Secret WWII London tunnels to be opened to public under new £220 million plans
Anetwork of secret tunnels hidden under central London for decades will soon be opened up to the public under an ambitious £220 million plan for a huge new tourist attraction “as iconic as the London Eye” unveiled today.
The Kingsway Exchange tunnels, an expanse of 8,000 sq m of passageways several hundred feet below High Holborn, were shrouded in mystery for most of the 20th century with details covered by the government’s Official Secrets Act, because of their wartime role as a base for MI6 officials.
The site is now set to be transformed into a museum exploring their history after it was bought by a consortium called London Tunnels Ltd.
China worries weigh on FTSE 100, upgrade boosts AstraZeneca
A fresh crisis in China’s property sector today triggered the selling of London’s big mining stocks amid fears over weaker demand.
The pressure came after real estate giant Evergrande revealed it had hit problems with the debt restructuring plan.
Worries over the potential impact on China’s economic recovery meant the Hang Seng index finished 1.8% lower, with Asia-focused stocks down in London.
Heavy fallers included mining giant Rio Tinto, which retreated 3% or 150p to 5033p, and rival Anglo American after it lost 65p at 2183p.
Hong Kong-based insurer Prudential added to the pressure by falling 16.8p to 884.4p as London’s top flight weakened 63.39 points to 7,620.52.
On the risers board, AstraZeneca shares jumped 210p to 11,256p as US bank Jefferies gave the drugs giant a “buy” rating and new price target of 13,000p.
It was a quiet return to the FTSE 100 for Howden Joinery, having taken the place of building supplies firm CRH.
The kitchens specialist, which last traded in the top flight a year ago, drifted 0.2p to 743.4p. CRH rose 135p to 4476p after switching its primary listing from London to New York, a move ending a 12 year run in the FTSE 100.
The second-tier FTSE 250 index fell 186.06 points to 18,420.78, with the China worries contributing to Aston Martin Lagonda falling 9p to 269.6p.
Media content technology business Videndum jumped 11% or 55.2p to 573.24p, boosted by hopes of an end to strike action by the Writers’ Guild of America.
British Business Bank makes £147m loss amid falling valuations
The Government-owned British Business Bank has said UK taxpayers will feel the long-term benefits of plugging billions of pounds into small firms after revealing it swung to a loss of more than £147 million last year.
The UK’s economic development bank said it was impacted by wider economic difficulties which led to a drop in the valuation of firms it invests in.
It reported a pre-tax loss for the year to the end of March of £147.3 million, compared to a profit of £604.8 million the previous year.
Invinity shares soar on deal with US government
Shares in giant battery maker Invinity rose as much as 18% as markets opened this morning after the firm’s sales soared and it unveiled a new partnership with the US government.
The Scotland-based business has been contracted to deliver 84 megawatt hours of energy storage across six sites in the US to create dependable sources of energy during extreme weather events and natural disaster.
It reported a tenfold jump in revenues to £14.8 million for the first six months of the year.
Jennifer M. Granholm, U.S. Secretary of Energy, said: “As we build our clean energy future, reliable energy storage systems will play a key role in protecting communities.”
China worries hit mining stocks, Entain down 4%
A poor session in Asia after the Hang Seng index declined 1.6% has set a downbeat tone in London, with the FTSE 100 index 28.40 points lower at 7,655.51.
Big fallers include Entain, which is 4% or 45p lower at 1011p after the Ladbrokes and Coral gambling group warned it will miss its full-year revenues targets.
Paddy Power rival Flutter Entertainment dipped 310p to 13,710p and William Hill business 888 Holdings weakened 3.9p to 114.4p in the FTSE 250 index.
Worries over the China outlook triggered by weekend developments in the Evergrande debt crisis put pressure on mining stocks as Rio Tinto lost 151p to 5032p and Glencore retreated 5.65p to 449.4p.
Aviva dropped 2.2p to 396p after it announced it is buying the UK life insurance business of AIG for £460 million.
The FTSE 250 index fell 73.61 points to 18,533.23, with Trainline shares among the biggest fallers after a decline of 4.2p to 267.2p.
FTSE lower at market open
The FTSE 100 is down 0.4% in the opening minutes of trade in London.
Here’s a look at your key markets data:
Aviva to buy AIG’s UK life insurance business for £460 million
Aviva is buying the UK life insurance business of AIG for £460 million, as the FTSE 100 giant beefs up its prescene in its home market.
The deal will bring 1.3 million individual policyholders from AIG into Aviva and 1.4 million who are covered by group policies.
Aviva expects to cut costs after the deal completes, saying the deal will bring “significant capital and expense synergies”.
Amanda Blanc, Aviva CEO, said: “This acquisition brings significant strategic and financial benefits. It strengthens our prospects in the highly attractive UK protection market and continues our progress in repositioning the group towards capital-light growth. We look forward to welcoming our new customers and colleagues to Aviva.”
Entain to cut costs with revenue set to miss target
Ladbrokes owner Entain said it will miss its full-year revenue guidance as the implementation of new UK safer gambling rules has had a bigger impact than expected.
The betting giant said revenue since the end of the summer has been “softer than expected”, due to a mix of punter-friendly sporting results, and a bigger-than-expected impact from safer gambling measures and regulatory challenges, especially in the UK. Slow growth in Australia and Italy also hit revenue.
The group downgraded its revenue target but left profit unchanged, as it said “robust operational controls” would protect profits.
Those controls include a “comprehensive market review”, which could see the business – which also owns Coral and Bwin – quit countries where it doesn’t see big growth opportunities. It also hinted at job cuts, saying the group’s structures and operations would be simplified to cut costs.
CEO Jette Nygaard-Andersen said: “We have made significant changes to the group over the last three years.
“Our focus now is on accelerating the actions we are taking to drive sustainable organic growth, expand our margins, capitalise on the US opportunity and deliver long-term returns for our shareholders.”
Evergrande fears hit Asia shares, FTSE 100 seen lower
Fresh fears over China’s property sector today hit Asia markets and contributed to expectations of a weaker session for the FTSE 100 index.
The pressure came after Evergrande said it would not be able to carry out the debt restructuring plan it needs to ensure its survival. It has been unable to issue new debt due to an investigation at its subsidiary, Hengda Real Estate Group.
Evergrande’s shares slumped by more than 25% at one point, with Hong Kong’s Hang Seng index down by 1.5% in afternoon trading.
According to IG Index, futures trading points to the FTSE 100 index opening 15 points lower at about 7668. On Friday, London’s top flight finished unchanged and Wall Street’’s leading benchmarks ended slightly lower.
The S&P 500 index fell 3% across the week after the Federal Reserve signalled that US interest rates are likely to stay high throughout next year.
Recap: Friday’s top stories
Good morning. Here’s a summary of our top stories from Friday:
