(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Barclays Plc: The British lender agreed to pay $361 million to resolve Securities and Exchange Commission charges that it broke US rules by not registering securities sales with the regulator.
- The SEC said that Barclays and its unit offered and sold “an unprecedented amount of securities” due to failures in its internal controls that were supposed to track transactions in real time
Cineworld Plc: The struggling cinema operator, has lowered its short and medium-term cinema admission forecasts, blaming a slower-than-expected recovery.
- Cineworld now sees admissions in 2023/2024 below pre-covid levels but says it will keep operating its outlets as it undergoes restructuring
Independent Living REIT: The real estate investor won't proceed with its IPO citing current market conditions. It had originally planned to raise target gross issue proceeds of £150 million.
Milton Capital: The Special Purpose Acquisition Company plans to list on the London Stock Exchange.
- The SPAC intends to search for targets in the tech sector with a focus on “megatrends” including space, artificial intelligence, machine learning and blockchain technology
Outside The City
The UK economy grew in the second quarter, averting a summer recession despite the cost of living crisis. The 0.2% growth was a surprise improvement on the previous estimate of a fall of 0.1%, the Office for National Statistics said Friday.
Prime Minister Liz Truss and Chancellor of the Exchequer Kwasi Kwarteng will hold emergency talks today with the head of the OBR, The Guardian reported, before being presented with a first draft of full fiscal forecasts next week.
In Case You Missed It
The historic program of tax cuts unleashed by Kwarteng will overwhelmingly put money in the pockets of the wealthiest White British people, according to new analysis.
Among the slew of tax policies announced last week, Kwarteng’s decision to abolish the top 45% tax rate benefits the top 1% of earners in the country, on incomes of £150,000 ($160,000) or over. More than 90% of that group is White — while other ethnic minorities are under-represented, an analysis of publicly available data by a researcher at the University of Leeds finds.
UK manufacturing PMI data is due to be reported on Monday.
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