One of Britain’s biggest housebuilders has called on the Government to spell out the future of its controversial Help to Buy scheme after reports it could be stripped back to focus on those with lower incomes and first-time buyers. Redrow (RDW) chairman Steve Morgan said it would be fine to bar existing homeowners from using the scheme but “madness” to scrap it at a time when the Government is pushing housebuilders to complete 300,000 homes per year.
New WPP (WPP) boss Mark Read must be given a chance to tame the beast. As Mark Read is formally confirmed as the new boss of the marketing and advertising giant WPP, following the ousting of Sir Martin Sorrell, the City will no doubt have all the usual arguments lined up for him.
The new boss of WPP (WPP) pledged to simplify the giant marketing group’s structure and overhaul its culture in a bid to make it more competitive amid tough competition and turbulence in the sector.
Ryanair Holdings (RYA) counted the cost of a turbulent summer as passenger growth slumped to a four-year low. The Irish airline flew 13.3m customers in August, up 5% on 2017. Including new subsidiary Lauda, total customers were 9% higher at 13.8m. It is the first August since 2014 that passenger growth has fallen into single-digit percentage territory.
boss Mike Ashley has taken a further swipe at former House of Fraser chairman Frank Slevin, accusing him of retaining a company car and flat as the retailer collapsed. He has been locked in a standoff with warehouse operator XPO over the £30.4m it was owed when House of Fraser went bust. Mr Ashley has called for an Insolvency Service investigation, accusing former House of Fraser directors of “mismanagement” by claiming they failed to give XPO a “transparent overview” of the retailer’s position.
Environment minister Michael Gove has blocked an independent oil and gas company from drilling for oil in the Surrey Hills after a ten-year battle with protesters. Mr Gove decided not to renew a permit held by Europa Oil & Gas (Holdings) (EOG) to drill for oil within its Holmwood prospect at Bury Hill Wood, which is due to expire at the end of the month. In response, the oil minnow said it would withdraw its application to drill at the site, which has been dogged by protest from anxious local residents.
Just Eat (JE.) slumped to a four-month low after JPMorgan data suggested that it is lagging behind rivals UberEats and Deliveroo on signing up restaurants to its platform. The FTSE 100 company is “overly exposed to the least attractive part of the market which is likely to face market share losses”, analyst Marcus Diebel warned.
Housebuilders wobbled as Redrow (RDW) urged the Government to provide the sector more clarity on whether it will extend the Help to Buy scheme. Barratt Developments (BDEV) and Berkeley Group Holdings (The) (BKG), which both update the market today, slid 10.8p to 535.6p and 160p to £35.10, respectively.
Inmarsat (ISAT) pulled back 23.8p to 523p after RBC Capital Markets argued that takeover suitor EchoStar would face “multiple constraints” if it attempted to return with a higher bid for the satellite operator.
Plus500 Ltd (DI) (PLUS) climbed 22p to £15.70 as it sealed its promotion to the FTSE 250 after making the step up to London’s main market in June.
Alfa Financial Software Holdings (ALFA) was given a final push towards the mid-cap index’s trapdoor after plunging 10.4p to 148p on its results being hit by contract delays.
Tesco (TSCO) has appointed a veteran dealmaker to its board, just months after the supermarket chain completed its takeover of wholesaler Booker. The retail giant hired Melissa Bethell as a non-executive director on its board and a member of its audit committee. She will join the company on Sept. 24.
Questor: IG Design Group (IGR) US acquisition inevitably carries risk, so sell now and bank your profits
