BUSINESS LIVE: John Lewis cuts losses to £55m

Footwear brand Birkenstock is following the New York stock market listing trend as it prepares to go public, which could value the company at more than £6 billion.

The private equity-owned shoemaker plans to launch an initial public offering (IPO) in the US next month.

The price is yet to be determined but is expected to give the company a valuation of £4.8bn to £6.4bn.

The FTSE 100 is trading higher this morning after US inflation data reinforced bets that the Federal Reserve will hold rates steady next week, while Melrose and Unite Group have fallen in ex-dividend trading.

The European Central Bank will decide later today whether to raise its key interest rate to a record high in what should be its final step in the fight against inflation, or pause as the economy worsens.

Shares of real estate company Unite Group, product testing company Intertek Group and aerospace supplier Melrose fell between 0.5 and 1.5 percent as they traded ex-dividend.

Shares of Hipgnosis Songs Fund rose 5.9 percent after the music catalog investor said it would sell 29 catalogs and a portfolio of non-core songs to Hipgnosis Songs Capital for $465 million as it seeks to fund a share buyback program.

BP’s new boss yesterday insisted his strategy has not changed – after its green energy renewal was thrown into doubt by the abrupt departure of chief executive Bernard Looney.

The oil giant stunned the city late Tuesday when it revealed that Looney had quit with immediate effect amid an investigation into his past personal relationships.

Richard Hunter, head of markets at Interactive Investor:

‘UK markets mirrored the overnight trading action elsewhere, with the FTSE100 opening slightly higher.

‘With a sideways glance at an interest rate decision later by the European Central Bank, where a further increase is possible, the update will, if necessary, serve as a reminder that the fight against inflation is still ongoing.

‘Unite Group, Melrose and Intertek traded significantly lower after going ex-dividend today, amid a cautious, risk-free approach to the mining sector, reinforced by broker upgrades to both Anglo American and Rio Tinto.

‘With the possibility of intraday price action being driven from elsewhere, there is the potential for UK markets to drift, with the FTSE100 unable to add much to its 1.2% year-to-date gain so far of his own course. bat.’

The John Lewis Partnership cut first-half losses and forecast an improvement in full-year results despite an uncertain economic outlook.

The group also admitted that it will take two years longer than planned to complete the transformation.

The retailer said higher costs due to inflation and the need for greater investment had hit its turnaround schedule.

British chip designer Arm will begin trading on Wall Street today in what is expected to be the biggest US public listing of the year.

The semiconductor company has attracted enough investor support to reach the top end of the price range of £37.60 to £40.80 per share, which would value Arm at more than £40 billion.

Just 10 percent of shares in the Cambridge-based company are expected to trade in New York today, raising around £4 billion for Japanese owner SoftBank, which will retain a 90 percent stake.

John Lewis Partnership’s first-half losses fell to £54.5m from £66.6m last year as the retailer forecast an improvement in annual results despite an uncertain economic outlook.

Nish Kankiwala, CEO, said:

“Our transformation to modernize our business is well underway and I want to thank our partners for their efforts to provide customers with great service, quality and value when they shop with us in-store or online.

‘There are no brands better placed than Waitrose and John Lewis to give customers what they need now – to help them feel good and eat well.’