The FTSE 100 is down 0.4% in the opening minutes of trading. Today, Brickability, Superdry, PensionBee, and Revolution Beauty are among the companies with reports and trading updates.
Barclays CEO CS Venkatakrishnan admits he has been diagnosed with cancer, but he promises to continue working throughout treatment.
CS Venkatakrishnan, the CEO of Barclays, has notified the board that he has been diagnosed with Non-Hodgkin Lymphoma.
The American banker Venkat, who succeeded Jes Staley in November of last year, informed his employees in an open letter that his prognosis is excellent and his ailment is treatable.
Venkatakrishnan stated that the cancer treatment will likely last between 12 and 16 weeks, during which time the company will operate regularly and the CEO will be “fully engaged in managing it.”
As he will be unable to travel, he stated that he may need to work from home for some time.
On account of China’s protests, investors begin the week with a “risk-off” mentality.
Joshua Raymond, director of the online investment site XTB.com:
The Chinese demonstrations are hazardous for investors for two primary reasons. First, they are likely to be confronted with stronger laws and procedures to limit the duration and spread of protests, which could result in more activity and demand restrictions.
“Second, the exceptionally massive and widespread protests are indicative of cracks in Xi Jinping’s power, which could portend longer-term insecurity. Both factors generate uncertainty in the demand for commodities like Oil, which is why investors began the week in ‘risk-off’ mode by selling stocks and transferring money into safer havens like the Japanese Yen.
Breakability is on track to meet projections as sales reach £352,7 million
Breakability anticipates meeting its annual profit projections due to a robust order book throughout the second part of the year.
The Welsh-based building materials supplier informed investors on Monday that its revenue climbed by 57.8 percent to £352.7 million and that it anticipates an adjusted EBITDA of £44.5 million for 2022.
China’s unrest hinders output at Apple’s facility.
Russ Mould, investment director at AJ Bell, talks about the economic impact of protests in China.
China is a voracious consumer of global commodities, so any indications that the country’s economic activity is being disrupted by the growing discontent would be viewed as negative for demand. Notably, instability is already harming companies in China, including Apple, which has experienced violent conflicts at one of its Zhengzhou plants.
In this framework, the selling in mining, oil, and gas stocks makes a great deal of sense, and it is striking that other European indices are not as negatively affected as the resource-heavy FTSE 100 this morning.
Given how adamant Xi Jinping has been in maintaining the hard-line policy, it is unlikely that it will be ceded quickly. However, if the protests convince Beijing to adopt a more flexible approach to Covid, they could be favorable for growth in the near term.
Part of China’s dilemma is that its vaccination rates lag behind those of other countries; as a result, a policy of “living with the virus” has enormous dangers.
Rio Tinto and the Juukan Gorge consortium establish a historic accord
(Reuters) – Rio Tinto Ltd has achieved a restitution agreement with an Aboriginal group whose rock shelters it demolished for an iron ore mine in Western Australia two years ago, the parties announced on Monday.
Traditional proprietors, the Puutu Kunti, Kurama, and Pinikura (PKKP) peoples, were greatly distressed by the loss of Juukan Gorge sites that included evidence of human occupancy dating back to the last Ice Age, 46,000 years ago.
It also resulted in a global outcry, the dismissal of three senior officials and two board members, a parliamentary investigation, and a review of mining industry agreements with Indigenous Australians.
At the request of the PKKP, neither party provided financial terms, the parties said.
Burchell Hayes, chairman of the PKKP Aboriginal Corp, stated, “Nothing will compensate or replace the loss sustained at Juukan Gorge, so this is a result-oriented legacy to ensure something positive will result from it for years to come.”
Superdry confirmed it is negotiating a refinancing.
Victoria Scholar, Head of Investment at Interactive Investor, weighs in on Superdry’s news that the company was negotiating further refinancing arrangements.
Superdry has revealed that it is in negotiations with Bantry Bay Capital, which is backed by Elliott Advisers, to replace an existing £70 million asset-based loan agreement.
The retailer continues to negotiate with other lenders. In October, Superdry disclosed that its asset-backed loan agreement would expire in January 2023, emphasizing the necessity to refinance its debt. Last month, Superdry issued a going concern notice.
Despite Superdry’s turnaround from a full-year loss of £12.6 million to a profit of £21.9 million in the year to 30 April, the company’s stock has suffered this year, falling by more than 50 percent year-to-date.
This morning’s announcement is a nice relief for investors, as it allays some fears about January’s nearing deadline as the need for a settlement intensifies.
As a result of the widespread pessimism in the market, shares are struggling to generate enthusiasm today. As the macroeconomic headwinds of slowing GDP and rising inflation continue to loom, the pressures on the high street show no signs of abating.
Revolution Beauty names a new chief executive officer.
Bob Holt has been promoted to the chief executive officer of Revolution Beauty, the cosmetics company, following the three-week departure of Adam Minto amid an accounting investigation.
The trading of Revolution Beauty’s shares was halted on September 1 following the company’s failure to report final results for the fiscal year that ended on February 28 due to accounting irregularities that caused the group’s auditor to request an investigation in August.
Since October 14, Holt has served as the company’s interim chief operating officer. Before that, he held executive positions at SureServe Group and Mears Group, two providers of housing and social care.
