Trump Says 'We'll See' If There Will Be EU Deal Ahead of Sunday Meeting: Q&A
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23 minutes ago
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Sterling bounces off two-year low on euro, soft on dollar
LONDON (Reuters) -The pound briefly hit a two-year low versus the euro on Monday, before rebounding, and dipped on the dollar, though its moves were largely a function of those elsewhere as investors digested the announcement of an EU-U.S. trade deal. The pound was last down 0.2% on the dollar at $1.34185, its lowest in a week, having struggled late last week because of soft British retail sales and business activity data. The pound was more volatile against the euro, which rose as high as 87.69 pence in early Asia trade, its highest since May 2023, as its gains last week were extended in a kneejerk bounce after the announcement of the trade deal. The common currency then reversed course, both broadly, and on the pound, as investors speculated that U.S. trade deals, in aggregate, would boost the dollar and so the euro's gains at its expense would cease. [FRX/] On the pound the euro was last down 0.5% at 86.99 pence. Investors are divided on sterling, partly due to disagreement on whether the Bank of England will step up the pace of its rate cuts later this year, something that would weigh on the currency. Inflation in Britain has proven sticky, meaning policymakers are loath to cut rates too quickly unless they are forced to, and recent data - soft but not terrible - has not yet definitively answered that question. "Another round of only modestly weaker data than expected were enough to push sterling to fresh lows versus the euro," said Barclays analysts in a note. "In our view, the pound's weakness is overdone and due a correction," they said, anticipating that the euro will fall to around 85 pence, which would be consistent with the gap between British and euro zone interest rates. Others expect that more BoE cuts, while the ECB now appears to be on hold, would hurt the pound against the euro. Nomura analysts see the euro rising to 89.75 pence. Little British economic data is due this week. The BoE meets next week, and markets are all but fully pricing in a 25 basis point rate cut, one of only two more they expect this year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
- Yahoo
Scottish charities to share $1m from Balmanno House sale
Nine charities across Scotland are set to benefit from a $1m (£750,000) surplus following the sale of Balmanno House, a registered charity in Glasgow's West End that provided residential care for over 200 years. These charities include Glasgow East End Community Carers, St Francis Care Home, Glasgow Children's Hospital, and The Prince and Princess of Wales Hospice. Other charities such as CrossReach, Association for the Relief of Infirmity in the West of Scotland, Ayrshire Hospice, and Tenovus Scotland Strathclyde were also among the beneficiaries. The distribution follows the liquidation process managed by Blair Milne and James Fennessey, joint liquidators and partners at international business advisory group Azets. Balmanno House was placed into administration in April 2023. The joint administrators continued to operate the care home briefly to facilitate an orderly relocation of residents to alternative care facilities. Following significant interest, the property was sold to RSD Property Holdings for residential development for an undisclosed amount. The sale ensured that all creditors at the time of administration were paid in full, including statutory interest, redundancy pay, and other entitlements owed to the former workforce. The joint liquidators are now finalising arrangements to distribute the surplus funds to charitable causes in line with the wishes of Balmanno House's Trustees. Azets head of Restructuring and Insolvency in Scotland Blair Milne said: 'The challenges facing the care sector have been well documented in recent years, with many care homes caught in a perfect storm of rising labour and operational costs, insufficient public funding, workforce shortages and unstable occupancy levels, all whilst compliance requirements have intensified. Many are operating at very tight margins and unable to increase revenue to meet rising operating costs. Sadly, a number of care homes have had no option but to enter into an insolvency process due to an inability to meet the liabilities of the business.' 'The actions of the Trustees, particularly seeking early advice on cash flow management, helped to ensure an orderly winding down of the care home operation, an optimal outcome from sale of the Company's property asset and ultimately a substantial sum being distributed to charity at the end of the process,' he added. "Scottish charities to share $1m from Balmanno House sale" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
23 minutes ago
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Buyout giant Warburg Pincus snaps up Health Partners stake
One of the world's biggest private equity firms has agreed to acquire a stake in Health Partners Group, a provider of occupational health services to millions of its clients' employees. Sky News understands that Warburg Pincus has struck a deal to partner with the company in a deal valuing it at more than £300m. Health Partners Group was founded in 2016 by chief executive Andrew Noble and chief medical officer Dr Alasdair Emslie. Money latest: It is principally focused on serving private sector clients, although it does not disclose their identities. In the year to July 31, 2024, it reported revenue of close to £77m and earnings before interest, tax, depreciation and amortisation of £13.6m, according to accounts filed at Companies House. The company says it is now the largest occupational health provider and among the largest non-hospital healthcare providers in Britain. Further details of the transaction with Warburg Pincus, including the size of the stake it had agreed to buy, were unclear on Monday. The deal is said by bankers to value Health Partners at between £300m and £400m. Warburg Pincus has backed similar businesses in other countries, including Quantum Health in the US and Arsipa in Europe. On Monday, Warburg Pincus declined to comment.
