(Bloomberg) -- The Prime Minister is facing yet another rebellion on a key piece of legislation, proving yet again that the Conservative party cannot be tamed easily. Later today, Sunak will say the UK must plan its foreign policy for the long-term to match the strategies of other world powers such as Russia and China. Also, keep an eye on China where protests took place over the weekend.
Here’s the key business news from London-listed companies this morning:
In The City
Superdry Plc: The retailer confirmed media reports over the weekend that it is in talks with Bantry Bay Capital Ltd, a London-based fund backed by Elliott Advisors, on replacing its loan facility, allowing it to repay banks on a loan due in January.
Inchcape Plc: The automotive distributor and retailer’s CFO Gijsbert de Zoeten resigned following an incident at a recent event where he showed personal behaviour “falling short of the high standards expected of the leadership of the group”.
- The company says the decision is unrelated to the company’s financial performance or strategic direction
AstraZeneca Plc: The pharmaceutical giant signed a worldwide licensing agreement with AIM-listed C4X Discovery Holdings Plc in a deal worth up to $402 million for C4X.
- The deal is for C4X’s NRF2 Activator program, contributing to AstraZeneca’s development of an oral therapy for inflammatory and respiratory diseases, mainly focusing on chronic obstructive pulmonary disease
The prime minister is facing a Tory rebellion as they try to force his government to drop a ban on new onshore wind farms. More than 20 Conservatives, including Sunak’s predecessors Boris Johnson and Liz Truss, are backing a pro-wind energy amendment to the Levelling-Up and Regeneration Bill, which is expected to be debated before Parliament breaks for its vacation on Dec. 20.
Later this evening, Rishi Sunak say the UK should plan for the long term like Russia and China, in his first major foreign policy speech in London. “Our adversaries and competitors plan for the long term,” Sunak will say in London on Monday evening, according to his office. “In the face of these challenges, ‘short-termism’ or wishful thinking will not suffice.”
In Case You Missed It
Homebuyers in the UK are starting to get discounts on properties in the latest sign of turbulence in the country’s housing market. Agreed prices fell below asking prices last month for the first time in 18 months, according to a report from property portal Zoopla.
And keep an eye on China this week. Protests spread over the weekend as citizens in major cities including Beijing and Shanghai took to the streets to express their anger on the nation’s Covid controls. Ed Lawrence, a BBC journalist, was “beaten and kicked” by police during Covid-19 protests in China, the broadcaster said.
Wise Plc, Easyjet Plc and Shaftesbury plc are among the companies expected to release earnings results tomorrow.
The Bank of England is due to publish statistics on mortgage approvals tomorrow.
For a news fix when the day is done, sign up to The Readout with Allegra Stratton, to make sense of the day’s events.
©2022 Bloomberg L.P.