Sterling Parity Versus Dollar Looks Almost Certain

0737 GMT - Sterling dives as investors react very negatively to Friday's announcement of sweeping tax cuts and a cap on energy price rises. Parity against the dollar is now "seen as almost certain," Swissquote analyst Ipek Ozkardeskaya says in a note. "What the market is hearing is: who will finance this spending?," she says. GBP/USD falls 0.8% to 1.0734, having dropped as low as 1.0349 overnight, according to FactSet. "The only hope here is to see at least a sugar rush in the British economy to help investors digest information, but the next couple of years will probably be harsh for the U.K.," Ozkardeskaya says. (jessic.fleetham@wsj.com)

 
Companies News: 

Unilever CEO Alan Jope to Retire at End of 2023

Unilever PLC said Monday that Chief Executive Officer Alan Jope has decided to retire from the company at the end of 2023 after five years in the role.

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Anglo American Begins Copper Operations at Peru Site; Revises Production Guidance

Anglo American PLC said Monday that it has started commercial copper operations at its Quellaveco project in Peru, and narrowed 2022 guidance for copper from Chile.

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GSK PLC Names Julie Brown as New CFO; Iain Mackay to Retire in May

GSK PLC said Monday that it has appointed Julie Brown as its new chief financial officer, replacing Iain Mackay, from May 2023.

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Pendragon Gets 29 Pence/Share Takeover Offer From Hedin Mobility

Pendragon PLC said Monday that it has received a 29-pence-a-share takeover offer from Hedin Mobility Group AB.

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Babcock International Five-Month Performance in Line With Views

Babcock International Group PLC said Monday that its performance for the first five months of fiscal 2023 was within the board's expectations, and that the market backdrop remains dynamic.

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Sainsbury's Talks with LXI REIT Over Sale of 18 Stores Collapse

J Sainsbury PLC said Monday that it is no longer in discussions with LXI REIT PLC over the sale and leaseback of a portfolio of 18 supermarket stores, due to LXI's market volatility concerns.

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Next Fifteen Swung to 1H Pretax Loss as Costs Increased

Next Fifteen Communications Group PLC said Monday that it swung to a first-half pretax loss as costs increased.

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Christie Group 1H Pretax Profit Rose on Strong Demand; Increases Dividend

Christie Group PLC said Monday that its first-half pretax profit and revenue rose amid strong demand, and raised its dividend.

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RPS Agrees to New $690.1 Mln Takeover by Tetra Tech; Withdraws WSP Recommendation

RPS Group PLC said Monday that it has agreed to a 636 million-pound ($690.1 million) offer from Tetra Tech Inc. and has withdrawn its recommendation for the previously agreed WSP Global Inc. takeover.

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Likewise 1H Pretax Profit Fell as Costs Increased

Likewise Group PLC said Monday that pretax profit for the first half fell as costs increased.

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Emmerson to Place $6.0 Mln in Shares, Extends Investment for Khemisset Potash Project

Emmerson PLC said Monday that it has agreed with Global Sustainable Minerals Pte and Gold Quay Capital Pte to extend its loan notes commitment period and that it will place shares for further funding of its Khemisset potash project development.

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Finsbury Food FY 2022 Pretax Profit Fell on Higher Costs; Revenue Up on Pandemic Recovery

Finsbury Food Group PLC said Monday that fiscal 2022 pretax profit fell after booking higher costs, and that although there wasn't any certainty yet regarding the real effect of the inflationary environment the company remained confident in its strategy.

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MusicMagpie Shares Plunge on Lowered 2022 Profit Views Amid Worsening Economic Outlook

Shares in MusicMagpie PLC plunged 40% on Monday after it said in a performance update that it now expects profit for the year to be below expectations due to the worsening economic outlook and increasing cost-of-living pressures in the U.K.

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Vast Resources to Raise GBP656,000 in Discounted Placing, Shares Fall

Shares in Vast Resources PLC fell Monday after it said that it will raise 656,000 pounds ($711,760) via a discounted share placing, and that it will use the funds to support company operations over the next weeks after an exporting delay.

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Tavistock Investments FY 2022 Pretax Profit Rose Significantly; Shares Jump

Shares in Tavistock Investments PLC rose Monday after the company said that its fiscal 2022 pretax profit increased significantly on the disposal of its wealth division.

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CPPGroup Swung to 1H Profit; Suspends Dividends Amid Strategy Review

CPPGroup PLC said Monday that it swung to a pretax profit for the first half after booking strength in its Indian and Turkish operations, and that it is suspending dividend payments pending the completion of a strategy review.

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Frenkel Topping 1H Pretax Profit Fell On Higher Costs, Assets Under Management Rose

Frenkel Topping Group PLC said Monday that pretax profit for the first half of 2022 fell slightly, but in line with the board expectations, as the company booked higher finance costs, while assets under management remained resilient despite the challenging backdrop.

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Gemfields 1H Net Profit More Than Doubled as Normal Auction Schedule Resumed

Gemfields Group Ltd. said Monday that it expects to report a net profit of $56.7 million for the first half compared with $23.8 million a year earlier as it returned to its normal auction schedule.

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SpaceandPeople 1H Pretax Loss Widened on Higher Costs

SpaceandPeople PLC said Monday that its first-half pretax loss widened after booking higher costs, and that it anticipates that higher energy costs and inflation will have an effect on discretionary spending in the run up to Christmas.

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Eckoh's Five-Month Performance in Line With Views

Eckoh PLC said Monday that its performance in the first five months of fiscal 2023 was in line with market expectations.

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Concurrent Technologies Shares Drop After 1H Profit Fall, Dividend Suspension

Shares in Concurrent Technologies PLC fell 22% on Monday after the company said that pretax profit and revenue fell in the first half of 2022, and that it was suspending the interim dividend amid component supply issues.

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Xpediator Shares Fall on Lower 1H Pretax Profit Despite Higher Revenue

Xpediator PLC shares fell Monday after it said first-half pretax profit fell despite an increase in revenue, and didn't declare a dividend.

 
Market Talk: 

Unilever CEO's Planned Retirement Is Unexpected, Raises Concerns

0715 GMT - Unilever's CEO Alan Jope retirement announcement wasn't expected and seemed premature given that it was published 15 months before the event, RBC Capital Markets analysts James Edwardes Jones and Emma Letheren say in a research note. "Our immediate concern is that this leaves 15 months until his retirement with a CEO who might be seen to have lost credibility with employees and other stakeholders--this at a time when Unilever will be implementing and bedding down a fundamental reorganization, not to mention dealing with a challenging macro-economic environment," they say. In a positive note, Unilever will have time for a proper transition in case of hiring a successor from outside the company, the analysts say. (michael.susin@wsj.com)

Sterling Slides to Record Low Versus Dollar on Fiscal Policy Concerns

0705 GMT - Sterling slides, hitting a record low against the dollar and two-year low versus the euro overnight, amid worries over the U.K. government's new fiscal policy that includes sweeping tax cuts and an energy price cap. GBP/USD falls 1.4% to 1.0667, having dropped as low as 1.0349 overnight, according to FactSet. EUR/GBP rises 1.0% to 0.9042 after rising to 0.9267 overnight. "Financial markets continue to voice their displeasure over the latest fiscal policy," Monex Europe forex analyst Simon Harvey writes. The weaker the pound gets, the more expensive the government's liabilities become, either through the price of its imported energy bill or higher financing costs due to more expensive U.K. government bond yields, he says.(renae.dyer@wsj.com)

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswires

September 26, 2022 03:57 ET (07:57 GMT)