(Bloomberg) — The week begins with yet another setback for London’s stock market, which risks losing one more primary listing to the US. British pollster YouGov may move its shares trading across the pond, its chairman told the Financial Times. It adds to a growing and diverse record of firms eyeing a shift to New York, including most recently Dublin-based gambling giant Flutter Entertainment.
Here’s the key business news from London this morning:
In The City
Hochschild Mining Plc: The Peru-based silver and gold miner estimates the total initial capital cost for its Volcan Gold Project in Chile at $900.1 million, according to a statement.
- The project, which was dormant for many years until early 2022, is forecast to produce 3.8 million ounce of gold over the estimated mine life
YouGov Plc: The research firm is considering moving its primary listing to the US, or setting up a secondary listing there, Chairman Stephan Shakespeare told the Financial Times.
- “I think the markets are better at supporting companies like ours there,” Shakespeare said
- The considerations follow the acquisition of GfK’s consumer panel business this year, which increased YouGov’s size by 50%
Plus500 Ltd.: The trading platform expects its revenue and Ebitda for the full year to be in line with current expectations despite the quieter market conditions.
- It reported a 12% drop in new customers for the first six months and a 19% decline in the number of active customer accounts, year-on-year, while average revenue per user also slid — 11% — to $2,097
- Plus500 also announced plans for a further $120 million in shareholder returns, $60 million of which stem from of a new share buyback, bringing total returns to almost $350 million so far in 2023
Shaftesbury Capital Plc: The real estate company has agreed a new 10-year loan of £200 million with Aviva Investors secured against a portfolio assets within the Carnaby estate.
- Specific sustainability-related metrics may be included in the terms in the future
In Westminster
Rishi Sunak thought highlighting his efforts to stop the flow of migrants into Britain would rouse the Conservative Party base and reinforce his political pitch around effective leadership. Instead, the prime minister has left voters unconvinced and both sides of his party unsatisfied. A YouGov poll this week found fewer than one in 10 voters believe he’ll keep his promise to “stop the boats” carrying asylum seekers across the English Channel.
All new public lavatories in the UK will need to include single-sex male and female toilets under plans announced by the Minister for Women and Equalities, the Telegraph reported. The draft guidance by Kemi Badenoch, which will apply to all non-residential buildings, comes amid a rise in gender-neutral toilets without single-sex facilities in business premises.
In Case You Missed It
Odey Asset Management is in talks with Landseer Asset Management UK to transfer portfolio manager Freddie Neave, who runs its flagship hedge fund, as the troubled firm reaches the final stages of a revamp following sexual assault allegations against its founder Crispin Odey. The discussions with Landseer to become the investment manager to a new fund managed by Neave occur after a proposed reconstruction of Odey European Inc. and OEI Mac funds, according to a statement.
The UK film industry is reckoning with its streaming-fueled reliance on US media giants after Hollywood strikes have thrown thousands of jobs into limbo. British unions are not on strike, but crews working on US-funded productions now find themselves with no income amid the cost-of-living-crisis. Pinewood Studios, home to the James Bond franchise, told investors this month that the seven major films and shows currently being filmed there, including Walt Disney Co. superhero feature Deadpool 3, are all on hiatus.
Looking Ahead
Tomorrow brings a fresh batch of labor market data, which — according to Bloomberg Economics — are likely to dash hopes of a pause in rate hikes by the Bank of England.
The Office for National Statistics discloses the numbers at 7 a.m., with analysts predicting Britain’s unemployment rate remained stable at 4% in the three months to June, while Bloomberg Economics expects a slight uptick to 4.1%.
“Probably more important for the central bank will be wage data,” Bloomberg Economic’s Ana Andrade and Dan Hanson write, adding pay growth is well above what’s consistent with a 2% inflation target and will continue to fuel concerns around persistent cost pressures. They expect regular annual wage growth for the whole economy (excluding bonuses) to have risen to 7.5%, from 7.3%.
Also watch out for half-year results from pension and insurance firm Legal & General Group Plc and gambling group 888 Holdings Plc.
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
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