Lidl, the German discount supermarket chain, has announced plans to increase hourly wages for its UK staff by more than 3% starting in June. The move marks the company’s third pay rise for British employees within the past 12 months. From next month, Lidl workers across Britain will see their hourly rate rise from £12 to £12.40, while those based in London will receive £13.65 per hour, up from the previous £13.55 rate. The supermarket, owned by Germany’s Schwarz retail group, currently holds an 8% share of the UK grocery market, making it the sixth-largest chain in the country. The pay increa ..read more

Investors are donning their risk-on hats as hopes of interest rate cuts gain traction, propelling London stocks to record highs. This comes a day after the Bank of England (BoE) opened the door to rate reductions. The UK’s first-quarter GDP figures revealed that the country rebounded from a short-lived recession, with gross domestic product (GDP) growing by a better-than-expected 0.6% between January and March, surpassing economists’ forecasts of 0.4% growth. The FTSE 100 has rallied more than 8% so far this year, more than double its 3.8% gain in 2023. The blue-chip index is aiming for a six ..read more

The UK economy has recovered from a short-lived recession, according to official figures released on Friday by the Office for National Statistics (ONS). Gross domestic product (GDP) grew by a better-than-expected 0.6% between January and March, surpassing economists’ forecasts of 0.4% growth. This positive growth marks an end to the technical recession declared in February, which was characterised by two consecutive quarters of economic contraction. The previous slump, with GDP shrinking 0.3% between October and December 2023 and 0.1% between July and September 2023, was attributed to reduced ..read more

The yellow metal is poised to break a two-week losing streak as spot gold (XAU/USD) continues its rise trading at $2,363.79 an ounce by 07:55 BST on Friday. Bullion prices climbed after data showed a bigger-than-expected increase in weekly US jobless claims, following a softer-than-anticipated nonfarm payrolls reading for April. The dismal labour market figures reinforced expectations that the Federal Reserve will cut interest rates sooner rather than later. Traders slightly increased bets on a September rate cut, with expectations currently standing at a nearly 50% chance, according to the C ..read more

The Bank of England (BoE) decided to keep interest rates unchanged at their current 16-year high of 5.25%. The Monetary Policy Committee (MPC) voted 7-2 to maintain rates, with two members favouring a reduction to 5%. This decision follows mixed economic signals. Inflation is forecast to fall below the 2% target soon, but concerns remain about a potential rebound later in the year. While the UK is expected to have emerged from recession in Q1 2024, a rate cut could weaken the pound and reignite inflation. The BoE appears to be taking a cautious approach, prioritising inflation contr ..read more

Concord Chorus has conceded defeat in its pursuit of Hipgnosis Songs Fund (LSE: SONG), leaving Blackstone victorious in the battle for the music rights investor. Concord’s final offer of $1.25 per share fell short of Blackstone’s $1.30 per share bid, which translates to a premium of 4% for Hipgnosis shareholders. Blackstone’s superior offer of $1.57 billion eclipsed Concord’s $1.51 billion attempt, which had itself been an increase from an earlier $1.40 billion bid. Hipgnosis Songs Fund, known for its acquisitions of music rights from artists like the Red Hot Chili Peppers, will now be acquir ..read more

3i Group (LSE: III) increased its annual dividend despite a fall in profits, driven by a strong performance from its portfolio company, discount retailer Action. 3i’s total return for the year ended March 31st was £3.84 billion, down 16% year-on-year. However, the company’s net asset value rose to 2,085 pence per share from 1,745 pence. While overall operating profit dipped 16%, 3i declared a second dividend of 34.5p per share, bringing the total payout to 61.0p, a 15% increase year-on-year. The company credited the strong results to Action’s continued success. Action, the largest company in ..read more

London's stock market remained cautious on Thursday as investors awaited the Bank of England's (BoE) interest rate decision later in the day. The FTSE 100 edged up 0.1% by 8:20 BST, hovering just below its record high. Energy shares provided some support for the index. The wait for the BoE's decision, expected at 12:00 BST, kept investors from making significant bets. The central bank is widely anticipated to maintain interest rates, with the focus shifting to any hints about future monetary policy changes. Markets currently predict a 50% chance of a rate cut in June and another cut by August ..read more

BAE Systems (LSE: BA) reassured investors it remains on track to deliver higher earnings, buoyed by increased defence spending commitments from the UK and US. The company said it benefits from the recent US aid package to Ukraine and the UK's pledge to boost defence spending to 2.5% of GDP by 2030. BAE, the UK's largest military supplier, reiterated its February forecast for earnings per share to grow 6%-8% in 2024 alongside a 10-12% rise in revenue. The company also sees potential for further growth in the AUKUS programme, a trilateral security pact between Australia, the UK, and the US. Sha ..read more

Grayscale Investments withdrew its proposal for an exchange-traded fund (ETF) based on ether futures contracts last week. The withdrawal comes just weeks before the US Securities and Exchange Commission (SEC) is expected to rule on similar proposals from other firms. U.S. issuers and other firms expect the SEC to deny those applications, citing discouraging meetings with the regulator. This decision by NYSE Arca, the exchange where the ETF would have been listed, follows concerns that the SEC may deny all spot ether ETF applications. Several US firms have already filed such applications, incl ..read more