BUSINESS LIVE: Playtech strikes deal with Calipay; Phoenix Group postpones sale of Sun Life; TI Fluid Systems rejects takeover bid

The future of TGI Fridays restaurants in the UK is in doubt amid fears the hospitality group behind it could go bust after a takeover by the brand’s US owner collapsed.

TGI’s UK arm, which has 87 stores across the UK, is now on alert amid concerns the famous name could disappear from the high street.

(PA) – Belfast shipbuilder Harland and Wolff has announced that the company is going into administration.

The company said it expected 50 to 60 immediate layoffs, but said staff at its four shipyards would not be affected.

Harland and Wolff, the famous builder of the Titanic, has four shipyards: one in Belfast, two in Scotland (Methil on the Firth of Forth and Arnish on the Isle of Lewis) and one in England (Appledore in North Devon).

It is the second time in five years that the company has been under receivership.

The management process will remain confined to the holding company, Harland & Wolff Group Holdings PLC, and the operating companies that manage the yards are expected to continue their activities.

A statement from the company said: “A full investigation into all group holdings was launched in July and concluded that H&W Group Holdings PLC is insolvent on a balance sheet basis, as per the latest audited accounts and the most recent management accounts.”

Auto parts supplier TI Fluid Systems said it rejected a second takeover bid from a Canadian rival last week.

ABC Technologies announced on 22 August that it had made a bid of 165p per share for the Oxford-based company. Earlier this month, the bid was increased to 176p per share after TI Fluid’s board rejected the initial offer.

In Britain, there is a quiet shift towards women owning classic cars.

According to Admiral, almost a quarter of classic cars in the UK are now owned by women, while insurance specialists Hagerty and Footman James have both reported a significant increase in female policyholders in recent years.

(PA) – Ovo Energy has announced a new £50 million support programme for winter energy bills, after it emerged the government is to cut winter fuel payments for millions of pensioners.

The six largest energy suppliers said they had set aside the money for a range of schemes, including direct financial support for customers struggling to pay their bills.

Other measures include temporary discounts on direct debits, individual advice on energy saving and free or subsidised home improvements, such as insulation, a new central heating boiler or, in some cases, a heat pump.

Chief executive David Buttress said it was “up to us” to help customers through the winter. Ovo offered a similar support package of £40m in 2023 and a £50m scheme in 2022.

The announcement follows the government’s decision to limit winter fuel payments to people receiving pension credit.

That means about 10 million people will lose out in the coming months, as benefits are taken away from all but the poorest pensioners in the country. About 11.5 million people used to receive them.

According to the Institute for Fiscal Studies, employees should receive a 3 percent pension contribution from their employer, regardless of whether they contribute themselves.

The IFS said women, part-time workers, young adults and those on lower incomes would benefit the most. The IFS said there was a “strong case” for the change.

Keywords Studios reported lower first-half profits on Monday, ahead of its acquisition by Swedish private equity giant EQT.

The video game services division reported adjusted operating profit fell 9.6 percent to $57.4 million in the six months through June.

Phoenix Group announced it has shelved plans to sell its SunLife division, while the group also saw a rise in first-half profit.

In a statement, the FTSE 100 insurer said it had decided to pull the plug on a potential sale due to the “current uncertainty in the insurance market”.

Russ Mould, investment director at AJ Bell, commented on the acquisition:

Another day, another bid approach for a British company out of luck. This time, TI Fluid Systems is in the crosshairs of Canada’s ABC Technologies, which makes the loaded statement that it is “considering its position” after two initial bids were rejected.

TI Fluid Systems has struggled to make progress since its IPO in 2017. The recent uncertainty in the automotive market has not helped. Regulations are forcing the transition to electric vehicles, but consumer demand is not keeping up.

This makes it difficult for TI Fluid’s customers to make investment decisions, even though TI Fluid has worked hard to make itself “powertrain agnostic,” meaning it doesn’t care whether demand comes from electric cars or traditional gasoline cars.

Optimistic home sellers increased the average asking price by almost £3,000 after the Bank of England cut interest rates.

Sellers are becoming increasingly confident about the housing market in the autumn, with the average price of new homes on the market rising by £2,974 to £370,759, according to Rightmove.

Domino’s has announced it plans to hire an additional 5,000 employees before the holidays.

The fast food pizzeria expects increasing demand in the coming winter months.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, comments ahead of the Federal Reserve’s next rate decision:

Investors remain divided over the size of the rate cut the Fed is expected to implement.

Betting is growing on the likelihood of a 50 basis point cut, which has sent the dollar slightly lower, extending recent losses.

Even if a smaller rate cut is implemented, it will raise expectations for more aggressive policy easing in November and December, when markets have already priced in a 100 basis point rate cut by the end of the year.

We expect a cycle of eager easing to begin as inflation moves toward target levels and demand is squeezed out of the economy.

A rapid succession of cuts is expected to prevent the slowing US economy from spiraling downward again.

There are big challenges ahead if the Labour government wants to boost growth by removing planning restrictions and setting housing targets. Luck is on its side. The fall and long lull in property values ​​and rental yields caused by the pandemic and working from home is starting to ease.

Interest rates are falling, making borrowing more affordable. Risk-averse listed property companies are more adventurous, particularly in the ‘golden triangle’ of London, Oxford and Cambridge.

The US central bank is set to cut interest rates this week, but British policymakers are expected to be more cautious.

The Federal Reserve is expected to cut interest rates on Wednesday — the first time since 2020.