Struggling fashion retailer Superdry Plc is selling its intellectual property assets to India’s Reliance Brands by entering a joint venture in the country. Expected gross cash proceeds of £30.4 million should offer some reprieve for Superdry, whose plans to revamp its operations were badly hit by the pandemic and cost-of-living crisis.
Key Business News
Tesco Plc: The supermarket chain lifted its profit forecast as it attracted more shoppers by keeping a tight lid on food prices and its own costs.
- As the largest operator in one of the world’s most competitive grocery markets, Tesco keeps a sharp eye on affordability and has been expanding a program to match prices with discount rival Aldi to lure shoppers hunting for cheaper food and drink
SSE Plc: The utility said it expects the lower power price environment to continue for the remainder of its financial year and confirmed adjusted EPS guidance of more than 150 pence.
What’s Next?
Imperial Brands Plc’s trading update tomorrow comes amid reports that Rishi Sunak plans to introduce stricter anti-smoking measures, which sent shares tumbling last month.
In the short-term, investors will focus on any share buyback news after the Bristol-based company implied it had scope to continue and perhaps even increase repurchases.
NHS Overhaul
Palantir Technologies Inc., the data analysis firm co-founded by tech billionaire Peter Thiel and contracted by government intelligence agencies and military forces around the world, emerged as the top pick for a contract to overhaul the National Health Service.
Key Headlines
- Sunak Faces Tough Task to Reset Tory Appeal in Time for Election
- Cricket World Cup Kicks Off With Spotlight on Modi's Home Turf
- McCarthy Ouster Means More Turmoil as Next Shutdown Fight Looms
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--With assistance from Maggie Shiltagh and Chloe Meley.