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Mixed morning for FTSE, supermarkets up
The FTSE 100 has had a mixed morning, opening down 0.5 percent before being pushed back into the black by the supermarkets.
Morrisons (TCMKTS:MRWSY) are up nearly 3 percent, with Tesco, who announce half-year financial results tomorrow, (LON:TSCO) trading up 1 percent too.
The FTSE was up nearly 3 percent yesterday, pulled by a huge increase in mining stocks such as Glencore, whose share price rose 21 percent. (LON:GLEN). However, Glencore has fallen back 5.4 percent this morning, with both Rio Tinto (LON:RIO) and BHP Billiton (LON:BHP) following their lead.
Elsewhere on the FTSE, coffee chain Greggs (LON:GRG) delivered a positive report stating that sales were up 4.9 percent on the last quarter, pushing shares up by 4.4 percent. High street retailer Ted Baker (LON:TED) are down 2.3 percent, despite interim results showing strong sales across all regions.
Nestlé in talks to merge ice cream with R&R
Nestlé, the Swiss food giant and maker of Kit Kats and Nespresso coffee has confirmed that it is in “advanced discussions” to merge with R&R Ice Cream.
R&R, a private French equity firm, hopes to work with Nestlé to combine its manufacturing model with Nestlé’s distribution network. This merge aims to create a more intimidating rival to Unilever, who’s shares in the global ice cream market is 22.8%, more than double Nestlé’s 10.8%
Nestlé’s chief executive, Paul Bulcke, has said “We have a long-standing relationship with R&R. Combining the capabilities of our two companies in this way would offer an exciting opportunity for future growth in a dynamic category.” This growth refers to Nestlé’s hopes to contribute to ice cream businesses in Brazil, Egypt, Europe, Argentina and the Philippines.
According to Euromonitor food analyst, Lianne van den Bos, Nestlé’s expansion into the ice cream market will mean that “Nestlé will be further removed from its aim to be the world’s leading nutrition, health and wellness company… the company’s health and wellness vision is becoming blurred.”
Analysts have predicted that Nestlé will benefit from the merge with R&R.
Safiya Bashir 05/10/2015
New development by Leeds booming city centre
X1 Aire is Knight Knox’s latest addition to its portfolio of over 50 successfully launched development projects. In collaboration with its long-term partner developer X1 Developments, X1 Aire is the first project both companies undertake together in the thriving city of Leeds.
The development is situated right at the edge of Leeds’ booming city centre, only a short stroll away from its busy train station. Located on East Street, X1 Aire Street consists of 147 luxurious one and two bedroom apartments. Next to it lies St Saviours Church, a beautiful Grade II listed former Sunday school.
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New build 1 and 2 bed apartments in Leeds city-centre
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Assured returns of 6% for 1 year
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Leeds buy-to-let investment from £105,000
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Secure parking and on-site gym
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Planning permission already in place
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Fully managed investment
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Market Leaders
Knight Knox has launched over 55 developments onto the UK market, comprising of a mix of high-yielding student accommodation projects and stunning luxury residential developments. Well respected within the industry, Knight Knox has maintained an excellent reputation thanks to the quality of products they bring to market.
Leeds is a truly thriving city, with a population of over 751,000 that is ever-growing. There has been a massive influx of young professionals flocking to the area of late, keen to live and work in such a vibrant city. Unsurprisingly, the Leeds housing market has been skyrocketing over the past year, with average house prices rising 3% in the past 12 months to rest at £173,693.
Rental demand is similarly growing in Leeds, with leading estate agents noting a 99% occupancy rate in the city centre and that the rental market will continue to dominate market activity, as more and more tenants desperately seek prime rental accommodation in the city centre.
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Award Winning Liverpool Buy-to-Let
Award Winning Liverpool Buy-to-Let | Apartments from £109.950
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Phase 4 of the award winning X1 The Quarter development, The Terrace comprises 101 apartments spread across seven floors, with direct views of Albert Dock and Liverpool Marina.
The perfect rental location, residents are only a short 10 minute walk from Liverpool City Centre and just minutes from the bustling waterfront, with its throng of restaurants, shops, bars and museums.
⇒The Gallery (Phase 1): Tenanted
⇒The Courtyard (Phase 2): Tenanted
⇒The Studios (Phase 3): Tenanted
⇒Apartments from: £109,950
⇒6% Assured NET rental returns for 3 years
⇒Direct views of Albert Dock and Marina
About Liverpool
Home to 470,000, Liverpool is a vital part of the North West’s success as the most profitable region for yearly yields at 7.1%. This vibrant city on the bank of the River Mersey has gone through massive amounts of regeneration to accommodate its booming population, now 5.5% larger than a decade ago. With a £130m investment into housing and a high street which rivals Manchester’s- Liverpool is a thriving city; perfect for investment
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Market Leaders
Knight Knox has launched over 55 developments onto the UK market, comprising of a mix of high-yielding student accommodation projects and stunning luxury residential developments. Well respected within the industry, Knight Knox has maintained an excellent reputation thanks to the quality of products they bring to market.
Currently in construction, this selection of 1, 2 and 3-bed apartments are perfectly placed for city workers and young professionals who like the more relaxed vibe of the docklands area, yet want easy access to the city centre.
With reports showing Liverpool house prices rising by as much as 7.8% at the start of 2015, and HSBC listing the city in its Top 10 Buy-to-Let Hotspots earlier this year, now is the time to invest.
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George Osborne: Conservatives are “the true party of Labour”
In his conference speech in Manchester, George Osborne went beyond the expected chancellor’s address and went on to focus on succeeding David Cameron as the Conservative party leader.
Osborne seized this opportunity to captivate those Labour supporters who feel “completely abandoned” by Corbyn’s new left-wing approach to policies. This radical shift by the Labour party to the far left has led to hesitance from many of the party’s supporters, highlighted by the resignation of five party frontbenchers after Corbyn was elected.
Whilst previous Labour Prime Ministers Gordon Brown and Tony Blair attempted to steer the party to a centre ground, today Osborne suggested a similar move for the Conservative party; claiming they are “now the party of work, the only true party of labour”.
However whilst Osborne claims that the new Labour party has undone a generation’s work to modernise the party in the space of twelve months, it is undeniable that a huge proportion of Labour voters actually welcome these changes; Jeremy Corbyn won the Labour leadership vote with 59.5% of the majority.
So will Osborne’s speech win over Labour supporters who identify with a more centre ground approach to politics? Or can Corbyn persuade Labour party supporters that a radical left, socialist movement is the way forward?
Safiya Bashir 05/10/2015
Restructuring plan at Air France leads to announcement of 2,900 job cuts
Air France, Europe’s second largest network carrier, confirmed on Monday that it plans to cut 2,900 jobs and shed up to fourteen aircraft from the long haul fleet in an effort to lower costs.
This drastic alternative plan is in response to intense competition from low cost competitors in the Middle East. According to a statement by the carrier, it hopes to “guarantee the economic objectives and the company’s future”.
In the attempts to cut annual costs by €170 million over the next three years, Air France is not only cutting thousands of jobs, including 1700 ground staff, but has also requested pilots to fly up to 100 more hours for the same rate.
This restructuring within Air France has naturally been highly unpopular within staff, with four unions calling a strike to coincide with the expected launch of the plans. However, French Prime Minister Manuel Valls backs the board, stating that “If Air France does not evolve then it puts itself in danger”.
Air France have said that it is unsure of the exact numbers expected to strike but has insisted that all flights will go ahead despite some delays.
Safiya Bashir on 05/10/2015
Liverpool to be well represented at Property Investor show
European culture capital 2008 and the third in a top ten city destinations to visit by Rough Guide 2014, Liverpool is currently considered to be one of the hottest UK property locations to invest in.
The Liverpool housing market has seen prices climb by 7.8% over the past two years, unsurprising in a location that has attracted over £5 billion of physical investment and is strongly connected to global markets, with many multinationals including Barclays.
Liverpool offers a range of opportunities available for investment from prime commercial sites in the heart of the city to listed Victorian warehouses next to the motorway network. One example of an exciting investment opportunity in Liverpool is Liverpool Waters, a major development that includes new opportunities in the student property sector and is predicted to transform northern parts of the city.
So is Liverpool really a safe bet? In a city where homes are 75% cheaper than London, with average house prices at £109,600, property investment in Liverpool is considered a hotspot due to the high rental returns, thanks to the low house prices and high rental rates.
To find out more, the Property Investor and Homebuyer Show is being held at ExCel London on the 9th and 10th of October with investment and development specialists from the city to show everyone from first time investors to professional landlords the benefits of investing in such a vibrant city.
Safiya Bashir on 05/10/2015
Mining pulls FTSE up, Rolls Royce announce further cuts
The FTSE 100 has surged 2 percent in early morning trade this morning, with gains in mining shares pushing the index upwards.
Shares in both Rio Tinto (LON:RIO) and BHP Billiton (LON:BHP) are up, with Glencore (LON:GLEN) gaining nearly 20 percent at market open. The company showed strong gains on the Hong Kong market, pulling up from last week’s lows.
Elsewhere on the FTSE, Rolls Royce (LON:RR) has announced plans to cut 400 staff from its marine business by the end of next year, in its latest move to make the company more economically efficient.
Rolls Royce have been under pressure from falling oil prices, which account for around 60 percent of its business.
In a statement, Rolls-Royce’s marine president Mikael Makinen said it planned to “sharpen focus on the marine technologies of tomorrow by significantly increasing our current rate of investment in research and development.”
The company hopes that the latest cuts will generate £40 million over the year, with benefits being seen from 2016 onwards. The company is currently trading up 3.34 percent at 728 pence per share (1047GMT).
Government to offer public sale of Lloyds Bank shares
The Treasury have announced plans to sell at least 2 billion pounds worth of shares in Lloyds Banking Group (LON:LLOY) to retail investors, in a move that will further reduce the government’s 12 percent share in the bank.
According to George Osborne, the sale is aimed at encouraging ordinary Britons to invest in the stock market. The shares will go on sale in Spring 2016, and people applying for investments of less than 1,000 pounds will be prioritised. Shares will be offered to the public at a 5% discount on market price.
The finance ministry also stated that those who keep their shares for at least 12 months will get one bonus share for every 10 they own.
This is the latest in a string of plans to plans to privatise British government-owned companies. The new Conservative government is appearing to follow in the footsteps of their predecessor Margaret Thatcher, who sold shares worth £3.9bn in British Telecom and a £5.6bn stake in British Gas.
The government have continued to cut their stake in the bank down from the 43 percent share it owned after the financial crisis.
Lloyds Banking Group is currently up 1.6 percent at 77.7 pence per share (0933GMT).
American Apparel files for bankruptcy
Shares in clothing brand American Apparel (NYSEMKT:APP) have fallen over 6 percent this morning, after announcing that it will file for bankruptcy.
The LA-based company has been in trouble for months, after a suit of law suits surrounding its founder Dov Charney and warnings for sexualised advertisements.
In a statement, it said it had reached a restructuring support agreement with 95% of its secured lenders who will write off $200m of bonds in exchange for equity in the company. The deal also involves the company filing for Chapter 11 bankruptcy protection.
Paula Schneider, American Apparel’s Chief Executive Officer, commented:
“This restructuring will enable American Apparel to become a stronger, more vibrant company.
“This process will ultimately benefit our employees, suppliers, customers and valued partners. American Apparel is not only an iconic clothing brand but also the largest apparel manufacturer in North America, and we are taking this step to keep jobs in the U.S.A. and preserve the ideals for which the Company stands.”
American Apparel financial results have been disappointing over recent quarters, recorded a loss of $19.4m in the second quarter of this year. The company is currently trading down 6.34 percent at 0.112 pence per share. (0921GMT)