North Macedonia received a boost in its bid to become a member of the European Union this week, with a historic visit from Greek Prime Minister Tsipras.
Whilst all eyes in Europe have been on Westminster as of late, the symbolic visit has signalled the ushering of a new era in another corner of the continent.
Tsipras is the first Greek Prime Minister to visit the nation since 1991, making it a momentous occasion for diplomatic relations between the Balkan nation and Greece.
— Republic of North Macedonia in EU (@MKmissionEU) April 3, 2019
https://platform.twitter.com/widgets.jsBack in January, North Macedonia completed a historic deal with Greece putting an end to a decade long feud between the neighbouring nations.
In accordance with the Prespa accord agreed back in the summer, the Balkan successor state became formally recognised by Greece as The Republic of North Macedonia or North Macedonia, for short.
In return, Greece agreed to back its bid to become a member of the European Union. Notably, North Macedonia has been a candidate for accession since 2005.
However, up until recently, Greece had consistently vetoed North Macedonia’s membership for both the EU and NATO, amid an on-going dispute over the region’s previous name.
Greece has long opposed its use of the name amid concerns over the misappropriation of Greek culture and history, in particular referencing the Greek region of Macedonia and the Greek Kingdom.
The dispute has dated back to as far back as World War II.
This only escalated further after the break-up of Yugoslavia and when the Socialist Republic of Macedonia, as it was formally known, gained independence back in 1991.
Whilst the Balkan successor state joined the United Nations in 1993, Greece did not formally recognise the country, instead opting to impose a trade embargo.
Protesters in Skopje holding a Macedonian flag pictured in 2015.
However, following the withdrawal of Greek’s veto, the European Union approved the commencement of accession talks with the Republic, with official talks are expected to take place later this year.
Tspira’s visit is the next step in the process to start a new chapter between the two nations, in turn providing a boost to North Macedonia’s global ambitions.
“We are here to build bridges and break down walls,” Tsipras stated at a joint press conference alongside, Zoran Zaev, North Macedonia’s Prime Minister.
“This is a historic moment not only for our countries, but for the Balkans and Europe.”
Similarly, Zaev welcomed the historic moment, he said: “This agreement is an example to be mimicked by all,”
“We showed Europe and the world that with bold decisions anything is possible … Greece is our friend now, she will remain our friend and will become an even greater friend in the future”, He added.
Nevertheless, it’s still a long road ahead for North Macedonia to cement its place among the 28, soon to be 27 member states of the EU.
Consider for instance, Turkey, has also remained a consideration for accession into the union in Brussels since 2005, yet the nation is no closer to securing entry.
When UK Investor Magazine visited the capital back in March, the country was in the midst of coming to terms with the administrative headache of embracing its new name.
Momentum is nonetheless building. Back in February, the country signed an agreement to become the 30th member of NATO, and upcoming EU official talks also indicate progress.
However, its not just the geo-political landscape that is potentially shifting in favour of North Macedonia. The economy is also showing promise.
Companies operating in North Macedonia are also starting to show signs of the economic expansion, with profits soaring at companies listed on the Macedonian Stock Exchange.
Take Makpetrol, the leading distributor of oil and oil products in North Macedonia, as an example.
The company posted a 151% increase in non-consolidated net profit in 2018 in a year that GDP grew 3.7% year-on-year in the final quarter.
The broad GDP increase has been propelled higher by consumer spending with growth rates hitting 9.3% in October 2019, hovering around 7% ever since.
The increase in activity was noticeable in the capital city, Skopje, with busy shops, malls and bazaars enjoying the increased spending of North Macedonians.
Umbrellas decorating the streets in the Old town bazaar, May 7th 2018, Skopje.
In addition, signs of further growth on the horizon were visible by the number of large construction sites in a city that resembles a mix of Middle Eastern traditions and the growth-seeking capitalism of the west.
Granit AD Skopje, an MCE-listed construction firm, is reaping the benefit of this drive having seen share rise over 10% in the past year, as investors position themselves in one of the country’s largest and diverse construction companies.
As a whole, the MCE is up over 50% since the beginning of 2018 and may see further increases if the current economic trajectory is maintained.
Most of Superdry’s board members have quit following the return of founder Julian Dunkerton. Top executives are among the board members who have left their positions.
Earlier in March, Superdry asked its shareholders to reject Julian Dunkerton’s pledge for a seat on the board. It believed that his appointment would lead to the company pursuing a strategy that would fundamentally fail, adding that the return of its founder would distract the business from its current global digital brand strategy.
However, the majority of shareholders who voted at the general meeting supported the founder’s return.
Shares in the fashion brand were trading over 10% lower on Wednesday morning following the events a day earlier.
On Tuesday Julian Dunkerton won the vote of 51.15% of shareholders. His return comes after he quit a year ago over a disagreement of strategy.
Only hours after this was confirmed the company announced the departure of Chief Executive Euan Sutherland and Chairman Peter Bamford.
The departure of the two contribute to a wider departure of the company’s management, and comes after five years of leadership.
“Peter Bamford, Chairman of the Board, Euan Sutherland, Chief Executive Officer, Ed Barker, Chief Financial Officer, and Penny Hughes, Chairman of the Remuneration Committee, have resigned from the Board and will stand down with immediate effect,” a statement announced Tuesday afternoon reads.
“Dennis Millard, Minnow Powell, Sarah Wood and John Smith have given three-months’ notice under their contracts and will stand down as directors with effect from 1 July 2019,” it continued.
Founder Julian Dunkerton was appointed as Interim Chief Executive Officer and Peter Williams as Chairman of the Board. “We are very pleased to be joining the Board of this great British company. We look forward to rebuilding the Superdry brand and the business,” they both said in a statement.
As the fashion brand battles with a difficult trading climate, it announced a 49% decrease in its half-year profits in December, in addition to a profit warning released October last year.
At 10:38 BST Wednesday, shares in Superdry plc (LON:SDRY) were trading at -9.89%.
Time Out Group (LON:TMO) announced on Wednesday that it has entered into a management agreement with Emaar Malls in order to open a new Time Out Market in one of Dubai’s most highly visited attractions.
Time Out Market was launched in 2014 in Lisbon. The restaurants and artisan kiosks enable people to discover local specialities and cultural delights.
Time Out Mercado de Ribeira made the Guardian’s list of the top ten best restaurants and cafes in Lisbon, and the food court has become a favourite amongst Lisboans.
Emaar Malls is a shopping mall and retail business which is majority owned by Emaar Properties.
The global media and entertainment business, who announced its stock market floatation in 2016, said that this was Time Out Market’s third management agreement. It aims to enable the business extend its global expansion of this successful food and cultural market.
“We are pleased to have entered into our third management agreement, partnering with Emaar Malls to open Time Out Market Dubai,” Julio Bruno, CEO of Time Out Group commented in a statement.
“This enables us to scale this successful format globally and drive growth. Time Out Market Dubai will be the first site to open outside of Europe and North America – where we have a pipeline of new sites – demonstrating the strength of our brand and its appeal for the world’s leading real estate companies,” he continued.
Time Out Market Dubai will be located in Souk Al Bahar – an Arabic-style retail, entertainment and dining location in Downtown Dubai. Positioned next to the Dubai Mall and the Burj Khalifa, the location attracts millions of visitors annually.
The new Dubai Market will offer food from 16 of Dubai’s top chefs and restaurants, as well as providing three lounges and cultural experiences.
Time Out Market Dubai expects to open at the end of 2020.
“We are excited to open Time Out Market Dubai together with Emaar Malls in the beautiful Souk Al Bahar. In this city you couldn’t find a more iconic location, right next to the world-famous Burj Khalifa, the spectacular water fountains and the popular Dubai Mall – all attracting millions of visitors every year,” Didier Souillat, CEO of Time Out Market, said.
Time Out made headlines earlier this year when it sold its stake in Flyt Limited to the global online takeaway delivery market place, Just Eat.
At 08:46 BST Wednesday, shares in Time Out Group (LON:TMO) were trading at +1.60%.
Intercede shares rallied on Tuesday after the company announced it had received a $4.3 million order from the U.S federal government.
The company said the order includes software licenses as well as annual support and maintenance services.
It specified that $2.05 million of the funds which will be recognised in the financial year to March-end, which is set to be revealed in its upcoming full-year results.
As a result, Intercede said it expects revenues for the year to be in excess of £10 million, ahead of market expectations.
The figure is set to be approximately 10% higher than the year before.
Intercede attributed the growth in profits to a series of contract wins in the U.S, Europe and South-East Asia.
The firm added that as of the end of the March, gross cash balances remained unchanged from the year ago at £3.2 million.
Its full-year results are expected to be announced in June.
Intercede is a cyber security firm that provides services for governments, financial institutions and the military and police.
The company operates from offices both in the U.S and the U.K.
Some of the businesses it provides services for include the U.S. Department of Homeland Security, Airbus, Boeing, Coutts and Swedbank.
It was founded back in 1992 and is listed on the London Stock Exchange.
Shares in Intercede (LON:IGP) are currently +77.27% as of 13:24PM (GMT) on the back of the trading update.
Channel 4 have confirmed its new headquarters will be in Leeds, in a boost for the so-called Northern Powerhouse project.
The broadcaster said it is in advanced discussions to set up base across three floors in the city’s Majestic Building, which is just opposite the train station.
In the meantime, Channel 4 employees are set to move into a temporary office in Leeds.
The Majestic Building was initially built in the 1920’s as a cinema, it later transformed into a nightclub, inspiring a Kaiser Chief song.
The decision will be a boost to the the government’s ambition to boost economic growth in Northern cities as part of its Northern Powerhouse strategy.
Jonathan Allan, Channel 4’s chief commercial officer, said: “Leeds offered a wealth of potential locations for our national HQ but the Majestic really stood out as an iconic building, which will put Channel 4 at the heart of the city centre. It’s an incredibly impressive redevelopment and offers the right mix of location, connectivity and space for our organisation and great facilities for our staff and our partners in the industry.”
Councillor Judith Blake, leader of Leeds City Council, also commented:
“The Majestic building is an iconic Leeds landmark, and will be a fantastic location for Channel 4 when they make their move to the city.”
Prior to deciding upon Leeds, Channel 4 reportedly had been considering other cities including Birmingham, Bristol and Manchester.
A No-deal Brexit is now looking a “very likely” outcome, Michel Barnier, the EU’s chief negotiator has said.
Speaking at a think tank event in Brussels, The French politician said to the audience: “no deal was never our desired or intended scenario,”
“But the EU27 is now prepared. It becomes, day after day, more likely.”
“This is a serious crisis and no-one can be pleased with what is happening in the UK currently” he continued.
Barnier’s comments come after parliament failed once again to decide upon the best way forward for Brexit, after a second round of indicative votes took place on Monday evening.
Last night, MPs voted upon a series of four options on how best to proceed on withdrawing from the EU.
These included a second referendum, a customs union arrangement, staying in the single market or cancelling Brexit altogether.
However, none of the options, which had been selected by the speaker John Bercow, were backed by a majority of MPs.
Initiating a confirmatory public vote was the most popular selection of the night, with 280 votes in favour.
Nevertheless, a larger 292 portion of MPs ultimately voted down the proposal.
The government and the Conservatives were also dealt an additional blow after Nick Bowles MP resigned from the party and as a whip, following the inconclusive indicative Brexit votes.
He tweeted the following:
I am resigning the Conservative whip with immediate effect. The Conservative Party has shown itself to be incapable of compromise so I will sit as an Independent Progressive Conservative.
https://platform.twitter.com/widgets.js
The cabinet is set to hold a five-hour cabinet meeting on Tuesday to discuss with ministers the best way to solve the seemingly inexorable deadlock of Brexit.
YouGov reported its half year results on Tuesday, posting a 28% rise in pre-tax profits.
The global opinion and data company said pre-tax profit totalled £13.2 billion in the six months to January-end.
This was on the back of revenue growth of 18%, up from 10% reported a year ago.
Specifically, data products & services revenue up rose 34% to £37.2 million across the period.
The company added that the U.S continues to be the largest driver of growth rising 15%, in custom research revenue which overall grew by 4%.
Meanwhile, adjusted earnings per share were up 33% to 9.6p compared to 13.7 million in 2018.
Stephan Shakespeare, Chief Executive of the firm, commented on the latest results:
“In the final year of our current five-year growth plan we are continuing to deliver revenue and earnings growth ahead of the market. Our syndicated data model has broken new ground in the industry, and as we announce targets for our next five-year plan, we are no less ambitious. ”
YouGov is headquartered in the UK, with operations across the globe including North America, the Middle East and Asia.
The company went public back in 2005 and has since been listed on the London Stock Exchange on the Junior AIM market.
It specialises in online polling surveys, including elections. It is a member of the British Polling Council.
Shares ticked downwards on the back of the latest interim results.
YouGov shares (LON:YOU) are currently trading down -1.99% as of 11:03AM (GMT).
Latest industry data from researcher Kantar revealed that Asda has overtaken Sainsbury’s in main store sales.
Kantar’s figures reveal a year-on-year growth of 1.4% in supermarket sales for the 12 weeks to 24 March. It said that the later Easter date and Mother’s Day not being in the reported period have each contributed to the market’s slow growth rate. Indeed, the market has grown at its slowest rate since March 2018.
Though Easter is still a while away, shoppers across the UK have already spent £146 million on Easter eggs, Kantar said.
Additionally, 42% of households have purchased hot cross buns.
Tesco (LON:TSCO) grew by 0.5% to reach a market share of 27.4%.
Asda overtook Sainsbury’s and has become the second largest UK retailer with a 15.4% share in the market. With two years of continuous growth, its sales increased by 0.1% during the period.
Sainsbury’s (LON:SBRY) fell by 1.8% and saw its market share decrease by 0.5 percentage points to 15.3%. Kantar said that though Asda overtook Sainsbury’s in main store sales, Sainsbury’s remains the bigger retailer in its sales of food and drink and its results do not include those of Argos, which it acquired in 2016.
Aldi saw its sales increase by 10.6% which boosted its market share to 8%, a new record for the discount supermarket chain. Lidl was the second fastest growing supermarket and its market share grew to 5.6%.
Kantar noted that consumers were applying pressure on retailers over single-use plastics. It said that 21% of fruit, vegetable and salad items were sold loose over the period, and sales grew twice as quickly as packaged goods.
Last week the European parliament voted to ban single-use plastic cutlery, cotton buds, straws and stirrers as part of a law against plastic refuse.
At 09:21 BST Tuesday, shares in J Sainsbury plc (LON:SBRY) were trading at -0.89%. Shares in Tesco plc (LON:TSCO) were trading at +0.086% at 09:22 BST.
Wizz Air (LON:WIZZ) confirmed on Tuesday that trading in the fourth quarter of its financial year is in line with expectations and net profit for the year will be at the top of its guidance range.
Shares in the company were over 4% higher during early trading on Tuesday.
For the year ended 31 March, the low-cost Central and Eastern European airline said that it expects to deliver a net profit for the year in the upper end of its guidance range of €270 million and €300 million.
The company also revealed its March passenger statistics on Tuesday. Wizz Air grew its March passenger numbers by 10% when compared to the same period a year prior.
Previously its February passenger volumes increased 13%.
Customer demand across the airline’s markets remains strong. This matches a robust operational performance for the month of March as the airline only cancelled one flight, compared to 68 cancelled in March 2018.
The trading update comes ahead of the company’s preliminary results for the financial year.
Elsewhere in aviation, EasyJet (LON:EZJ) recently maid headlines following its Brexit warning. It announced yesterday that it was more cautious about its financial performance in the second half of its financial year.
Though EasyJet’s results from the first half are expected to be in line with expectations, Brexit uncertainty is causing a weaker customer demand in the market. The airline said that its outlook for the second half is more cautious.
Tui (ETR:TUI1) also made headlines recently after it warned on the impacts the grounding of the Boeing 737 max fleet will have upon its profits, expecting it to cost the travel company £258 million.
At 08:49 BST shares in Wizz Air Holdings plc (LON:WIZZ) were trading 3.96%. Shares in EasyJet (LON:EZJ) and Ryanair (LON:RYA) slipped slightly negative, whilst Tui (ETR:TUI1) were up on Tuesday morning.
