(Bloomberg) -- The home and clothing retailer Next is increasingly among the most active buyers listed in London, making a habit of hoovering up troubled brands like Joules, Made.com and, most recently, Cath Kidston. As the company seeks to integrate these brands they’re also grappling with the dual challenges of inflation and consumer demand. Some analysts did wonder if, given reports of better consumer health, they might boost their expectations for the year this morning, but given the uncertainty they decided to hold firm.

Here’s the key business news from London this morning:

In The City

Next Plc: The retailer expects to hike its prices “materially” less than it expected in the second half of the year, now planning for a 3% price increase for Autumn and Winter this year, compared to a 6% increase previously.

• That comes after a “significant” reduction in costs of container freight and as more factory capacity lowers the price at which they’re buying goods

Competition and Markets Authority: The UK’s markets watchdog has cleared a deal between Farfetch Limited and Compagnie Financière Richemont SA for a stake in YOOX Net-a-Porter Group SpA.

• The deal, in which Farfetch would get a stake in Net-a-Porter in exchange for Richemont getting a stake in Farfetch, will not be referred to an in-depth phase 2 investigation

Essentra Plc: The plastics and fiber supplier said new order intake is about 8% ahead of 2022 on a like-for-like basis following improvements in China and robust performance in Europe.

In Westminster

Britain’s ambition to become a “science superpower” will fail unless the government reverses the country’s reputation as a poor place to invest, the head of the UK’s biggest pharmaceutical lobby group said. 

The government’s independent adviser on climate policy, meanwhile, warned Britain is “strikingly unprepared” for a changing climate and could face disruptions to energy, food supply, transport and communications infrastructure if it fails to adapt fast. 

In Case You Missed It 

Cineworld Group Plc is set to submit its bankruptcy-exit plan today after reaching a deal with creditors to trim billions of dollars of debt from its balance sheet. The world’s second-largest theater chain, which owns Regal Cinemas in the US, has struggled to find buyers for the whole company in recent months. It has received no bids that come close to covering Cineworld’s $6 billion in outstanding secured debt, a lawyer for the company said. 

Schroders Plc will focus its first long-term asset fund on private or illiquid investments that support the transition to net zero. The Schroders Capital Climate+ LTAF will invest in infrastructure, real estate, private equity, natural capital and biodiversity-focused assets. It is the UK’s first so-called Long Term Asset Fund — a new regulatory structure designed to give sophisticated investors access to illiquid assets.

Looking Ahead 

UK mortgage approvals data will be in focus at 9:30 a.m. today. Bloomberg economists expect a slight rise to 42,000 approvals in February from 39,600 in January, though the figures will likely “remain repressed and well below the 10-year average in the coming months.” On Friday, Nationwide’s house price survey should give further indications of where the market is headed.

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