
Selwood Asset Management says Louis Hachette should change market listing
Selwood Asset Management owns about 1.5% of LHG's share capital and around 0.5% of TV and media company Canal Plus.
"Upgrading LHG's listing from Euronext Growth to a higher market segment would not only enhance visibility but could also, by our estimates, generate close to 30 million shares of passive demand, further supporting valuation re-rating," Karim Moussalem, Selwood's chief investment officer, said.
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Reuters
19 minutes ago
- Reuters
Malaysia's economy likely grew 4.5% in second quarter: Reuters poll
BENGALURU, Aug 13 (Reuters) - Malaysia's economy grew at a steady pace last quarter as strong household consumption offset weak exports, a Reuters poll of economists showed. Advance estimates showed the country's second-quarter gross domestic product was supported by growth in the services and manufacturing sectors, reflecting healthy domestic spending. The economy grew 4.5% year-on-year in the second quarter, in line with a preliminary estimate released in July, according to the August 5 to 12 Reuters poll of 23 economists. Forecasts for the data, due out on Friday, ranged from 3.9% to 4.6%. Growth in the first quarter was 4.4%. "High-frequency data across the board from retail sales, wholesale trade, motor vehicle sales, government spending, all of it suggests there has been a general improvement compared to the first quarter," said Lavanya Venkateswaran, senior ASEAN economist at OCBC Bank. "There is a definite resilience in domestic demand which has manifested in the second quarter, and there's no sign anything is falling off a cliff just yet," she added. Exports were a weak spot. Trade activity slowed in the quarter with exports falling for a second straight month in June, down 3.5% from a year earlier, the lowest since December 2023 as shipments to China - Malaysia's largest trading partner - fell 9.3%. That, along with the potential impact of U.S. President Donald Trump's19% import tariffs, is expected to weigh on growth in the months ahead. Bank Negara Malaysia cut interest rates in July for the first time in five years to support the economy due to a weaker outlook and rising global trade uncertainty, raising the prospect of another cut this year. "The rate cut by BNM in its July meeting was cited as 'pre-emptive' in the face of global uncertainty," said Denise Cheok, an economist at Moody's Analytics. "The ringgit has remained relatively strong against the greenback in recent months, providing the central bank with room to cut interest rates without raising concerns over currency weakness," she said. The Malaysian ringgit is up over 5% for the year. A separate Reuters poll forecast Malaysia's GDP to grow 4.2% in 2025, below the government's 4.5% to 5.5% target range.


The Independent
an hour ago
- The Independent
Rachel Reeves making ‘even bigger mistakes' than Liz Truss, says Kemi Badenoch
Kemi Badenoch has said Rachel Reeves is making 'even bigger mistakes' than Liz Truss. The Tory leader hit out at the Chancellor and the Prime Minister for their economic decisions as she drew a critical comparison to her predecessor at the top of the Conservative Party. 'For all their mocking of Liz Truss, Keir Starmer and Rachel Reeves have not learnt the lessons of the mini-budget and are making even bigger mistakes,' Mrs Badenoch wrote in The Telegraph. 'They continue to borrow more and more, unable and unwilling to make the spending cuts needed to balance the books.' Short-lived Conservative prime minister Ms Truss's mini-budget spooked the financial markets in 2022 and led to a spike in mortgage rates. 'As we all saw in 2022, the Chancellor and the Prime Minister are reliant on the bond markets,' Mrs Badenoch added. 'Yet those bond markets are increasingly jittery about the levels of borrowing today with no balancing spending decreases. 'Rachel Reeves's unfunded series of U-turns have only added to the pressure. She is boxed in by her party on one side, and her fiscal rules on the other.' The Chancellor earlier admitted Labour had 'disappointed' people while in Government, but said that the Government had got the balance right between tax, spending and borrowing. She told an audience at the Edinburgh Fringe Festival that balancing the books meant making tough decisions, even if the are unpopular. Appearing on the Iain Dale All Talk Fringe show, she said: 'The reason people voted Labour at the last election is they want to change and they were unhappy with the way that the country was being governed. 'They know that we inherited a mess. They know it's not easy to put it right, but people are impatient for change. 'I'm impatient for change as well, but I've also got the job of making sure the sums always add up – and it doesn't always make you popular because you can't do anything you might want to do. You certainly can't do everything straight away, all at once.' Ms Reeves pointed to Labour's £200 million investment in carbon capture in the north-east of Scotland, which she said was welcomed by the industry. At the same time, Labour's windfall tax, she said, was not liked by the sector. 'I can understand that that's extra tax that the oil and gas sector are paying, but you can't really have one without the other,' she said. Defending Labour's record, she said her party had the 'balance about right'. 'But of course you're going to disappoint people,' she added. 'No-one wants to pay more taxes. 'Everyone wants more money than public spending – and borrowing is not a free option, because you've got to pay for it. 'I think people know those sort of constraints, but no-one really likes them and I'm the one, I guess, that has to sort the sums up.' Ms Reeves said Labour had to deliver on its general election campaign of change, adding that her party did not 'deserve' to win the next election if it does not deliver the change it promised.


Daily Mail
an hour ago
- Daily Mail
Mikel Arteta lands surprise new role alongside Arsenal position
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