The FTSE 100 is 0.2 percent higher in afternoon trading. Among the companies with reports and trading updates today are John Lewis Partnership and CVS Group. Read the Business Live blog from Monday April 8 below.
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SMALL CAP IDEA: Helix Exploration is coming to London this week
Helix Exploration is coming to London this week after its AIM market IPO was heavily oversubscribed.
Institutions, family offices and wealthy investors wanted to raise £7.5 million and were willing to commit £22 million to the helium researcher.
The US ‘will not accept’ price cuts for Chinese goods flooding the global market
The United States “will not accept a situation” in which cut-price Chinese goods flood global markets and abuse industries elsewhere, the U.S. Treasury Secretary says. Janet Jellen told Beijing as she wrapped up four days of high-level talks.
“There is much more work to do,” Yellen said today at a news conference in the Chinese capital. “And it remains unclear how this relationship will progress in the coming months and years.”
Administrators are to close 15 Ted Baker stores in the UK
Iconic British brand Ted Baker is to close 15 stores in the UK and cut around 245 jobs after entering administration.
The company behind the fashion brand’s British stores, No Ordinary Designer Label Limited (NODL), hired administrators from Teneo last month.
Gold reaches new record as Chinese central bank expands reserves
The price of gold rose to a record high on Monday after the Chinese central bank continued to buy the precious metal for its reserves.
An ounce of gold reached $2,355 in Asian trading as the People’s Bank of China boosted its gold reserves to 72.74 million fine troy ounces in March, the 17th consecutive month of purchases, according to official statistics.
Automatic enrollment only provides half of a ‘comfortable’ pension
According to comparison website Finder, the average pension savings through the auto-enrolment scheme delivers just £22,800 a year after tax for people entering the job market today.
Aston Martin shares the top fallers of the FTSE 350
Entain shares the top FTSE 350 gainers
Business output rises to the highest level in almost two years, marking a ‘turning point’ for the UK economy
Nationwide under pressure to give members a say in £2.9bn takeover of Virgin Money after petition reaches target
Nationwide is under pressure to give members a say in the £2.9 billion takeover of Virgin Money after a petition met its target yesterday.
The building association, led by Debbie Crosbie, has said there is no need to consult its 16 million members – but Virgin Money shareholders will have a vote.
A petition set up by members of Nationwide has attracted 500 signatures, which could pave the way for a special meeting.
Aldi will overtake Asda to become Britain’s third largest supermarket, analysis shows
Market update: FTSE 100 up 0.1%; FTSE 250 adds 0.3%
London-listed shares have started the week on a cautious note as investors brace for US and UK economic data, which could prompt investors to reassess interest rate cuts, while a rise in the number of industrial metal mines continues to offset losses in the benchmark index limited.
Industrial metal miners led sector gains, adding 1.9 percent, while copper prices in Shanghai jumped to a record high on supply declines and a positive demand outlook.
Precious metals miners also rose 1.2 percent, following a long record rally in gold prices.
The focus will be on the upcoming US consumer price inflation data, due on Wednesday, and UK GDP figures on Friday.
Meanwhile, the European Central Bank is widely expected to leave interest rates unchanged at its monetary policy meeting on Thursday.
The major US financial companies will kick off earnings season on Wall Street later this week.
CVS Group affected by major disruption after cyber attack
CVS Group has experienced “significant operational disruption” over the past week after being hit by a cyber incident, the London-listed company said on Monday.
The veterinary services provider, which operates 500 practices in the British Isles, the Netherlands and Australia, told shareholders the attack involved “unauthorized remote access” to a small number of its IT systems.
In response, Norfolk-based CVS took its computer systems offline, preventing further outside access.
John Lewis hires former Tesco director to replace Sharon White as chairman
John Lewis Partnership has appointed the former CEO of Tesco UK and Ireland as its new chairman, replacing Sharon White when she steps down later this year.
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