Latest news with #Brexit-related
Fibre2Fashion
25-07-2025
- Business
- Fibre2Fashion
UK's external position weakens amid strong pound: IMF
The UK's current account (CA) deficit widened to 2.7 per cent of GDP in 2024, underscoring structural imbalances in its external sector, according to the IMF's External Sector report. The cyclically adjusted CA remained at the same level, implying a negative gap of 2.4 percentage points relative to the External Balance Assessment (EBA) norm of –0.3 per cent. After accounting for domestic policy distortions, IMF estimate a residual gap of –1.7 per cent. The real effective exchange rate (REER) appreciated by 4.2 per cent in 2024 compared to 2023 and is now 10 per cent stronger than its pre pandemic average, eroding price competitiveness. The strengthening was driven by a higher nominal effective exchange rate (NEER), as UK interest rates remained above those of other advanced economies. Elevated domestic inflation also played a smaller contributory role. As of March 2025, the CPI-based REER stood 2.6 per cent above the 2024 average. The IMF's EBA models estimated the pound's overvaluation in 2024 at between 1.5 and 8.7 per cent, with staff assessments converging around a 6.5 per cent overvaluation using an elasticity of 0.26. This appreciation partially reverses the pre-2019 REER depreciation that followed Brexit-related uncertainty. Despite the widening CA deficit, capital inflows—particularly in the form of portfolio investment in debt—helped finance the gap. However, these inflows were partially offset by increased direct investment outflows. The UK's status as a global financial centre brings inherent volatility to its capital flows, largely driven by intragroup bank transactions. While this volatility poses potential risks, the Bank of England's Financial Policy Committee (FPC) continues to monitor systemic risks through a robust macroprudential framework. Foreign exchange (FX) reserves remain low relative to standard adequacy metrics, but the UK maintains a free-floating exchange rate regime. Sterling's share in global reserves has increased modestly from an average of 4.5 per cent during 2016–2019 to around 5.0 per cent in 2024. FX reserves experienced minimal drawdown through the year. The UK's current account deficit rose to 2.7 per cent of GDP in 2024, with the pound assessed as overvalued by 6.5 per cent, eroding competitiveness. A 4.2 per cent REER appreciation and capital flow volatility persisted, though FX reserves remained stable. Sterling's global reserve share edged up to 5 per cent, while the BoE continues to monitor risks via macroprudential tools. Fibre2Fashion News Desk (HU)
STV News
20-07-2025
- Entertainment
- STV News
Vision to transform Inverness Castle into tourist attraction moves closer to reality
A nine-year vision to transform Inverness Castle from an ageing court building into a tourist attraction is a step closer to reality. STV News was given rare access earlier this week to see inside the historic site, which has been under wraps behind barriers for several years. Work is still under way, but what's taking shape promises to be a unique and immersive experience that will celebrate Highland culture, history, and storytelling. The £40m project includes cutting-edge interactive technology, designed to guide visitors on a two-hour journey through the spirit of the Highlands. Amy MacLeod of High Life Highland said: 'We're inviting people to discover the spirit of the Highlands through authentic stories gathered from communities across the region. It's about history, culture, language and, most importantly, the people who live here.' The project has faced setbacks including Brexit-related delays and industry-wide labour shortages, but the team behind it remains optimistic. Jason Kelman from Highland Council, who has overseen the transformation, said: 'It's the iconic building in Inverness, on postcards, in photos. To be part of its refurbishment has been a real privilege. I'm proud of how far we've come.' There's still no confirmed opening date but after nine years in the making, the rebirth of Inverness Castle is finally within sight. Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
Mint
02-07-2025
- Business
- Mint
UK shares mixed as investors assess corporate news, dealmaking
(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window) FTSE 100 adds 0.3%. FTSE 250 falls 0.5% Spectris rises after accepting improved takeover offer from KKR Bytes Technology slumps after profit warning Greggs falls after saying profits could dip National Grid slips with failures leading to Heathrow fire London's blue-chip stock index edged higher and the midcap index fell on Wednesday as investors assessed a mixed bag of corporate news, including a media report that AstraZeneca is moving its listing to the U.S. The blue-chip FTSE 100 added 0.2% while the domestically focussed midcap index fell 0.5% by 0930 GMT. FTSE's most valuable company AstraZeneca is considering moving its listing to the U.S., the Times reported on Thursday, citing multiple sources. 'The CEO seems frustrated at the lack of financial support to open new laboratories and manufacturing facilities in Europe and might see a full U.S. stock listing as a stepping stone to receiving better treatment Stateside," said Dan Coatsworth, investment analyst at AJ Bell. The UK stock market has lost out on major initial public offerings in recent months including money transfer firm Wise and online fast fashion retailer Shein, with Brexit-related challenges pressuring UK market valuations. Gains on Wednesday were led by industrial metals and mining stocks tracking higher metal prices. Glencore rose 3.2% and Ferrexpo and Antofagasta were both up 2.3%. Oil and gas companies gained 1.6%, with heavyweights BP and Shell adding 2.2% and 1% each. Among individual stocks, Spectris gained 4.6% after the firm agreed to a debt-inclusive 4.7 billion pounds ($6.46 billion) offer from KKR over Advent's rival offer. Bytes Technology slumped 26% to the bottom of the midcap after warning of lower operating profit for the first half of 2026. British fast food chain Greggs fell 14.1% on saying its annual operating profit could dip as a heatwave in the UK discouraged customers from eating out. Restaurant chain operator SSP Group climbed to the top of the midcap index, rising almost 8% after filing for Indian IPO of airport lounge operator Travel Food Services. (Reporting by Twesha Dikshit; Editing by Sahal Muhammed)
Yahoo
05-06-2025
- Business
- Yahoo
Factbox-UK Market Exodus: Companies that have moved away from a London listing
(Reuters) -British money transfer firm Wise became the latest UK listed firm on Thursday to say that it intends to move its primary listing to the U.S. from London. A growing number of companies have shelved or shifted plans to list in London, due to investor pushback and Brexit-related challenges that have pressured UK market valuations. Instead, they have opted for the U.S. and other markets, where they see stronger appetite and higher valuations. Cobalt: The Glencore-backed metals investor scrapped its plans for a London IPO on Wednesday, which, according to one source, was driven by a lack of demand. The company, valued at around $230 million, would have seen London's largest market debut since Air Astana's listing in February 2024. Indivior: The drugmaker said on Monday it will cancel its secondary listing on the London Stock Exchange effective July 25, citing cost savings and a desire to align more closely with its U.S.-focused operations. The 1.25 billion pound ($1.70 billion) pharmaceutical firm will retain its primary listing on the Nasdaq. BHP: The world's largest miner by market value ($125.10 billion) made Australia its primary stock market when it ended its dual-listing structure in 2021. The company was the second largest by market value in London when it left the stock market. Unilever: The Ben & Jerry's maker in February picked Amsterdam as the primary listing for its ice cream business. The business, which generated a turnover of 8.3 billion euros ($9.47 billion) in 2024, will have secondary listings in London and New York. Glencore: The Swiss miner said in February it was considering moving its primary listing from London. The company, with a market value of 34.5 billion pounds, said New York was at the top of the list under consideration. Shein: The online fast fashion retailer is working towards a listing in Hong Kong after its proposed initial public offering (IPO) in London failed to secure the green light from Chinese regulators, three sources with knowledge of the matter told Reuters in May. However, before its attempt to list in London, Shein had pursued a listing in New York, as part of its efforts to gain legitimacy as a global, rather than a Chinese company, and access to a wide pool of large Western investors. Ashtead: The second-largest equipment rental company in the U.S. said in December it plans to shift its listing to New York. With a market value of 18.3 billion pounds, Ashtead has been listed in London since 1986, and transformed into a major U.S. player in the early 2000s. Just Eat Takeaway: The Amsterdam-listed food delivery company delisted from the London Stock Exchange in December, citing efforts to reduce administrative and regulatory costs. The company has a market value of 4.05 billion euros. Flutter Entertainment: The FanDuel-owner in 2024 moved its primary listing to the New York Stock Exchange (NYSE), just a few months after it added a secondary listing in the US. CRH: The building materials solutions provider, which has $61.29 billion in market value, switched its primary listing to the NYSE in 2023, while maintaining a standard listing on the London Stock Exchange. Arm Holdings: The UK-based chip designer chose Nasdaq over London for its 2023 IPO — the largest of that year. The company, now valued at just over $138 billion, was previously listed in London for 18 years till 2016, when it was taken private by SoftBank in a $32 billion acquisition. ($1 = 0.8763 euros) ($1 = 0.7355 pounds) 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
Reuters
05-06-2025
- Business
- Reuters
UK Market Exodus: Companies that have moved away from a London listing
June 5 (Reuters) - British money transfer firm Wise (WISEa.L), opens new tab became the latest UK listed firm on Thursday to say that it intends to move its primary listing to the U.S. from London. A growing number of companies have shelved or shifted plans to list in London, due to investor pushback and Brexit-related challenges that have pressured UK market valuations. Instead, they have opted for the U.S. and other markets, where they see stronger appetite and higher valuations. Cobalt: The Glencore-backed metals investor scrapped its plans for a London IPO (IPO-COBL.L), opens new tab on Wednesday, which, according to one source, was driven by a lack of demand. The company, valued at around $230 million, would have seen London's largest market debut since Air Astana's ( opens new tab listing in February 2024. Indivior (INDV.L), opens new tab: The drugmaker said on Monday it will cancel its secondary listing on the London Stock Exchange effective July 25, citing cost savings and a desire to align more closely with its U.S.-focused operations. The 1.25 billion pound ($1.70 billion) pharmaceutical firm will retain its primary listing on the Nasdaq. BHP: The world's largest miner by market value ($125.10 billion) made Australia ( opens new tab its primary stock market when it ended its dual-listing structure in 2021. The company was the second largest by market value in London when it left the stock market. Unilever (ULVR.L), opens new tab: The Ben & Jerry's maker in February picked Amsterdam as the primary listing for its ice cream business. The business, which generated a turnover of 8.3 billion euros ($9.47 billion) in 2024, will have secondary listings in London and New York. Glencore (GLEN.L), opens new tab: The Swiss miner said in February it was considering moving its primary listing from London. The company, with a market value of 34.5 billion pounds, said New York was at the top of the list under consideration. Shein: The online fast fashion retailer is working towards a listing in Hong Kong after its proposed initial public offering (IPO) in London failed to secure the green light from Chinese regulators, three sources with knowledge of the matter told Reuters in May. However, before its attempt to list in London, Shein had pursued a listing in New York, as part of its efforts to gain legitimacy as a global, rather than a Chinese company, and access to a wide pool of large Western investors. Ashtead (AHT.L), opens new tab: The second-largest equipment rental company in the U.S. said in December it plans to shift its listing to New York. With a market value of 18.3 billion pounds, Ashtead has been listed in London since 1986, and transformed into a major U.S. player in the early 2000s. Just Eat Takeaway ( opens new tab: The Amsterdam-listed food delivery company delisted from the London Stock Exchange in December, citing efforts to reduce administrative and regulatory costs. The company has a market value of 4.05 billion euros. Flutter Entertainment (FLTRF.L), opens new tab: The FanDuel-owner in 2024 moved its primary listing to the New York Stock Exchange (NYSE), just a few months after it added a secondary listing in the US. CRH (CRH.N), opens new tab: The building materials solutions provider, which has $61.29 billion in market value, switched its primary listing to the NYSE in 2023, while maintaining a standard listing on the London Stock Exchange. Arm Holdings: The UK-based chip designer chose Nasdaq over London for its 2023 IPO — the largest of that year. The company, now valued at just over $138 billion, was previously listed in London for 18 years till 2016, when it was taken private by SoftBank (9984.T), opens new tab in a $32 billion acquisition. ($1 = 0.8763 euros) ($1 = 0.7355 pounds)
