BOE Buys Time for U.K. Government to Re-Evaluate Policy

0716 GMT - The Bank of England's purchases of long-end gilts buy time for the U.K. government to make some reversal of recent policy announcements, David Page, head of macro research at AXA Investment Managers says. The upcoming Conservative Party Conference provides the next test as to whether the government will react​, he says in a note. "Otherwise, UK asset markets are likely to come under further pressure​," he adds. ​The necessity of the BOE's intervention to address the disruption of orderly markets caused by the Chancellor's statement on Friday is ​​quite exceptional​, Page says. "The BOE's operations buy time for the government to 're-evaluate' policy​," he says. (emese.bartha@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: 

BOE's Purchase of Long Gilts Is Only a Short-Term Fix

0606 GMT - The Bank of England's temporary purchases of long-dated gilts offer a short-term fix, but not a panacea, Barclays' debt research analysts Ajay Rajadhyaksha and Themistoklis Fiotakis write in a note. "In the short term, these actions are working extremely well," they say. "But if the goal is to restore lasting stability to sterling-denominated financial markets, we worry that the move will fall short." The problem is that bond and currency markets have reacted poorly since the mini-budget, at least in part due to fears that the move added new fiscal stimulus to an economy that already had 10% inflation and a very low jobless rate, they say. "It's difficult to see how this perception can be corrected by new monetary policy stimulus." (emese.bartha@wsj.com)

Litigation Stay Upheld for Cineworld in Cineplex Lawsuit

1525 ET - A bankruptcy judge on Wednesday denied Cineplex Inc.'s request to lift the litigation shield for bankrupt Cineworld Group PLC, effectively shelving the upcoming oral arguments in the failed Cineworld acquisition dispute before the Ontario Court of Appeal. Judge Marvin Isgur with the U.S. Bankruptcy Court in Houston said in his ruling that allowing the litigation to continue at this early stage of Cineworld's bankruptcy process would be "premature." The Canadian appeal court was set to hear arguments next month to determine whether a lower court's decision to award Cineplex nearly $1B in damages against Cineworld was appropriate. Cineworld, which filed for chapter 11 earlier this month, withdrew from a deal to acquire Cineplex in the wake of the Covid-19 pandemic. "The purpose of the automatic stay is to give the debtor a breathing spell," Judge Isgur said. (akiko.matsuda@wsj.com; @AskAkiko)

 

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

(END) Dow Jones Newswires

September 29, 2022 03:34 ET (07:34 GMT)

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