Dow Jones slips off record high as China scraps trade talks after labelling Trump ‘bully’. China has called off trade talks with the US, warning that they “cannot be carried out under the threat of tariffs”. Beijing accused the Trump administration of “trade bullyism” but said that the door was open to fresh negotiations in “an environment of mutual respect”.
The boss of Debenhams (DEB) has vowed to make “shopping fun again” through a new store concept focused on giving customers an experience in an attempt to shore up the chain’s flagging fortunes. Chief executive Sergio Bucher said the new Debenhams site in Watford was not a department store, but a “large shop where exciting things happen” as he revealed plans for overhauling part of the store network. The concept, which includes new Debenhams branding and a refreshed layout, will use in-store experiences and a so-called “digital integration” to encourage customers to visit a store rather than shop online. It will range from on-demand beauty treatments and a click and collect personal shopping service, to exhibitions and a new health-inspired restaurant called Loaf & Bloom.
Gold miner Randgold unveils £13.7bn merger with Barrick but London investors could ‘miss out’. Gold miner Randgold Resources Ltd. (RRS) is to disappear from the London Stock Market after unveiling a shock merger with rival Barrick of Canada that will create an $18bn (£13.7bn) giant spanning North America and Africa. The all-share deal will see Barrick shareholders given two-thirds of the combined company while drafting in Randgold’s management to run the business.
Thomas Cook profits wilt following ‘unprecedented’ heatwave. Thomas Cook Group (TCG) has issued a profit warning and parted ways with its finance director, who only joined the company in January, after the summer heatwave meant holidaymakers chose to stay at home rather thank book last-minute deals abroad. The travel operator said it thinks profits in its current financial year, which ends this month, could be £40m lower at £280m, thanks to the “unprecedented” heatwave. Thomas Cook’s chief executive said that the deaths of two holiday makers in Egypt last month had not contributed to this profit warning. However, he was unable to rule out the possibility that it would deter holiday makers from booking trips and therefore result in a financial hit to the company.
Top investor slashes stake in London Stock Exchange Group (LSE) a year after board showdown. Hedge fund billionaire Sir Christopher Hohn has slashed his stake in the London Stock Exchange (LSE) months after losing a bitter battle with its board. Sir Christopher’s TCI Fund Management has cut its stake in the LSE from more than 5% to 1.8%, ending its tenure as one of the exchange’s key investors barely a year after it failed to oust the chairman.
Sky shares soar on Comcast takeover victory. Shares in British broadcaster Sky (SKY) have jumped 8.8% to £17.24 following Comcast’s knockout bid at the weekend. The American media giant, which owns the NBC network and Universal Pictures, outgunned Rupert Murdoch’s 21st Century Fox in an auction for the television operator. It bid $40bn (£30.6bn) or £17.28 per share in a blind auction held on Saturday. Fox, backed by Disney, already owns 39% of Sky and offered £15.67 per share, to value the total group at £27.6bn.
Former banker to chair Great Portland Estates (GPOR) as Martin Scicluna leaves for Sainsbury (J) (SBRY). London commercial property investor Great Portland Estates named former banker Richard Mully as the replacement for outgoing chairman Martin Scicluna, who is stepping down after being poached for the same role at Sainsbury’s. Mr Mully, who will take the reins in February, is already a non-executive director of GPE, which owns chunks of prime real estate in central London including shops on Oxford Street and Regent Street and offices in Mayfair and the City.
