The FTSE 100 is down 0.2 per cent in early trading. Among the companies with reports and trading updates today are Currys, Marston’s, British Land, Heathrow and Hornby. Read the Monday 11 March February Business Live blog below.
Willy Wonka event: How YOU can avoid falling for AI-generated adverts
The internet has been in meltdown for the past two weeks, after visitors to an immersive Willy Wonka experience in Glasgow found themselves in a run-down warehouse bedecked with half-hearted decorations and embarrassed actors in ‘pound-shop’ costumes.
It is easy to see the funny side, but attendees had shelled out £35 per head to attend, only to find that what had been billed as a ‘chocolate fantasy’, saw some of their kids handed just one jellybean and a third of a cup of lemonade.
Scrapping ‘pernicious’ tax on buying shares would help revive Britain’s flailing stock market
Scrapping the ‘pernicious’ tax on buying shares would help revive Britain’s flailing stock market, according to leading figures in the City.
Investors currently pay 0.5 per cent in stamp duty on the price of London-listed shares they buy – or £5 for every £1,000 invested in a UK company.
The tax is set to raise £3.2billion this year and £23.7billion between now and 2028-29, analysis of Budget documents shows.
Marston’s chair exits to join British Land board
The chair of Marston’s is stepping down from the brewer’s board to take the top job on the board of commercial property firm British Land.
Banking veteran William Rucker has been named as British Land’s chair-designate, replacing Tim Score who will step down after five years in the role.
Rucker, 60, the current chairman of asset manager Intermediate Capital Group, had held the role at housebuilder Crest Nicholson as well for more than seven years till 2018.
Separately, pub group Marston’s said Rucker would step down as chair of the group after more than five years in the role.
Rucker, who was also the former CEO and chairman at investment bank Lazard, will join the British Land board as a non-executive director and take up the role after the property firm’s annual general meeting on 9 July.
Elliott drops out of Currys takeover
US hedge fund giant Elliott Advisors has announced it does not intend to make an offer for Currys.
The electricals retailer had rejected a second indicative bid from Elliott last month, while China-based online giant JD.com has also said it is considering an offer.
M&S boss Archie Norman says interest rate hikes were ‘totally ineffective’
Marks & Spencer chairman Archie Norman has dismissed the Bank of England’s aggressive interest rate hikes as ‘totally ineffective’.
The most intense cycle of rate rises since the late 1980s didn’t do ‘very much’ to cool price increases, he argued.
Bitcoin soars through $70,000
Bitcoin has rallied to a new record high above $70,400, as the world’s biggest cryptocurrency’s momentum continues to be driven by flows into US spot ETFs and hopes of a Federal Reserve interest rate cut.
It is currently trading at $71,153.50, up 3.5 per cent for the day and more than 61 per cent since the start of the year.
M&S boss Archie Norman says interest rate hikes were ineffective
Marks & Spencer chairman Archie Norman has dismissed the Bank of England’s aggressive interest rate hikes as ‘totally ineffective’.
The most intense cycle of rate rises since the late 1980s didn’t do ‘very much’ to cool price increases, he argued.
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BUSINESS LIVE: Bitcoin soars through $70,000; Elliott drops out of Currys takeover; Marston’s chair joins British Land
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