Forex Electronification Seen a Factor Behind Sterling's Slump

0921 GMT - The electronification of foreign exchange may have contributed to sharp moves in the market Monday when sterling hit a record low against the dollar, says T. Rowe Price senior foreign exchange trader Toby Baker. "Electronification for FX is wonderful but it's like if you have a house party and keep turning the music up until the police turn up and then you have to turn it down--it feels like that in FX and that's a concern," he says at the TradeTechFX conference in Amsterdam. It's not often the market sees flash crashes but that's what happened Monday with sterling, he says. GBP/USD falls 0.6% to 1.0819, having reached a record low of 1.0349 on Monday, according to FactSet. (renae.dyer@wsj.com)

 
Companies News: 

Vodafone Chief Technology Officer to Step Down; Successor Named

Vodafone Group PLC said Thursday that Chief Technology Officer Johan Wibergh will retire at the end of 2022 after serving in the role since 2015, and that Scott Petty will take over from Jan. 1.

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M&G Names Andrea Rossi as Chief Executive, Replacing John Foley

M&G PLC said Thursday that it has appointed Andrea Rossi as its new chief executive from Oct. 10, replacing John Foley who is retiring after seven years in the role.

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Avation Swung to FY 2022 Pretax Profit as Business Returns to Prepandemic Levels

Avation PLC said Thursday that it swung to pretax profit for fiscal 2022 as the pandemic comes to an end and a high level of utilization for the aircraft fleet returns.

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Attraqt Group Agrees to GBP63.2 Mln Takeover by Crownpeak Holdings

Attraqt Group PLC said Thursday that it has agreed to a 63.2 million pound ($68.8 million) cash offer by Aegean Bidco Ltd, a subsidiary of Crownpeak Holdings, LLC.

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Mitchells & Butlers FY 2023 Comparative Sales Rose; Seeing Inflation Pressure

Mitchells & Butlers PLC said Thursday that like-for-like sales in fiscal 2022 rose slightly compared to prepandemic levels, but total sales fell, and it was experiencing inflationary pressures.

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HSS Hire 1H Pretax Profit Fell on Higher Costs, Reinstates Dividend

HSS Hire Group PLC said on Thursday that pretax profit for the first half of fiscal 2022 slightly fell amid higher costs which offset a revenue increase, and reinstated a dividend payout.

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Great Portland Estates Sees Strong 1H Leasing Activity

Great Portland Estates PLC said Thursday that it has seen strong leasing activity in its first half, and reiterated its confidence in its outlook.

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Next Cuts FY 2023 Profit, Sales Guidance Amid Waning Consumer Confidence -- Update

Next PLC on Thursday reported a better-than-expected pretax profit increase for the first half of fiscal 2023, amid stronger retail sales, and cut its full-year profit guidance amid rising living costs.

 
Market Talk: 

Forex Options Could Offer Protection Amid Weak Global Outlook

0926 GMT - Foreign exchange options could help limit potential losses in investor portfolios amid a weak global economic growth outlook, says T. Rowe Price senior foreign exchange trader Toby Baker. Central banks need to keep raising interest rates to tame inflation but there will come a point where they shift towards cutting rates due to weaker growth and a potential recession, he says at the TradeTechFX conference in Amsterdam. Normally lower rates are good for risk appetite but that's may not be the case this time, he says.(renae.dyer@wsj.com)

Contact: London NewsPlus; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

September 29, 2022 06:09 ET (10:09 GMT)

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