Imperial Brands H1 profits drop, Shaftesbury acquires leasehold interest in Soho asset

London pre-open

The FTSE 100 was being called to open 30.7 points higher ahead of the bell on Tuesday after closing 0.63% firmer at 7,464.80 in the previous session.

Stocks to watch

Tobacco giant Imperial Brands has reported lower interim operating profits after accounting for its exit from Russia in response to the invasion of Ukraine.

The FTSE 100-listed company reported an operating profit of £1.2bn on Tuesday, down 26% year-on-year as its departure from Russia and associated markets cost it £201.0m and the non-recurrence of a £281.0m gain on the disposal of its Premium Cigar Division also saw it fall short of comparatives.

Real estate investment trust Shaftesbury has acquired a 200-year ungeared leasehold interest in the lower floors of 92-104 Berwick Street in Soho for £27.5m.

Shaftesbury said on Tuesday that the property was made up of roughly 15,600 square feet of retail accommodation and approximately 3,600 square feet deemed suitable for restaurant usage. Of the total space, 5,400 square feet has been let to a supermarket, while the remainder was vacant and in shell condition.

Newspaper round-up

Pressure on the government to help those hardest hit by Britain's cost of living crisis has intensified after the head of one of the country’s leading employers' groups said immediate support was a "moral imperative". Tony Danker, the director-general of the CBI, said Rishi Sunak should step in to provide assistance to households skipping meals as a result of rising food and fuel bills. - Guardian

Elon Musk has suggested that he could seek to pay a lower price for Twitter, as the social media company's would-be owner expressed further concerns about the presence of fake accounts on the platform. The Tesla CEO said reducing his agreed $54.20 per share offer wouldn't be "out of the question", days after putting the $44.0bn deal "on hold" after he queried the number of spam accounts on Twitter. - Guardian

The Treasury is plotting a new tax on imports from countries with high carbon emissions as part of a scramble to protect British industry from efforts to go green. Ministers are considering bringing in carbon border taxes to make sure UK businesses who face high domestic carbon costs are not undercut by cheap imports. - Telegraph

Senior officials at the Serious Fraud Office were in "serious breach" of their duties during an investigation into a Kazakh mining company, according to a High Court ruling that piles fresh pressure on the embattled agency. Judge David Waksman found that Neil Gerrard, a former partner at City law firm Dechert, leaked material about his then-client ENRC to the SFO in breach of his own duty of care. - Telegraph

Tom Cruise isn't the only one making a comeback: the release this month of Top Gun: Maverick more than 35 years after the original Top Gun comes as the big cinema chains kick-start investment in new theatres. A year after Britain's cinemas were allowed to reopen, Odeon has announced plans to open its latest upmarket Odeon Luxe venue this summer in Acton, West London. The opening, its first this year, will have nine screens with reclining seats that have three times the standard legroom. Films will be shown on cutting-edge technology, while the food and drink offering has been upgraded. - The Times

US close

Wall Street stocks closed mostly lower on Monday ahead of some key retail data and earnings slated for later in the week.

At the close, the Dow Jones Industrial Average was up 0.08% at 32,223.42, while the S&P 500 was 0.39% weaker at 4,008.01 and the Nasdaq Composite saw out the session 1.20% softer at 11,662.79.