FTSE 100 Live Wednesday
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21 seconds ago
How to sell your start-up, by those who've made millions doing just that
You’d have made a bad career move if you spent your first day in a new job working out how to leave it. But when you’re starting a business, having an exit plan from the outset is a good idea, according to entrepreneurs who have been there – and sold that.
Joanna Jensen, whose kids’ toiletry business Childs Farm was sold to listed soap-maker PZ Cussons for some £40 million in 2022, said she always had an eye on the exit.
“I’m an extremely commercial individual – my background was in investment banking,” Jensen explains. “When I started Childs Farm, I was already thinking about my ultimate objective. Most entrepreneurs – especially men – claim it was never about the money for them... they wanted to make a difference to the community. That’s complete horsesh*t: we’re all doing it for the money.
Read more here
37 minutes ago
Aldi plans jobs boom as £1.4 billion expansion plans take off in London and the UK
Discount grocer Aldi is planning a jobs bonanza for the UK and London as it accelerates its £1.4 billion expansion plans.
The German firm is already the fourth-biggest supermarket chain in the country and runs almost 50 shops across the capital, from Archway to Thamesmead.
It said today that 5,500 new roles would be on offer nationally this year, adding to the 45,000 people it already employs. A range of jobs will be created, including managers, cleaners and store assistants and workers within its 11 distribution centres.
Read more here
1 hour ago
Nvdia results to come on Wall Street
Today’s trading in the US will be highlighted by earnings figures for Nvdia, probably the most closely watched stock of the year.
Boosted by AI demand, Nvdia shares are already up 44% this year. The firm is valued at $1.7 trillion, more than half the value of the entire London Stock Exchange.
1 hour ago
Market snapshot: FTSE 100 down almost 1%
Take a look at our midday market snapshot, with the FTSE 100 down almost 1%.
1 hour ago
Alcohol industry calls for cut to ‘punishing’ duty rates
The wine and spirits industry has called for a cut in alcohol duty at the Budget, claiming last year’s increases had an “immediate and negative impact” on UK businesses.
The Wine and Spirit Trade Association (WSTA) called on the Chancellor to take action to recover almost £600 million in losses to Treasury coffers, arguing that a duty cut would prevent further inflation-fuelling price rises, support business and boost revenue to the Exchequer.
WSTA said latest HMRC data published on Wednesday suggested the Treasury lost £436 million in excise duty receipts for wine and spirits between September and January compared with the same period a year earlier.
Read more here
2 hours ago
King Charles banknotes to enter circulation on June 5
Banknotes carrying a portrait of the King will be issued for the first time on June 5, the Bank of England has said.
The portrait of Charles will appear on existing designs of all four banknotes (£5, £10, £20 and £50), with no other changes to the existing designs.
Polymer banknotes featuring the portrait of the late Queen Elizabeth II will remain legal tender, and will co-circulate alongside the King Charles III notes.
Read more here
2 hours ago
Glencore down 6% in weak FTSE 100, Currys higher in FTSE 250
Glencore shares have fallen 6% or 22.7p to 367.7p, the miner’s lowest level since early 2022 after annual results came in short of expectations.
Earnings halved to $17.1 billion (£13.6 billion), reflecting lower thermal energy prices than a year ago. The City had been looking for about $17.4 billion.
Glencore also reported a big dividend cut to 13 US cents a share, with no repeat of the $1 billion “top-up” payment enjoyed by investors last autumn.
The caution comes as Glencore retains cash for the planned acquisition of the steelmaking coal business of Canada’s Teck Resources.
Glencore’s weakness and the 7% results-day slide for HSBC meant the FTSE 100 index underperformed with a decline of 0.8% or 59.51 points to 7659.70.
On the risers board, Barclays added another 3.1p to 164.8p after its pledge to return £10 billion to shareholders lifted the lender’s shares by 8.6% in yesterday’s session..
The post-results momentum for NatWest also continued as shares improved 2.2p to 231p, the highest level since October.
In contrast to the top flight, the mid-cap FTSE 250 index edged up 1.10 points to 19,110.73.
Takeover target Currys put on 1.1p to 67p, taking the electricals chain further away from the 62p a share tabled by Elliott Advisors as investors look to a potential bid battle involving China’s JD.com.
The biggest fall in the FTSE 250 was by AI-led cyber security firm Darktrace, which slid 8% or 29p to 331p.
2 hours ago
Britons bagging bargains as spending in discount stores jumps by 41% annually
Households spent 41% more at discount stores by value in January this year than the same month in 2023, according to customer data from Britain’s biggest building society.
Nationwide Building Society said people are turning to bulk buy and discount retailers as essential costs continue to increase.
Debt payments increased by 7% by value in January, compared with a year earlier, while supermarket spending was up by 6%.
Read more here
3 hours ago
Rio shares slip after lower metals prices corrode profits
Shares in London-listed Australian mining behemoth Rio Tintoare under pressure after it revealed the the impact of cooling commodity prices on its 2023 profits.
It reported a 12% drop in underlying earnings of $11.8bn (£9.4 billion), driven by lower metals prices, especially aluminium. Prices fell further from peaks hit during Covid, as supply chains normalised after the pandemic.
Iron ore fared better. The division made up 80% of the firm’s profits, and underlying earnings from it were up 6%, ahead of a 2% rise in the commodity’s price.
The £65-billion company is the second-biggest miner in the world, after BHP. Rio upped its payout for investors by more than City experts expected with a hike to $2.58 per share, up from $2.25 for 2022.
Chief executive,Jakob Stausholm, called the results “resilient”, and said: "We will continue paying attractive dividends and investing in the long-term strength of our business as we grow in the materials needed fora decarbonising world."
Rio’s shares fell 54.8p to 5175.2p
3 hours ago
BT shares steady after big hotel deal
BT shares are steady at 107.5p after today’s shock hotel deal.
The telecoms giant agreed to sell the iconic BT Tower to American hotels business MCR Hotels for £175 million. Shares briefly hit 108.5p on the news before settling only slightly higher than yesterday’s close.
Read more on the deal here
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