Market Pulse
Monday newspaper round-up: Audits, Sky, BT, Amazon
The competition watchdog has challenged the accounting profession to find ways to improve choice in the auditing market that could save the Big Four firms from being broken up. Andrea Coscelli, chief executive of the Competition and Markets Authority, issued the challenge in meetings with the biggest accountants. It signals a reluctance from the regulator to force accountants to spin off their audit practices after they called the idea “unworkable”. - The Times.
Unite Group valuations march higher ahead of new academic year
Student accommodation manager and developer, the Unite Group, issued its quarterly property valuation of the Unite UK Student Accommodation Fund (USAF) and the London Student Accommodation Joint Venture (LSAV) as at 30 June on Monday, reporting that USAF's property portfolio was independently valued at £2. 32bn, representing a like-for-like increase of 1. 2% during the quarter.
Stobart Group chairman Ferguson remains in place, Tinkler re-booted
Stobart Group revealed that chairman Iain Ferguson received just enough votes at Friday's shareholder meeting to remain in his position.
Gold production down a quarter at Centamin's Sukari project
Centamin announced preliminary production results for the second quarter ended 30 June from its Sukari Gold Mine in Egypt on Monday, reporting that gold production for the period was 92,803 ounces, a 25% reduction year-on-year.
Date set for Cairn Energy hearing as India sells down its Vedanta shares
Cairn Energy updated the market on its ongoing arbitration with the Government of India under the UK-India Bilateral Investment Treaty on Monday, reporting that all written submissions by the two parties had now been made, with the final arbitration hearings set down for two weeks from 20 August in The Hague.
London pre-open: FTSE to rise as David Davis resigns
London stocks are expected to rise on Monday despite the pressure from a resurgent pound as Brexit Secretary David Davis sensationally resigned from the UK government.