BUSINESS LIVE: Superdry to delist; B&M expects high profits (2024)

Plus500 expects to be 'ahead of current market expectations' after the firm posted strong first quarter results.

The FTSE 250-listed Israeli stock trading platform reported a 4 per cent rise in revenues to $215.6million (£173.2million) compared to the same quarter last year.

Just before close, the FTSE 100 was 1.85 % down at 7,817.94.

Meanwhile, the FTSE 250 was 1.61% lower at 19,382.26.

Average petrol prices have risen by nearly 8p per litre so far this year, figures show - and it means a litre of unleaded looks set to rise above £1.50 on average for the first time in five months.

A 1.6p jump in the past week - the steepest weekly leap since August - has brought the average price of a litre of petrol at UK forecourts to a five-month high of 148.5p, according to government data.

Hays and Robert Walters have become the latest recruiters to make further job cuts amid a challenging global employment market.

The IMF has warned that escalation in the Middle East could trigger a new inflation shock.

In its latest assessment of the global economy, the international body welcomed the 'remarkable resilience' of the last two years.

But a monumental fallout in Italy has seen the company do a screeching U-turn on the car's name after it was accused of breaching a domestic law.

More over-55s are tapping their pensions and over half are cashing them out entirely, new official figures reveal.

Nearly 740,000 pension funds were accessed in the 2022-23 financial year, up around 5 per cent from the year before, as people struggled to pay household bills in a period of rising inflation.

Bargain hunters have boosted sales at B&M, with the discounter committing to opening 45 new British stores this year

The FTSE 100-listed retailer said that group revenue rose by 10.1 per cent to £5.5billion over the past year.

Customers of Booking.com have told how they lost money after falling for a convincing scam when trying to book holidays.

Tory MPs are pushing the government to give domestic landlords tax cuts if they make their homes more energy efficient in order to cut bills and make the UK less reliant on foreign gas.

Jeremy Huntis being urged to give incentives to retrofit improvements including to insulation to improve the UK housing stock, which has been called the leakiest in Europe.

(PA) - UK packaging giant DS Smith has agreed a £5.8billion takeover by a US rival after the suitor emerged victorious in a bidding battle for the firm.

Under the all-share deal, Memphis-based International Paper will own around 66.3% of the combined group, with FTSE 100 listed DS Smith owning the remaining 33.7%.

It comes after International Paper muscled in on a £5.1billion deal between DS Smith and London-listed rival Mondi, that was agreed in principle last month.

International Paper will also seek a secondary listing of its shares on the London Stock Exchange following the takeover, which values each DS Smith share at 415p.

But it warned over back office job cuts across the combined workforce, with around 400 roles so far earmarked as being at risk, though this is subject to a review.

It said this was around 0.6% of the combined workforce worldwide and would focus on "corporate, head office and senior management positions across its and DS Smith's respective businesses".

Most roles impacted would be across corporate and administrative departments and come as part of aims to save at least £413million in "synergies" after the acquisition.

Dr Martens shares plummeted on Tuesday after the bootmaker unveiled a major profit warning and the upcoming departure of its chief executive.

The iconic shoe brand, known for its association with youth subcultures like mods and punks, said its pre-tax profits could slump by about two-thirds this financial year.

Superdry will delist from the London Stock Exchange as part of a restructuring plan to save the company.

The embattled retailer told investors on Tuesday the plan will also include rent reductions on 39 UK sites.

Brits have been offered some much-needed relief as figures showed wages outstripping inflation by the biggest margin in two and a half years.

Regular pay rose by 2.1 per cent year-on-year in real terms in the three months to February.That was the highest rate since September 2021, reflecting easing prices.

Capital gains tax is levied on profits from assets ranging from shares to second homes, buy-to-let properties and personal possessions.

It is traditionally applied at lower rates than income tax because the assets in question tend to be those on which people are taking a risk - whether an entrepreneurial one, or via investments held outside Isas and pensions.

Just as the post-lockdown global supply chain crunch seemed to be in the rearview mirror, troubles re-emerged with a set of crises involving two of the world's most important waterways.

Extremely low rainfall since last year, exacerbated by the El Nino phenomenon, has forced Panama Canal authorities to limit daily crossings and how much cargo ships can carry via the Atlantic-Pacific shortcut.

When it comes to the International Monetary Fund (IMF), Europe continues to dominate the choice of who is in the top job.

The re-selection of Kristalina Georgieva, 70, to another five-year term is not a surprise.

The abandoned site of a once-planned £3.8billion gigafactory has been sold – delivering a blow to the UK’s electric car industry.

US private equity giant Blackstone has agreed to buy the 235-acre location in Northumberland, whch it plans to turn it into one of Europe’s largest data centres.

Danni Hewson, AJ Bell head of financial analysis, comments on the latest UK jobs statistics, which showed unemployment tipped up to 4.2 per cent in the three months ending February:

“For months we’ve been watching cracks begin to form in the UK jobs market as the post pandemic boom faded and the cost-of-living crisis forced businesses to retrench.

“Vacancy numbers have fallen again and again, and though they’re still above where they were before Covid lockdowns the fact that unemployment has also been rising suggests a huge disconnect between the jobs available and workers free to fill them.

The skills gap is nothing new and there never has been a quick fix, but with economic inactivity also surging over 22% it is a problem that’s becoming increasingly important.

“How can the UK economy grow if its businesses are held back because they can’t find the workers they need to expand and fulfil their potential? Without that growth the current economic torpor will become endemic and the growing pressure on the public purse will leave few options other than tax hikes to balance the books.

The number of Footsie firms pushing for pay rises for their chief executives has jumped even after the average salary hit £4.5million, a study has revealed.

As the debate about boardroom excess intensifies, the analysis by Deloitte showed that 16 FTSE 100 companies are looking to revamp pay policies this year.

Fintech firms including Revolut and Monzo are calling for the Government to scrap stamp duty on share trading to help revive stock markets.

They are among a group of companies who have signed up to a list of policy demands aimed at ensuring Britain maintains its ‘leading global position’ in the sector.

CVC has revived plans to list in Amsterdam in a deal worth up to £13billion in a fresh setback for London.

The private equity giant abandoned an initial public offering (IPO) in 2022 and again in 2023 due to market uncertainty.

Profits at Goldman Sachs surged to a better than expected £3.3billion in the first quarter of the year – thanks to a revival of its investment banking arm.

The 28 per cent rise compared to the same period last year was helped by a revival in deal- making fees as well as a strong period for bond trading.

Tesla is axing more than 10 per cent of its global workforce as it grapples with falling sales.

The US car maker, which is led by billionaire Elon Musk, has been hit by subdued demand for electric vehicles (EVs) and a price war with Chinese rivals.