BUSINESS LIVE: BoE expected to leave rates unchanged; Thames Water appoints new boss; Curry's sales are declining

Libertarian Argentine President Javier Milei has begun his “shock therapy” for the South American country's economy by devaluing the currency and announcing aggressive cuts in government spending.

The government led by Milei, who was sworn in on Sunday after his surprise election victory last month, has launched its plan to tackle the worst economic crisis in decades.

Aviva's boss has said sexism in the financial sector is worse than in wider society.

Amanda Blanc, who became the insurer's first female CEO in 2020 and sits on BP's board, told MPs that while she had “very positive experiences” in the sector, “a lot of women don't do that”.

Susannah Streeter, head of money and markets, Hargreaves Lansdown:

'There is enthusiasm in the air that the sharp interest rate increases of the past two years will sooner or later be reversed.

The Fed's acknowledgment that cuts will come in 2024 has fueled the positivity.

'The FTSE 100 has risen in the open, with housebuilders posting strong gains on hopes relief is on the way for the housing market. Energy giants are also making progress as oil prices recover.

“As the 24 hours of crucial central bank decisions pass, policymakers are expected to continue to exhibit more easing trends but still remain behind the market curve on expectations of looser monetary policy.”

London-listed shares started the day strongly after the US Federal Reserve signaled on Wednesday that interest rate hikes would end and there was an outlook for cuts next year.

Miners of both industrial and precious metals are up 4.1 and 6 cents respectively, while most metal prices are rising.

The Fed left interest rates unchanged on Wednesday. Fed Chairman Jerome Powell said the historic tightening of monetary policy is likely over with inflation falling faster than expected and a discussion about cuts to borrowing costs “in sight.”

Interest-rate sensitive real estate, real estate investment funds and house builders rose between 5.7 and 3.7 percent.

Attention is now expected to shift to the Bank of England and the European Central Bank, with both due to announce their respective monetary policy statements later in the day.

It is widely expected that both central banks will keep their interest rates stable.

Aarin Chiekrie, equity analyst at Hargreaves Lansdown:

'There's no way around it, Currys is in a tough spot. Consumers are simply struggling to justify so much discretionary spending on TVs and gadgets amid a cost-of-living crisis, despite Christmas being just around the corner.

'This led to a small decline in turnover, with like-for-like turnover falling by 4% in the first half. And in the Nordic region, the group's second largest segment, the market remains extremely difficult. Almost all categories experienced a decline in sales and inflationary cost pressures remain a factor to consider.

'While there is no magic wand to solve all headwinds, finding a new home for Greek electronics retailer Kotsovolos should ease some of the pressure in the short term. The £156 million in net cash that Currys expects from this sale will provide a welcome boost to the group's balance sheet, and allow management to sharpen its focus on the remaining regions.

The 'Currys' service channels remain a beacon of light in these dark times. The company's services typically have higher margins than sales of goods, so could help alleviate some of the pressure from the group's declining revenues. The focus now shifts to the all-important Christmas trading period. Santa has achieved strong growth for the domestic market in the last peak period, but it is difficult to expect the same again this year.'

Paula Bui knew the difficulties of starting a small business, having already run a restaurant with her husband during the pandemic.

So when she launched her artisanal chocolate business in 2021, she thought she knew how to navigate the highs and lows of entrepreneurship.

BP concluded last night that former CEO Bernard Looney was guilty of 'serious misconduct' after a scandal over previous relationships with colleagues.

The oil giant's board led by industry veteran Helge Lund decided to strip Looney of £32 million in wages and bonuses.

Looney quit in September after the scandal first broke.

Currys' first-half sales fell 7 percent year-on-year as the electronics retailer battled a weak discretionary spending market and particular weakness in its Nordic business.

The group posted an adjusted pre-tax loss of £16 million for the six months to October 28, compared to a loss of £17 million in the same period last year, on sales of £4.2 billion.

Currys said trading since the end of the period had been consistent with board expectations, with analysts pointing to full-year adjusted pre-tax profits of £103 million, compared with £119 million last year.

The seller of ovens, fridges, washing machines, TVs, computers and mobile phones had already warned that the outlook for the 2023/24 year would be difficult as consumers struggle with lower disposable income.

Embattled utility group Thames Water has appointed Chris Weston as its new chief executive, with the former Aggreko boss taking up the role on January 8.

Sir Adrian Montague, chairman, said: “I am delighted that Chris is joining the company. He has a proven track record of working in regulated environments, driving business performance and improving the customer experience.

“He brings strong operational and strategic expertise as we enter this pivotal period to deliver on our refocused turnaround plan and deliver the service customers rightly expect from us.

'I would also like to thank Cathryn Ross and Alastair Cochran for their hard work and the progress they have made over the past few months while leading Thames Water as interim co-CEOs.'

Zara owner Inditex reported a slowdown in sales growth just weeks before Christmas, marking another gloomy period for the retail sector.

With recent sales data setting off alarm bells, Britain's high street is struggling to entice consumers to part with cash.

The world's largest fashion retailer said its in-store and online sales grew 11 percent to £22 billion in the nine months to October 31.

The Bank of England's Monetary Policy Committee is expected to leave the base rate unchanged at 5.25 percent.

It follows signs of easing inflation, with wage growth moderating and economic growth slowing after new data on Wednesday showed GDP contracted 0.3 percent last month.