(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Tesco Plc: The UK’s largest grocer said profit this year will be at the lower end of a previously guided range, as more shoppers turn to discount rivals during Britain’s cost-of-living crisis.
- Facing competition from cheaper rivals Aldi and Lidl, Tesco also said it’s trying to deliver its three-year savings goal 12 months early and reach £1 billion of savings by February 2024
Hyve Group Plc: The event company reported an 85% recovery in sales when compared to 2019 and excluding revenues from discontinued operations in Russia, Ukraine and Turkey.
- The firm also said it had strong forward bookings of about £68 million, with growth in customer spend making it confident in its outlook
GSK Plc: The pharmaceutical giant announced positive results from a trial of its cancer drug jemperli.
Outside The City
Prime Minister Liz Truss will try to get her beleaguered premiership back on track today. “Whenever there is change, there is disruption,” she is poised to tell the Conservative Party conference in Birmingham, according to her office.
The UK is on the cusp of securing a natural-gas contract with Norway for as long as 20 years in a bid to stave off the risk of winter blackouts, people familiar with the matter told Bloomberg.
In Case You Missed It
Elon Musk has teased something called “ X, the everything app” after he buys Twitter Inc. Based on the billionaire’s past comments, that service could look a lot like Chinese super-app WeChat.
The Bank of England’s recent moves could encourage more risky trading, writes Marc Rubinstein for Bloomberg Opinion.
Meanwhile, the best year ever for British hedge fund titan Crispin Odey went to a new level amid tumultuous markets last month.
Kool cigarettes maker Imperial Brands Plc and derivatives dealer CMC Markets Plc are among the companies due to update the market tomorrow. CMC shares plunged when the London-based company published its latest trading update in July, flagging that inflationary pressures and a weaker pound were pushing up costs.
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