LIVEBUSINESS LIVE: Berkeley Group Raises Concerns About Housing Market
By Live Commentary Updated: 07:55 BST, 8 September 2023
The FTSE 100 is set to open at 8am, and investors are keeping an eye on several companies, including Berkeley Group, The Restaurant Group, Heathrow, Computacenter, and Harland & Wolff for their reports and trading updates. Catch up on the latest business news in the Friday 4 August Business Live blog below.
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Investigation Sparks Share Crash for Vet firms
The UK’s leading listed vet firms experienced a sharp drop in share prices after the Competition and Markets Authority launched an investigation into the fairness of vet service prices. Concerns have been raised due to price increases surpassing inflation. Pets at Home saw its shares decrease by over 9%, resulting in a £169 million reduction in its market capitalization.
TRG Chairman to Step Down
Restaurant Group’s Chairman, Ken Hanna, will be stepping down following pressure from activist investors to improve the company’s management and profitability. Hanna, who assumed his position in January 2022, will remain in place until a successor is appointed. Activist shareholders Oasis Management and Irenic Capital Management have criticized the Restaurant Group’s management, with the company’s shares losing two-thirds of their value last year.
Melrose Chiefs Hail GKN Deal and Announce Departure
Simon Peckham, CEO of Melrose, praised the controversial takeover of GKN as a move that helped create a British “aerospace champion” and announced his plans to step down. The £8 billion acquisition five years ago revitalized the historic manufacturer, which was considered a fading UK industrial icon. However, Peckham did not rule out the possibility of a foreign takeover in the future.
CMA Supports Aviation Watchdog in Heathrow Pricing Row
Britain’s competition regulator, the CMA, provisionally supports the Civil Aviation Authority in most of its decisions regarding the pricing row between Heathrow Airport and airlines over the 2024-2026 period. After both airlines and the airport filed appeals, the CMA stepped in to review the CAA’s proposed lower charges. Heathrow argued that reduced fees would impact investment, while British Airways and Virgin Atlantic believed the cuts were insufficient. The CMA will make its final decision by 17 October.
Delay in Crackdown on Cryptocurrency Industry
The Financial Conduct Authority has postponed stricter regulations on marketing cryptocurrencies. While the new rules, including a 24-hour cooling-off period, were set to take effect from 8 October, companies can now apply for an extension until 8 January. This delay gives firms more time to comply with the regulations.
Berkeley Group Flags Concerns About Housing Market
Berkeley Group, a high-end housebuilder, has expressed concerns about the current trading environment due to rising interest rates and wider economic issues. Despite a 35% decline in underlying private sales reservations in the first four months of the fiscal year, the company has maintained its profit guidance.
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