“We have engaged extensively with our shareholders and we believe the vast majority are fully supportive of the board’s proposal,” said the spokesperson.
The group have also made clear that the move is irrelevant to Brexit and have said they are committed to the UK.
A government spokesperson said: “Unilever has shown its long-term commitment to the UK by choosing to locate its two fastest-growing global business divisions in this country.”
“As the company itself has made clear, its decision to transfer a small number of jobs to a corporate HQ in the Netherlands is part of a long-term restructuring of the company and is not connected to the UK’s departure from the EU.”
Unilever employs 7,300 people in the UK and 3,100 in the Netherlands. The group have said that no jobs will be lost by the move.
Shares in Unilever (LON: ULVR) are trading at 4,254.00 (0903GMT).
Brexit: Theresa May defiant amid Chequers plan criticism
Theresa May defended her proposed Chequers plan for Brexit in an interview with the BBC.
In an interview with Panorama, The Prime Minister said: ‘it’s either my deal or no deal’, despite mounting opposition from Brexiteers over her Chequers proposal.
With respect to negotiating a deal, Theresa May remained optimistic of the road ahead, she commented:
“I believe we will get a good deal. We will bring that back from the EU negotiations and put that to parliament. I think the alternative to that would be not having a deal because, a) I don’t think the negotiations would have that deal, and b), we’re leaving on the 29 March.”
Rejecting the idea that the UK could potentially renegotiate deals once that have been agreed, as suggested by Michael Gove, May said:
“Do we really think that the European Union, if we’ve been through this negotiation, we get to the point where we’ve agreed a deal, that if parliament was to say ‘No, go back, get a better one’, do you really think the European Union is going to give a better deal at that point?”
Gove, who is the government environment secretary and was a prominent figure in the Leave campaign, recently said that the Chequers plan could be ‘undone’ following the completion of withdrawal from the EU.
On Sunday, Gove told the BBC’s Andrew Marr Show that “a future prime minister could always choose to alter the relationship between Britain and the European Union.”
He added:
“But the Chequers approach is the right one for now because we have got to make sure that we respect that vote and take advantage of the opportunities of being outside the European Union.”
Nevertheless, May dismissed the notion of the UK renegotiating the terms in the Panorama interview .
May also took the opportunity to criticise plans to resolve the Irish border issue.
Boris Johnson, who recently resigned as Foreign Secretary, nevertheless criticised the government’s lack of solution for the border as a “constitutional abomination”.
Moreover, Prime Minister May also expressed her annoyance regarding ongoing speculation regarding the future of her leadership.
Both Boris Johnson and Michael Gove had been tipped as potential leaders before Theresa May took over the party.
Johnson’s resignation has only reignited speculation that he is vying to replace May as leader of the Conservative party.
However, Johnson has proved a particularly controversial figures as of late, following his inflammatory remarks regarding muslim women wearing burqas.
Johnson has since refused to apologise for the comments, however, the party are increasingly under pressure to initiate a formal inquiry into the issue.
The Muslim Council of Britain has called for Conservative to tackle Islamophobia within the party on the back of Johnson’s divisive comments.
Robots to create 133m jobs globally in the next decade
The World Economic Forum (WEF) has said that machines, robots and algorithms could create roughly 133 million jobs globally. In comparison to the 75 million jobs that could be replaced, this figure is almost double.
Key findings of the report include trends in robotization of the workforce. Stationary robots, non-humanoid land robots, fully automated aerial drones, machine learning algorithms and artificial intelligence interest businesses significantly.
Moreover, robot adoption rates do vary by a significant amount across different sectors. That said, as many as 37% of companies plan on investing in robots. Notably, the Financial Services industry are most likely to plan the adoption of humanoid robots in the period up to 2022.
It is estimated that robots may displace 75 million jobs. But, up to 133 million new roles may emerge as a result of the adoption of this new technology. As a result, this alleviates fears that the rise of technology may cost millions of workers their jobs.
The study is based on a survey of company executives representing 15 million workers in 20 different nations.
Additionally, Chairman of the WEF, Klaus Schwab, wrote in the report:
“Workforce transformations are no longer an aspect of the distant future. As shown in the five-year outlook of this report, these transformations are a feature of today’s workplaces and people’s current livelihoods and are set to continue in the near term. We hope this report is a call to action to governments, businesses, educators and individuals alike to take advantage of a rapidly closing window to create a new future of good work for all.”
Housing booms in four regions and London market shows signs of resurgence
In September, Rightmove has reported a 16% on-month increase in new properties coming onto the market, with some areas seeing an annual price increase of over 4%, and the upper echelons of the London housing market enjoying increased liquidity amid a price dip.
While property prices are down 1.1% on-year in the North East and 0.5% in London, the latter is not necessarily a cause for upset. In the last few months, people have started clocking onto the house price slump that has been coming for the last couple of years with buyers flocking to the market en masse.
However, against the trends of 2011 to 2016, the London market is not at the centre of the prosperity. While recent figures for the capital are promising, other – not previously hyper-inflated – regions are having the greatest joy in what analysts are calling the period for smart money. Prices in the East Midlands are up 4.7%, Wales up 4.6%, the West Midlands 4.5% and Yorkshire and the Humber 4%.
Rightmove director, Miles Shipside, has said: “The start of the back to school season sees a surge of sellers coming to market compared to the preceding quieter holiday period.”
“Sellers aren’t hanging back in coming forward to try and sell, and with average prices just 1.2% higher than a year ago, many seem to be pricing sensibly.”
He added, “Now, there are signs that these price reductions in parts of London have led to an upturn in buyer activity as sentiment improves.”
However, “The recovery in the upper end in London is encouraging but the painful and drawn-out process of price reductions has yet to run its course especially in parts of Outer London and the commuter belt that saw very sizeable and unsustainable price rises”.
The dwindle preceding this recent liquidity was attributed to political factors such as Brexit uncertainty and recent taxation policies, as well as natural decline with prices hitting record highs.
Going forwards, fear in the housing market remains around the implications of Brexit and the possibility of a Labour government. The issue is, if markets react prematurely to recent liquidity and prices are pushed up once again, the idea of a post-Brexit housing slump could become a falsely fulfilled prophecy.
Christie Group shares up amid strong first half results
Christie Group shares (LON:CTG) soared on Monday after the company posted its interim results for the first six months of the year.
The professional business services company reported that first half revenues were up 10 percent to £38.4 million, compared to £34.9 percent a year previously.
First half operating profit came in at £2.0 million, up from £1.1 million in 2017. Basic earnings per share also increased to 5.18p from 1.53p.
Moreover, the interim dividend rose to 1.25p per share, compared to 1.0 p last year.
The group attributed the strong performance to enhanced performance from international operations as well as various ongoing and future projects in the pipeline.
Commenting on the results, David Rugg, Chairman and Chief Executive of Christie Group said:
“the first half saw progress in performance and our services remain in demand from sophisticated commercial audiences”.
Christie Group is part of the AIM market, constituent of the London Stock Exchange.
The firm has 44 offices across the UK, Canada and Europe, with a particular focus upon the leisure, retail and care industry.
The company was founded back in 1846, with is now comprised of two divisions.
These include its professional services operations as well as its stock inventory systems and services.
Shares in Christie Group are currently trading +3.82 percent as of 11.02AM (GMT), as investors react to the news.
Elsewhere in the markets, shares in high street retailer H&M rallied after posting strong sales for q3.
Sales in the three months to August-end rose 9 percent, beating forecasts.
Moreover, rival retailer Intidex, which owns Zara, reported a three percent growth in sales for the first-half of the year.
This proves welcoming news for the retail sector, with many high street stores feeling the effects of an increasingly difficult trading environment.
Various highstreet giants have announced the closure of many stores in recent months, as retailers battle to offset the impact of falling foot-fall and lower discretionary spending levels among consumers.
Shares in H&M soar on strong sales
Shares in Hennes & Mauritz (CPH: HM-B) have increased by 13 percent following a better-than-expected trading update.
On Monday the retailer reported strong sales in the third quarter, with sales for the three months to August rising by nine percent.
The company said in a statement: “The H&M group’s continuous transition, to face the major shift within the industry, has contributed to a gradually improved sales development and increased market share in many markets in the third quarter.”
Sales were up nine percent to 55.8 billion Swedish crowns, beating a forecast 5.5 percent rise to 54.0 billion crowns.
H&M, which has over 4,700 stores, said that sales were hit by the introduction of a new logistics system and raised costs in markets incluidng the US, France, Italy and Belgium.
“Sales and cost development in some of the group’s important markets such as the US, France, Italy and Belgium were in the third quarter considerably affected by the issues that emerged during the implementation of new logistics systems in the spring. The new logistics systems enable a faster and more efficient supply chain as well as a continued integration of store and online,” said the group in a statement.
Rival Inditex (BME: ITX), which owns Zara, reported a three percent sales growth for the first half of its fiscal year to end-July.
Shares in H&M (CPH: HM-B) are currently trading up 13.02 percent at 139.20 (1033GMT).
Primark’s Lyttle to become new Boohoo boss
Boohoo will take on Primark’s chief operating officer, who will become the group’s chief executive.
John Lyttle will become the group’s new boss from March 2019 and replace current joint chief executives Mahmud Kamani and Carol Kane.
Boohoo said Lyttle’s appointment “is a key constituent of the Group’s positioning for its next stage of growth and will be accompanied by a number of changes to the existing main Board roles, all of which are designed to support the journey of the Group through its further international expansion.”
Lyttle’s annual salary will be £615,000, with an annual bonus of up to 150 percent of that amount.
“John Lyttle’s remuneration package will be heavily related to creating premium growth in shareholder value over the next five years,” said Boohoo.
Kamani will become group executive chairman and Kane will remain on the main board in an executive role.
Kamani and Kane said: “We are thrilled to have secured a candidate of John’s calibre as our CEO. We have got to know John over a number of years and are convinced he has the necessary skills to complement what we already have and take the Group on to its next stage of growth.”
“Both of us remain totally committed to the business and will ensure a measured and careful handover.”
Analysts at Liberum said in a research note: “While Primark is a store based model, it has very similar characteristics to Boohoo, despite different channels. The signal of intent is to match Primark’s success in taking Boohoo to a £7 billion turnover business, just as he [Mr Lyttle] did at Primark.”
“This news should not be seen as an upheaval as Mahmud Kamani will lead the strategic direction of the group, while CEO designate John Lyttle will take care of the day to day operations.”
“Carol Kane will continue to drive the creative direction of the brands.”
Shares in the group (LON: BOO) are up 1.42 percent at 172.42 (1000GMT).
Time Magazine sold to Benioff for $190m
Time Magazine has been sold to Silicon Valley billionaire in a $190 million (£145.3 million) deal.
Marc and Lynne Benioff are personally buying the magazine just eight months after it was sold to Meredith Corporation (NYSE: MDP).
Marc Benioff is the co-founder of Salesforce.com (NYSE: CRM).
In a statement, Meredith said the Benioffs “will not be involved in the day-to-day operations or journalistic decisions”.
Meredith President and CEO Tom Harty said: “We’re pleased to have found such passionate buyers in Marc and Lynne Benioff for the Time brand. For over 90 years, Time has been at the forefront of the most significant events and impactful stories that shape our global conversation.”
“We know Time will continue to succeed and is in good hands with the Benioffs. We thank the Time team for its ongoing hard work and passionate commitment,” he added.
The deal must get regulatory approval and could be closed within a month.
The Benioffs said: “We are honoured to be the caretakers of one of the world’s most important media companies and iconic brands.”
“Time has always been a trusted reflection of the state of the world, and reminds us that business is one of the greatest platforms for change.”
Time Editor-in-Chief, Edward Felsenthal, said: “On behalf of the entire Time team, we are very excited to begin this next chapter in our history.”
“We can’t imagine better stewards for Time than Marc and Lynne Benioff. The team is inspired by their commitment to high-quality journalism and by their confidence in the work we have done to transform and expand the brand in new directions.”
Benioff is the latest tech figure to invest in print publication. In 2013, Amazon founder (NASDAQ: AMZN) Jeff Bezos bought the Washington Post.
Unilever faces shareholder backlash over HQ move
Unilever investors have said they would vote against the firm’s decision to move headquarters to the Netherlands.
The company behind Dove and Marmite announced in March that it aims to simplify its corporate structure and only have one HQ based in Rotterdam.
Aviva investors have feared that because the FTSE 100 firm will no longer be listed in London, shareholders will sell the stock resulting in losses.
“Aside from the fact it is disappointing to see a world-class company like Unilever leave the UK, it also means longstanding UK shareholders may be forced to sell their stock,” said David Cumming, chief investment officer for equities at Aviva Investors.
“I don’t see logically why any UK shareholder would support their decision to go Dutch, because there is no upside only downside,” he added.
The group needs 75 percent from shareholders for the move to go ahead. A Unilever spokesperson said the firm was confident in achieving approval.
Crusader Resources announces half year report
Crusader Resources (LON:CAS) has announced its financial results for the half year ended 30 June 2018.
The results offer several highlights. First, the successful completion of a dual listing on the AIM Market of the London Stock Exchange raising $6.5 million before costs. Next, ongoing technical and financial optimisation of the Borborema Gold Project delivers positive results. Additionally, key initiative for the Borborema Bankable Feasibility Study has progressed. Finally, Ausenco in Brazil has engaged to assist in finalisation of the Borborema Installation License application.
Crusader’s Managing Director, Marcus Engelbrecht, commented:
“With our successful London AIM dual listing and capital raise in April, the Company has significantly increased its exposure in the Northern hemisphere.”
“In addition, we have made considerable progress in moving our headline gold project in Brazil, Borborema, from exploration toward a decision to mine and development through continuing work on our BFS.”
At 12:48 BST today, Crusader Resources Limited shares had dropped by 9.09%.
AstraZeneca’s hairy cell leukaemia treatment approved by FDA
AstraZeneca (LON:AZN) has announced that the US Food and Drug Administration has approved its cell leukaemia treatment.
Hairy cell leukaemia (HCL) is a rare, chronic and slow-growing leukaemia where bone marrow overproduces abnormal B cell lymphocytes. This can result in life-threatening conditions such as infections, bleeding and anaemia. HCL is diagnosed in roughly 1,000 people in the US each year.
The treatment, named Lumoxiti, has been approved following a successful clinical trial. Fundamentally, the treatment successfully cleared bone marrow of hairy cells. Moreover, it has shown a haematologic remission in patients for a duration of more than 180 days.
75% of patients receiving Lumoxiti achieved an overall response. Additionally, 30% had a durable complete response.
Dave Fredrickson, Executive Vice-President, commented:
“Today’s FDA approval of Lumoxiti represents a significant milestone for people living with hairy cell leukaemia, a rare blood cancer that can result in serious and life-threatening conditions. For patients, this approval provides the first FDA-approved medicine for this condition in more than 20 years.”
At 14:27 BST today, shares in AstraZeneca dropped by 0.28%.