A summary
Time for a recap….
Britain’s economy has returned to growth, after stumbling in March’s bad weather.
UK GDP expanded by 0.2% in April, driven by the services sector as consumer-focused companies such as pubs and bars saw more business.
Expectations that UK interest rates could head steadily higher this year have lifted the pound to a one-year high against the US dollar.
Jeremy Hunt has said the UK has no alternative but to raise interest rates to bring down inflation , as households brace for the Bank of England to increase borrowing costs further next week.
Vodafone and the owner of Three have agreed a deal to merge their British telecoms networks in a move that will create the UK’s largest mobile phone operator… but unions are urging ministers to block the deal.
WE Soda, the world’s largest natural soda-ash producer has abandoned plans to float in London, and blamed extreme caution among City investors.
The worldwide peak in demand for oil is “in sight” and could come before the end of this decade, the global energy watchdog has said.
The forecast came as Shell has abandoned plans to cut oil production each year for the rest of the decade…
In other news…
The EU has ordered Google to sell part of its advertising business, as the bloc’s competition regulator steps up its enforcement of big tech’s monopolies.
The EU’s competition commissioner also warned that dDiscrimination is a bigger threat posed by artificial intelligence than possible extinction of the human race.
The maker of Pyrex kitchenware and the Instant Pot pressure cooker has filed for bankruptcy protection, blaming rising interest rates for its financial difficulties.
Workers at Amazon’s Coventry warehouse have voted to take a further six months of strike action, despite failing to win formal union recognition from the tech company.
A report has discovered evidence that Amazon has ramped up fees and advertising costs for sellers.
TSB has warned that fraud on Facebook, Instagram and WhatsApp is projected to cost victims £250m this year, adding to pressure on the tech firms’ parent company, Meta, to tackle scams on its platforms.
And ower supplier E.ON Next has been ordered to pay £5m in compensation to consumers for poor customer services, the energy watchdog for Great Britain has announced.
WE Soda cancels London float plans
Newsflash: The world’s largest natural soda-ash producer has abandoned plans to float in London, and blamed extreme caution among City investors.
WE Soda has just announced it has decided to cancel its proposed IPO on the London Stock Exchange, which had been expected to value the company at up to $8bn.
Alasdair Warren, CEO of WE Soda said:
“Since our intention to float announcement some weeks ago, we had been encouraged by the breadth of investor engagement globally and the subsequent interest from prospective investors in our IPO. WE Soda is the largest and fastest growing producer of natural soda ash and one of the lowest cost producers of soda ash in the world. We are a leader within our industry, not only in terms of scale, but also in terms of innovation and sustainability.
“Despite this, the reality is that investors, particularly in the UK, remain extremely cautious about the IPO market and this extreme investor caution in London meant that we were unable to arrive at a valuation that we believe reflects our unique financial and operating characteristics.
“As a result, we have decided to cancel our IPO on the London Stock Exchange. Notwithstanding this decision, our strategic priorities remain the same - our relentless focus on sustainability and safety, delivering on our growth projects in Turkey and the US.”
WE Soda’s plan to float in the UK had been hailed as a boost to the City, so this is obviously a blow to London.
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