Here’s the key business news from London-listed companies this morning.
(Bloomberg) — Here’s the key business news from London-listed companies this morning.
Ofgem: The energy regulator will raise its price cap to £3,549 a year for dual fuel for an average household from October 1.
Micro Focus International Plc: The software company said last night it had agreed to a takeover offer from Canada’s Open Text Corp. at a premium of 99%.
- That deal values the company, which sells enterprise software to other organizations, at about £5.1 billion, including debt
Outside The City
Disagreements are starting to emerge in Liz Truss’s team, just as the doors of Number 10 Downing Street appear to be in reach. That’s according to people familiar with the matter, who said the tensions go beyond the expected jostling for status, and into fundamental divisions over how to help Britons struggling with soaring prices this winter. Writing in the Daily Mail this morning, Liz Truss said she would use an emergency budget next month to “ensure support is on its way” but it was not “right” to announce the full plan before the Tory leadership contest was over or before she has seen the full analysis from Whitehall.
In Case You Missed It
Gas production in the UK’s North Sea is providing some relief, with new wells helping to lift gas output by 26% in the first-half of this year. But that’s not necessarily enough to stop millions of households being pushed into fuel poverty this winter. One consultancy thinks this energy crisis could have a bigger impact on households than the 2008 financial crisis.
Monday is a bank holiday, meaning markets are shut; The London Rush will restart on Tuesday when housing market data is due. Mortgage approvals for July will indicate just how quickly higher interest rates are chilled the UK’s housing market.
Also on Tuesday, consumer products distributor Bunzl Plc and make-up producer Revolution Beauty Group Ltd. are due to update the market, giving an insight into how inflation might be impacting consumer behavior.
The Readout with Allegra Stratton will be back from its summer break on Aug. 30. In the meantime, here’s what Bloomberg journalists are reading this summer.