Rolling live coverage of business, economics and financial markets
- Stock markets gain after US regulators approve plasma treatment
- Mike Ashley’s Frasers Group buys DW Sports assets for £37m
11.49am BST
Tesco is permanently hiring 16,000 extra staff taken on during the pandemic to help support a surge in online grocery trade.
Since the start of the pandemic, our colleagues have helped us to more than double our online capacity, safely serving nearly 1.5m customers every week and prioritising vulnerable customers to ensure they get the food they need.
These new roles will help us continue to meet online demand for the long term, and will create permanent employment opportunities for 16,000 people across the UK.
11.45am BST
Footfall across all retail destinations throughout the UK rose by +4.1% last week from the week before, according to data from tracking company Springboard that will boost hopes about the pace of the UK’s economic recovery.
The retail industry has been among the hardest hit during the pandemic, but Springboard said there had been a significant acceleration in footfall after it rose 0.8% in the previous week and and by 1.8% in the same week last year.
It seems that the increased quarantine measures imposed last week on a number of overseas destinations are having a positive impact on UK footfall. Footfall in UK retail destinations last week not only rose on a week on week basis, but the uplift was more than four times as large as the week before, and two and a half times as large as the same week last year.
The outcome is a further incremental recovery in footfall compared with 2019, and the sixteenth consecutive week in which the annual decline has lessened which offers a glimmer of hope for retailers.
10.45am BST
If the UK had Dominic Cummings’s Barnard Castle eye test, Ireland has perhaps outdone it with “golfgate”, a controversy that has already claimed a minister and has the EU’s powerful trade commissioner, Phil Hogan, under serious pressure.
1) I wish to apologise fully and unreservedly for attending the Oireachtas golf society dinner on Wednesday night last.
10.25am BST
Bunzl, a distributor of products such as medical supplies and food packaging, is the second biggest riser on the FTSE 100 (after BT) after reinstating its dividend.
Related: Global dividends plunge by $108bn during Covid-19 crisis
10.09am BST
At the middle of the morning it is turning into a pleasant day for investors on the FTSE 100: the index has now gained 1.9%, or 112 points, to hit 6,114.
Only six companies have lost ground, illustrating the broad risk-on sentiment thanks in part to the US approval of a treatment for Covid-19 using the blood plasma of recovered patients.
9.28am BST
Pearson, the education publisher, has appointed former Disney executive Andy Bird as its new chief executive as it continues to move towards digital sales.
Bird was appointed to the Pearson board on 1 May, and will take over as chief executive on 19 October.
Since joining the board earlier this year I have quickly come to see the enormous potential across the company’s businesses, the strength and dedication of the people who work here, and the great opportunities that exist for Pearson to become a digital first learning company.
9.08am BST
JD Wetherspoon’s sales have fallen by almost a fifth since the reopening of its chain of pubs last month and the company warned it will report a loss for its financial year because of the coronavirus pandemic.
Related: Wetherspoons sales fall as pub chain says Covid will push it to loss
8.57am BST
BT, the telecoms company, is the biggest riser on the FTSE 100 this morning after a report at the weekend that it has hired advisers to fend off potential takeover attempts.
Its shares have gained 7% so far this morning, after Sky News reported that it had hired investment bankers Goldman Sachs and Robey Warshaw to “update its bid defence strategy”.
8.37am BST
Shares in Amigo Holdings, the controversial guarantor loans provider, have tumbled by a quarter this morning after the latest salvo in a brutal battle for control of the business.
Amigo’s founder, James Benamor, remains the largest shareholder through his Richmond Group vehicle. On Friday he wrote a blog post calling for himself to be appointed as chief executive of the lender’s parent company, while keeping on newly appointed chief executive Glen Crawford as head of the lending subsidiary, Amigo Loans Ltd.
Mr Crawford has made it clear to the board that he is not prepared to work with Amigo in any circumstances where Mr Benamor returns to Amigo’s governance structure in a position of influence, and that Mr Crawford’s decision to return as CEO was predicated on the clear statement from Mr Benamor that he was selling down Richmond Group Limited’s controlling shareholding in Amigo to a position of zero.
In the event that Mr Benamor elects to requisition a general meeting for shareholders to vote on his proposals, and should he be successful in gaining shareholder approval for his proposals, the board has agreed with Mr Crawford that he may terminate his employment contract immediately. The board is strongly of the view that such an outcome would be materially detrimental to the interests of the company and its shareholders taken as a whole.
8.14am BST
Mike Ashley’s Frasers Group will use the newly purchased Dave Whelan Sports gyms to expand its Everlast fitness brand, it said on Monday.
The transaction compliments [sic] the existing gym and fitness club portfolio within the company’s group and is consistent with the group’s elevation strategy. Frasers Group looks forward to elevating the gym and fitness assets acquired pursuant to the transaction under the group’s existing iconic Everlast brand, and is also pleased to have saved a number of jobs.
8.03am BST
The FTSE 100 has jumped by 1.2% at the opening bell, up 69 points at about 6,071 points.
The Euro Stoxx index, which measures shares including the FTSE and other major European companies, gained 1.2%. It was helped by a gain of 1.3% on France’s Cac 40 and 1.4% for Germany’s Dax index.
7.55am BST
Good morning, and welcome to our live coverage of business, economics and financial markets.
Stock markets in Asia have risen across the board, with investor optimism at least in part ascribed to new hopes around coronavirus treatment options.
Related: Coronavirus: Trump authorizes plasma treatment amid attacks on FDA
This is what I’ve been looking to do for a long time. Today I’m pleased to make a truly historic announcement in our battle against the China virus that will save countless lives.
Continue reading…Rolling live coverage of business, economics and financial marketsStock markets gain after US regulators approve plasma treatment Mike Ashley’s Frasers Group buys DW Sports assets for £37m 11.49am BSTTesco is permanently hiring 16,000 extra staff taken on during the pandemic to help support a surge in online grocery trade.Since the start of the pandemic, our colleagues have helped us to more than double our online capacity, safely serving nearly 1.5m customers every week and prioritising vulnerable customers to ensure they get the food they need.These new roles will help us continue to meet online demand for the long term, and will create permanent employment opportunities for 16,000 people across the UK. 11.45am BST Footfall across all retail destinations throughout the UK rose by +4.1% last week from the week before, according to data from tracking company Springboard that will boost hopes about the pace of the UK’s economic recovery.The retail industry has been among the hardest hit during the pandemic, but Springboard said there had been a significant acceleration in footfall after it rose 0.8% in the previous week and and by 1.8% in the same week last year.It seems that the increased quarantine measures imposed last week on a number of overseas destinations are having a positive impact on UK footfall. Footfall in UK retail destinations last week not only rose on a week on week basis, but the uplift was more than four times as large as the week before, and two and a half times as large as the same week last year.The outcome is a further incremental recovery in footfall compared with 2019, and the sixteenth consecutive week in which the annual decline has lessened which offers a glimmer of hope for retailers. 10.45am BSTIf the UK had Dominic Cummings’s Barnard Castle eye test, Ireland has perhaps outdone it with “golfgate”, a controversy that has already claimed a minister and has the EU’s powerful trade commissioner, Phil Hogan, under serious pressure.1) I wish to apologise fully and unreservedly for attending the Oireachtas golf society dinner on Wednesday night last. 10.25am BSTBunzl, a distributor of products such as medical supplies and food packaging, is the second biggest riser on the FTSE 100 (after BT) after reinstating its dividend. Related: Global dividends plunge by $108bn during Covid-19 crisis 10.09am BSTAt the middle of the morning it is turning into a pleasant day for investors on the FTSE 100: the index has now gained 1.9%, or 112 points, to hit 6,114.Only six companies have lost ground, illustrating the broad risk-on sentiment thanks in part to the US approval of a treatment for Covid-19 using the blood plasma of recovered patients. 9.28am BSTPearson, the education publisher, has appointed former Disney executive Andy Bird as its new chief executive as it continues to move towards digital sales.Bird was appointed to the Pearson board on 1 May, and will take over as chief executive on 19 October.Since joining the board earlier this year I have quickly come to see the enormous potential across the company’s businesses, the strength and dedication of the people who work here, and the great opportunities that exist for Pearson to become a digital first learning company. 9.08am BSTJD Wetherspoon’s sales have fallen by almost a fifth since the reopening of its chain of pubs last month and the company warned it will report a loss for its financial year because of the coronavirus pandemic. Related: Wetherspoons sales fall as pub chain says Covid will push it to loss 8.57am BSTBT, the telecoms company, is the biggest riser on the FTSE 100 this morning after a report at the weekend that it has hired advisers to fend off potential takeover attempts.Its shares have gained 7% so far this morning, after Sky News reported that it had hired investment bankers Goldman Sachs and Robey Warshaw to “update its bid defence strategy”. 8.37am BSTShares in Amigo Holdings, the controversial guarantor loans provider, have tumbled by a quarter this morning after the latest salvo in a brutal battle for control of the business.Amigo’s founder, James Benamor, remains the largest shareholder through his Richmond Group vehicle. On Friday he wrote a blog post calling for himself to be appointed as chief executive of the lender’s parent company, while keeping on newly appointed chief executive Glen Crawford as head of the lending subsidiary, Amigo Loans Ltd.Mr Crawford has made it clear to the board that he is not prepared to work with Amigo in any circumstances where Mr Benamor returns to Amigo’s governance structure in a position of influence, and that Mr Crawford’s decision to return as CEO was predicated on the clear statement from Mr Benamor that he was selling down Richmond Group Limited’s controlling shareholding in Amigo to a position of zero.In the event that Mr Benamor elects to requisition a general meeting for shareholders to vote on his proposals, and should he be successful in gaining shareholder approval for his proposals, the board has agreed with Mr Crawford that he may terminate his employment contract immediately. The board is strongly of the view that such an outcome would be materially detrimental to the interests of the company and its shareholders taken as a whole. 8.14am BSTMike Ashley’s Frasers Group will use the newly purchased Dave Whelan Sports gyms to expand its Everlast fitness brand, it said on Monday. The transaction compliments [sic] the existing gym and fitness club portfolio within the company’s group and is consistent with the group’s elevation strategy. Frasers Group looks forward to elevating the gym and fitness assets acquired pursuant to the transaction under the group’s existing iconic Everlast brand, and is also pleased to have saved a number of jobs. 8.03am BSTThe FTSE 100 has jumped by 1.2% at the opening bell, up 69 points at about 6,071 points.The Euro Stoxx index, which measures shares including the FTSE and other major European companies, gained 1.2%. It was helped by a gain of 1.3% on France’s Cac 40 and 1.4% for Germany’s Dax index. 7.55am BSTGood morning, and welcome to our live coverage of business, economics and financial markets.Stock markets in Asia have risen across the board, with investor optimism at least in part ascribed to new hopes around coronavirus treatment options. Related: Coronavirus: Trump authorizes plasma treatment amid attacks on FDA This is what I’ve been looking to do for a long time. Today I’m pleased to make a truly historic announcement in our battle against the China virus that will save countless lives. Continue reading…
