(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Employment Data: Job vacancies fell for the first time since August 2020 as the economy created fewer new jobs, an early sign that the nation’s red-hot labor market may be starting to cool.
Ted Baker Plc: The fashion chain agreed a takeover deal with Authentic Brands Group LLC, the owner of Forever 21 and Brooks Brothers, valuing the company at about £211 million.
- The deal at 110 pence per share in cash will allow the company to be restructured and take advantage of possibilities in North America
- The deal marks a return of M&A activity to London, with Cambridge-based cybersecurity firm Darktrace Plc disclosing yesterday early discussions with US private equity firm Thoma Bravo LP after the market
Taylor Wimpey Plc: The UK’s competition regulator is getting in touch with companies that bought freeholds from Taylor Wimpey in order to get commitments to remove doubling clauses from their leases.
- Peer Countryside Properties Plc has previously agreed to remove the clauses, while the CMA said this morning it is closing its investigation into alleged misselling by Barratt Homes
Watches of Switzerland Group Plc: The luxury watch retailer says the demand for its timepieces has remained “robust” despite the wider economic challenges.
Outside The City
Liz Truss and Rishi Sunak head to Scotland today to pitch themselves to the Scottish Conservatives at a time when tension between governments in Edinburgh and London has escalated over Nicola Sturgeon’s demand for another independence referendum.
Late yesterday, Sunak joined Truss in promising reforms to the civil service. The former chancellor vowed to press ahead with cuts to back office workers, and tackle what he called “groupthink” by ensuring senior civil servants spend at least a year of their careers working on secondment outside Whitehall or in industry.
In Case You Missed It
Women in the UK are less likely to ask for wage increases than their male counterparts even though more female workers are experiencing living costs rising faster than their salaries.
Meanwhile, Cambridge-based cybersecurity firm Darktrace Plc is in early discussions with US private equity firm Thoma Bravo LP about a possible takeover. The talks come less than 16 months after Darktrace first listed on the London Stock Exchange.
And Bloomberg Opinion’s Lionel Laurent writes: “Greensill’s ghost will haunt the finance world.”
Inflation data out tomorrow combined with today’s job’s numbers will provide a fresh snapshot of the UK economy. Bloomberg Economics’ Dan Hanson says inflation is likely to peak at 12.7% in October, setting the country up for a possible recession in the winter.
The Readout with Allegra Stratton will be back from its summer break on Aug. 30. In the meantime, here’s what Bloomberg journalists are reading this summer.
©2022 Bloomberg L.P.