(Bloomberg) -- Here’s the key business news from London-listed companies this morning.

Treatt Plc: The fragrances and flavoring manufacturer cut its full year adjusted profit before tax guidance after lower consumer demand, foreign exchange rates, inflation and lockdowns in China impacted its margins. 

  • The company’s tea category will be particularly hit as lower consumer confidence has impacted demand for that category, leading to lower year-on-year sales

Digital 9 Infrastructure Plc: The investment company is seeking approval from the UK’s Financial Conduct Authority to admit its shares to the Premium Segment of the Main Market of the London Stock Exchange.

  • The company was previously on the Specialist Fund Segment, but the company says the migration will increase its profile, open it up to new investors, and allow it be included in FTSE indexes

Phoenix Group Holdings Plc: The UK's largest long-term savings and retirement business said its cash generation for the year will be at the top end of its target range for the year, while raising its interim dividend by 3%.

  • The insurer also said that current inflation will have no material financial impact on the group, thanks to hedges it had put in place

Outside The City

The Labour Party has proposed extending Britain’s windfall tax on oil and gas companies, saying the proceeds should be used to fund a total freeze on energy bills over the winter. The plan, to be announced by leader Keir Starmer today, will put renewed pressure on Tory leadership contenders Rishi Sunak and Liz Truss to come up with new proposals to mitigate the cost-of-living crisis. 

Meanwhile, The Telegraph reported that Bank of England Governor Andrew Bailey would be “open to a review” of the central bank’s mandate after Liz Truss criticized its approach to inflation. 

In Case You Missed It 

UK property asking prices fell at the sharpest pace in more than two years as a traditional summer lull combined with increased caution about the outlook for the economy.

And the cost of living crisis is forcing people to turn to charities for sanitary products. Charity Bloody Good Period distributed 150% more packs of period products in May and June than a year earlier, while sales of some of Tesco Plc’s own-brand sanitary products have soared as consumers choose cheaper products.

Meanwhile, a Meta shareholders should be pleased that a trio of its executives are moving from Silicon Valley to London, according to Bloomberg’s Alex Webb, who argues that the European business could be more profitable — and is cheaper to run.

Looking Ahead

Inflation data on Wednesday will be closely watched for clues about whether the pace of price increases is slowing down or accelerating, and what that means for the Bank of England’s key rate. 

The Readout with Allegra Stratton will be back from its summer break on Aug. 30. In the meantime, here’s what Bloomberg journalists are reading this summer. 

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