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.
Shell Plc: Chief Executive Officer Ben van Beurden will step down at the end of this year after almost 40 years at the company, to be replaced by the firm’s head of gas and renewables, Wael Sawan.
- The appointment of Sawan as the new CEO reflects the long-term shift in Shell’s priorities, away from oil and toward natural gas, hydrogen, wind and solar power
THG Plc: The embattled online shopping emporium warned that sales will miss guidance this year as consumer appetite drops on the higher cost of living in the UK.
- THG’s shares have slumped 79% this year as investors question the company’s business model and governance controls
Elsewhere: Online ticketing service Trainline Plc said net ticket sales more than doubled to £2.2 billion in the first-half of the year, exceeding market expectations amid a strong return of tourists to Europe this summer, particularly from the US. The company also reported a rebound in its UK home market, with passenger numbers reaching 95% of pre-pandemic levels in August.
- JD Wetherspoon Plc will be opening its pubs in central London during normal hours from 8:00 a.m. until midnight on Monday, Sept. 19. The majority of its pubs will open later than usual, after Queen Elizabeth II’s funeral, at about 1:00 p.m. and remain open during normal trading hours after that
- Trian Investors 1 Ltd., a London-listed money pool linked to activist Nelson Peltz’s Trian Fund Management, confirmed it won’t make investments in new target companies. The company said earlier this month that it will return clients’ capital and close after months of wrangling over the way the fund is run
Outside The City
UK consumer confidence slipped into negative territory for the first time since the pandemic lockdown in the middle of 2020, with homeowners more concerned the value of their property could be at risk. That’s as serving up a full English breakfast is growing ever more expensive.
Queen Elizabeth II’s coffin arrived in Westminster Hall to begin four days of lying in state, as members of the public wishing to pay their respects were warned they could face a queue of as long as 30 hours to do so.
In Case You Missed It
London is missing out on the biggest surge in UK house prices for almost 20 years.
The Russian owner of AFC Bournemouth is reviving an attempt to sell the club, people familiar with the matter told Bloomberg.
Meanwhile, a fireball streaking through clear skies was reported by hundreds of people in Scotland and Ireland on Wednesday night, with many capturing footage on their mobile phones.
Looking Ahead
UK retail sales will be in focus tomorrow morning. The indicator is expected to slip 0.1% in August from the previous month, Bloomberg Intelligence says, adding that the worst of the cost-of-living crisis will likely be avoided due to the government’s support package.
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