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.
Avast PLC: The UK’s markets regulator has cleared the cyber-security software company’s takeover by NortonLifeLock, following an in-depth probe.
- The Competition and Markets Authority provisionally cleared the deal last month, causing Avast’s shares to jump 42%
Ashmore Group Plc: The asset manager expects emerging markets asset prices to improve and investors more willing to take on more risk as some of the macro headwinds that are impacting its markets ease.
- That’s as it reported a negative investment performance of $16.6 billion, and a 13% drop in adjusted net revenue for the year
Shell Plc: The oil giant is shortlisting candidates to succeed Chief Executive Officer Ben van Beurden, who is preparing to step down next year, Reuters reported this morning, citing two unidentified people from the company.
- That comes just after the company agreed to sell its stake in an oil-production joint venture in California for about $2 billion in cash
Reckitt Benckiser Group Plc In yesterday’s edition we told you how Reckitt Benckiser’s CEO was leaving to take an opportunity that allowed him to relocate to the United States … It emerged last night that opportunity is as the CEO of Starbucks Inc.
Outside The City
Boris Johnson has blamed everyone but himself for the current energy crisis in his valedictory address on Thursday, Bloomberg Opinion’s Javier Blas writes, noting how neither the outgoing prime minister nor the current Tory leadership runners have produced concrete solutions for the challenges small businesses face in being fully exposed to wholesale electricity prices.
Next week, the UK’s new prime minister will finally be named. The results of the Conservative Party contest will be announced on Monday, but the new leader will have to travel to Scotland on Tuesday for the Queen to officially appoint them to the role.
In Case You Missed It
Inflation is hitting both the UK’s citizens and its businesses. The cost of the most basic standard of living has jumped by 20%, according to a report published Friday by Loughborough University researchers and the Joseph Rowntree Foundation. Soaring energy costs are leaving Britain’s factories facing the bleakest winter since the 1970s.Elsewhere, the highest number of job vacancies for the year were advertised in the week to August 28, the Recruitment and Employment Confederation said. Just over 2 million new jobs were advertised as employers began preparations for the Christmas rush.
In this episode of the In The City podcast we discuss how London’s super prime property market has kept flying even as the rest of the market wobbles:
Looking Ahead
Homebuilders Barratt Developments Plc and Berkeley Group Holdings Plc are due to update the market next week amid a possible cooling of the housing market.
Cyber security company Darktrace Plc who last month revealed early takeover talks with private equity company Thoma Bravo LP, is also expected to report full year results. The possible deal shows that there’s room for consolidation in cybersecurity, Bloomberg Intelligence Senior Industry Analyst Mandeep Singh says.
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