Source: Sharecast
STOCKS TO WATCH
Real estate investment trust LondonMetric Property announced on Monday that long-standing chief financial officer Martin McGann was set to retire. McGann, who has been with LondonMetric since January 2013, will leave next summer. The firm said plans to appoint a suitable replacement were already "well underway".
FirstGroup has agreed to sell five West Yorkshire depots and 330 buses to WYCA for £109m, generating an expected post-tax gain of about £30m and cash proceeds of around £55m in FY27. The phased fleet transfer will coincide with the rollout of bus franchising. Separately, the group said it has won two West Yorkshire franchise contracts covering Leeds Bramley and Huddersfield. The five-year deals, which start in May 2027, were expected to generate around £40m of annual revenue.
Venture capital firm IP Group said on Monday that it has been tapped by Aberdeen Investments to manage a UK venture‑growth portfolio within the CG Scottish Widows Growth LTAF, one of the first workplace‑pension vehicles to channel members' savings into high‑growth British science and technology companies. Scottish Widows, Aberdeen Investments and IP Group said the mandate would launch with new investments in strategically important areas for the UK, including quantum computing, advanced battery technology and AI‑enabled healthcare.
NEWSPAPER ROUND-UP
The world's biggest oil companies are on track to amass profits of more than $95bn (£71bn) in the third quarter as the war in the Middle East drives up the price of fossil fuels. The windfall war profits have sparked calls for oil corporations such as Saudi Aramco and BP to pay for environmental damage and help the world transition towards renewable energy. – Guardian
More than 2.3m UK households face a sharp rise in mortgage payments as they come off fixed-rate deals in 2027, with the Bank of England expected to begin raising interest rates this week. The Bank's nine-member monetary policy committee is widely expected to increase the base rate from 3.75% to 4% on 5 November after UK inflation rose further to 3.5% in September. – Guardian
British radio stations are demanding compensation to cover soaring costs if ministers switch off terrestrial TV in the next decade. The commercial operators behind stations such as Heart, Magic and Classic FM are pushing for a "mitigation package" amid concerns the transition to streaming could force them off air. The Government has said there is a "compelling" case for switching off terrestrial signals in 2034, though some campaigners are calling for this to be delayed until 2044. – Telegraph
Rich residents of Italy who move abroad are to be hit with an "exit tax" under plans drawn up by Giorgia Meloni's government. In its draft 2027 budget, Rome said it was planning a 26% capital gains levy for individuals who move their tax residence abroad and have assets of more than €800,000 (£670,000). The surprise policy, which was not trailed in advance, threatens to ensnare wealthy British expats and others who have relocated to Italy in recent years. – Telegraph
The Chinese car manufacturer Chery Automobile has said it wants to "become British", with plans to move design and engineering facilities into the UK and ultimately open manufacturing assembly lines. The company, which was set up in 1997 by state government officials in the southeastern city of Wuhu, is the parent company of global brands such as Omoda and Jaecoo. Together, these have stormed British dealerships to make Chery the second largest seller of new cars in the UK behind the Volkswagen Group. – The Times
Political groups affiliated with some of Britain's biggest companies with operations in the United States have donated millions of dollars to federal candidates before the US mid-term elections. A total of about $3.7m has been donated by political action committees associated with top British companies in the current election cycle. About $2.3m went to Republican candidates and about $1.4m to Democrats, according to analysis of Federal Election Commission data by OpenSecrets, a non-profit organisation. – The Times
US CLOSE
Major indices suffered heavy losses on Friday, with the Nasdaq sinking to a three-month low as a dramatic tech sell-off weighed heavily on market sentiment.
At the close, the Dow Jones Industrial Average was 1.09% lower at 51,770.31, while the S&P 500 shed 1.82% to 7,580.07 and the Nasdaq Composite saw out the sesion 2.86% weaker at 25,437.00.
Reporting by Iain Gilbert at Sharecast.com