HTML tags LIVEBUSINESS LIVE: Hays has a new CEO; Harbour Energy makes headlines; James Cropper announces updates; FTSE sees slight increase.
By This Is Money
Updated: 11:34 BST, 24 August 2023
Several companies, including Hays, Harbour Energy, Intertek, and James Cropper, have released reports and trading updates today. Stay updated with the latest business news on Thursday, 24th August through our Business Live blog below.
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Aldi offers job opportunities to Wilko employees, with over 6,000 openings available.
Aldi UK has extended a helping hand to Wilko workers who are worried about losing their jobs by announcing that they have over 6,000 store vacancies available. Aldi had previously stated its plans to create 800 jobs in its new stores in the upcoming months, and now it has confirmed that there are also numerous openings for other store roles across the country as the supermarket continues to expand.
OSB Group leads FTSE 350 fallers, while Liontrust shares rise by 10% in early trading.
Hays appoints a new CEO and warns of additional job cuts.
Recruitment agency Hays has named Dirk Hahn, an internal candidate, as its new Chief Executive Officer. However, the company also reported a decline in profits over the past year and warned that more job cuts may be on the horizon. This announcement comes after the company revealed on 23rd February that they were in the process of finding a successor to former CEO Alistair Cox.
Former Bank of England governor, Mervyn King, says interest rate hikes are no longer necessary.
Mervyn King, the former governor of the Bank of England, declared that it is no longer necessary to rapidly increase interest rates, following the release of alarming economic figures that raised concerns of a potential recession in the UK. The data indicated a significant shrinkage in private sector output this month, the fastest decline since January 2021 during the lockdown period.
Sterling and gilt yields fall as recession fears grow.
As fears of a recession escalate, sterling and gilt yields experienced a significant drop, as investors held back on their predictions regarding the peak of interest rates. With central bankers convening in Jackson Hole, Wyoming for their annual meeting, reports revealed a sharp decline in private sector activity in both the UK and the eurozone, attributed to inflation and rising borrowing costs.
Increased supply of rental properties due to a slowdown in sales – potential impact on rents.
More homeowners are opting to rent their properties instead of selling them if they do not achieve the desired price, leading to a surge in the rental market. Two years of nearly double-digit rent increases have made renting increasingly expensive, with demand from tenants far exceeding the supply of available properties.
Failure of rescue deal results in closure of multiple Wilko stores, leading to job losses.
After failed negotiations to secure a rescue deal, hundreds of Wilko stores are expected to close, leading to the loss of thousands of jobs. The 93-year-old chain fell into administration earlier this month, putting 400 stores and 12,000 jobs at risk.
Windfall tax causes UK production cuts for North Sea oil and gas producer, Ithaca Energy.
Ithaca Energy, a North Sea oil and gas producer, announced that it has been forced to reduce production in the UK due to the impact of a windfall tax. The company will be writing off £58m as a direct consequence of the levy, resulting in scaling back plans for the latter half of 2023 and into 2024.
The FTSE 100 index opened at 7320.53, while the pound-to-dollar exchange rate stood at $1.2704 at 8 am.
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