in development. The government has said it will decide which companies to contribute to the fund after talks with industry, “but expects it to cover all firms with annual profits from house construction of more than £ 10 million”.

Our correspondents have more about developers’ response to Gove’s letter and a catch-up on the clothing situation in this story from the weekend.

Tell me what you think. Email us at citybulletin@ft.com

Briefly

Private hospital group Spire Healthcare reached an agreement in principle with the NHS to alleviate pressure on Covid-19’s Omicron wave public services. The agreement, although not yet signed, will run from today until the end of March. Spire had a similar agreement with the NHS between January and March last year.

Online trading group Plus500 said last year’s performance was above market expectations, even though revenue was nearly 18 percent lower than 2020 and ebitda dropped 25 percent.

Online electrical retailer Brand Electrical reported a 27 per cent rise in revenue to £ 22m in the three months to December following a “strong performance” during Black Friday and Christmas trading. For the nine months to December, Marks reported 55 percent year-on-year sales growth.

Aldi releases only limited information on UK performance, but the discount retailer said this morning that sales rose 0.4 percent in December compared to the previous year. Sales were 8.1 percent higher than in December 2019, it added.

The week in the City

We are testing a new item today: what to look out for in the UK corporate week ahead. Let me know if you want me to like it or if you already get that information elsewhere by emailing me at citybulletin@ft.com. Be honest, I can take it.

Tuesday: Robert Walters updates over the end of a good year for recruiters (they have a lot to thank the Big Resignation for) after telling the market in December that profits before tax would be “conveniently above” expectations. Warhammer Group Mid-Year Results Also Available Games workshop.

Wednesday: The Christmas trade update from J Sainsbury, the first of the big supermarkets to report, is the big event. Other retailers updating investors include Coach Store JD Sports and banking group DFS Furniture. Premier Inn owner Whitbread, food ordering platform Only eat takeaways, recruiter Page group and home builder Vistry also provides trade updates.

Thursday: It is the turn of three large retailers today. In groceries, this is Tesco, which presumably had the best Christmas of Britain’s major supermarkets. Then there is M&S, where investors will seek confirmation the recovery continues, and Asos, who is looking for a new CEO after suddenly parting ways with Nick Beighton in October. Homebuilder updates are also available Persimmon, bicycle shop Halfords and homeware retailer Dunelm.

Friday: Curries, formerly known as Dixons Carphone, rounds off the week. It warned in mid-December that its market was “softer over the past few weeks”, although it stuck to a profit forecast made in November, so it will show whether trade has returned.

Beyond the square mile

The co-founder of N26, one of Europe’s top-ranked online banks, said fintech was wrong about global expansion and crypto. “Should we have built trade and crypto instead of starting in the US? In retrospect, it might have been a smart idea,” Max Tayenthal told the FT, eighteen months after knocking back from the UK , N26 announced in November that he would also be leaving the US, please read Olaf Storbeck’s interview here.

Founders and senior executives of companies run by Ark Invest se flagship fund launches unprecedented attack on stock sale, ETF correspondent Steve Johnson reported. Company insiders sold $ 13.5 billion worth of shares – and bought only $ 11 million – in the six months to December. The Ark Innovation Exchange Traded Fund (ARKK), which earned founder Cathie Wood the nickname “Queen of the Bull Market” after winning more than 150 percent in 2020, has lost almost half of its value since its peak in February 2021.

An eventful day in trading Chinese shares: share in China Life Insurance Monday fell after Beijing’s anti-corruption agency revealed it was investigating the company’s chairman while shares in Modern country, a Chinese real estate developer who missed payments on a mortgage on land in October last year, fell nearly 40 percent after it came to light that he was in talks with creditors about a restructuring plan. But Chinese technology stocks rose after a difficult week’s trading. William Langley the lake on all three stories.

Deputy Editor Patrick Jenkins explains why a centuries-old trade finance product, the banker’s acceptance, serves as a modern day barometer of greatness in the financial sector sentiment. The Chinese financial sector has been innovating for years with supposedly secure banker acceptances, he writes. And “no matter how safe these products are in theory, they are certainly not risk-free in practice. “Unfortunately, the market is increasingly praising them as if they were.”

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