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Tuesday newspaper round-up: Energy crisis, Pimlico Plumbers, Stagecoach
The chief executive of Universal Music has said the hotly anticipated €40bn flotation of the world’s largest record company this week does not mark the peak of the streaming-led recovery of the music industry, with billions of dollars of growth yet to come from a new wave of digital listening on devices such a smart speakers, connected cars and services such as TikTok. Sir Lucian Grainge, who stands to make a transaction bonus of at least $170m when the label behind artists such as Taylor Swift and Justin Bieber goes public in Amsterdam on Tuesday, said the listing provided the opportunity to build Universal into the “next generation music company”.
UK public borrowing falls as economy revives
UK public borrowing fell in August as the economy recovered but higher inflation pushed up the cost of public debt, official figures showed.
Pimlico Plumbers sold to US group for up to £145m
Pimlico Plumbers, the upmarket home services business founded by Charlie Mullins from a second-hand van, has been snapped up by Neighborly of the US for as much as £145m, according to a report.
Uber on track for first profitable quarter
Uber said it was on track for its first profitable quarter after burning through billions of dollars for more than a decade.
Kingfisher lifts H2 guidance, divi as interims soar on DIY boom
Anglo-French DIY group Kingfisher lifted second-half sales guidance as it reported a surge in interim profits and announced a £300m share buyback as the home improvement boom continued.
Revolut to offer commission-free US stock trading
Revolut will offer commission-free stock trading to US customers for the first time to compete with Robinhood and Square in the fast-growing world of retail share dealing.
Westminster strikes agreement with CF Industries over CO2 production
Downing Street has struck an agreement with CF Industries to restart production of carbon dioxide across its UK sites after talks between the company and business secretary Kwasi Kwarteng.
US housing starts and building permits grow in August
US housing starts and building permits both grew last month, driven by a surge in the Northeast region.
Canaccord Genuity gives Celtic stock a 'buy' rating
Analysts at Canaccord Genuity upgraded Scottish football club Celtic from 'under review' to 'buy' on Tuesday, pointing to a "brighter" outlook for the firm in 2022.
Landore Resources H1 losses widen on exploration costs
Exploration firm Landore Resources said on Tuesday that losses had widened in the six months ended 30 June on the back of increased exploration costs.
Dignity H1 underlying pre-tax profits slip
Funeral services provider Dignity said on Tuesday that underlying pre-tax profits had slipped in the six months ended 25 June despite posting broadly flat underlying revenues year-on-year.
London close: Stocks rebound from Monday blues
London stocks closed in the green on Tuesday, recovering from heavy losses in the previous session with solid performances from the likes of Pershing Square, IAG and Shell helping to underpin markets.
US open: Major indices reclaim some of yesterday's heavy losses
Wall Street stocks were in the green at the opening bell on Tuesday after yesterday's heavy sell-off.
US close: Dow extends losing streak
Major indices put on a mixed performance on Tuesday as Wall Street's attempt at rebounding from yesterday's heavy sell-off fell short.
Europe close: Shares rebound as Universal Music sounds right note
European shares closed higher on Tuesday, rebounding strongly after a sharp fall in the previous session sparked by the China Evergrande debt crisis with Universal Music Group striking the right chord on market debut with investors.
Entain confirms bid approach from DraftKings, shares surge
Ladbrokes owner Entain confirmed on Tuesday that it has received a takeover proposal from DraftKings, made up of a stock and cash offer.
Broker tips: Softcat, Celtic, Craneware, Brewin Dolphin, Rathbone Brothers
UBS initiated coverage of Softcat with a 'sell' rating and 1,860. 0p price target on Tuesday, stating that while the firm's high return on invested capital warranted a premium, the stock was vulnerable to a de-rating as growth slows.
Europe midday: Shares rebound to extend gains
European shares rebounded strongly on Tuesday, extending morning gains at midday after a sharp fall in the previous session sparked by the China Evergrande debt crisis.
Director dealings: Joules Group founder raises stake
Joules Group revealed on Tuesday that founder Tom Joule had purchased a total of 67,400 ordinary shares in the AIM-listed fashion brand.
Tower finalises documentation for Thali farm-out
Africa-focussed oil and gas company Tower Resources announced on Tuesday that the documentation of its farm-out of a 49% non-operating working interest in its Thali Production Sharing Contract (PSC) in Cameroon to Beluga Energy, conducted through its wholly-owned subsidiary Tower Resources Cameroon, was now finalised.