Closing post
Time to wrap up, on the final full trading day of the year (the City finishes at lunchtime tomorrow).
A quick recap…..
The value of UK takeover and merger deals has slid to its lowest level since the financial crisis over the past year, as the gloomy economic backdrop and higher interest rates hit dealmaking.
Mergers and acquisitions (M&A) including UK firms or funds totalled $265.4bn over 2023, according to new data from LSEG Deals Intelligence.
It represents a 33% slump against the same period last year and is the lowest figure since 2009. More here.
Global dealmaking also shrank this year, with less than $3tn of mergers and takeovers agreed for the first time in a decade.
Accountancy group PwC has predicted the UK economy will “turn a page” in 2024 afterthe difficult post-pandemic years.
PwC believes household finances will improve next year, while the UK will be the fourth best performing G7 economy relative to pre-pandemic levels.
Barret Kupelian, chief economist at PwC, says:
“Following the post-pandemic challenges, 2024 will be the year the UK turns a page. Inflation returning closer to normal levels, progress on regional growth and real incomes improving provides optimism for the year ahead, despite the legacy of higher consumer prices and rising housing costs.
There remain many ‘known unknowns’ in 2024 that can change the trajectory of the UK, such as volatility in global energy prices due to the continued middle eastern conflict and the forthcoming General Election, however, overall the outlook is far rosier for 2024 than expected twelve months ago.
And in other news:
Updated
Energy giant BP has flagged to the City that the COO of its crude trading & origination operation, Julia Emanuele, has acquired more shares.
Emanuele bought an extra £1,431 of BP shares, though a dividend reinvestment plan, shortly before Christmas.
The disclosure is required, as Emanuele is a “Person Closely Associated with Murray Auchincloss, interim chief executive officer”, according to the stock market filing.
Auchincloss took control of BP after former CEO Bernard Looney resigned having admitted to failing to fully detail relationships with colleagues. Looney was later dismissed, earlier this month, and is forfeiting more than £32m in pay and share awards.
After Auchincloss was appointed interim CEO, BP reported that he was also involved with a member of staff in its crude oil trading business, which had been “fully and appropriately disclosed” to the group.
