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FTSE 100 falls ahead of crucial Jerome Powell speech – business live | Business

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Members of the public and staff attend lunch at Colquhouns Restaurant at the Lodge on Loch Lomond during the eat out to help out scheme.

Members of the public and staff attend lunch at Colquhouns Restaurant at the Lodge on Loch Lomond during the eat out to help out scheme. Photograph: Jeff J Mitchell/Getty Images

Something to sink your teeth into before lunch: more discounts on dining out.

Restaurants are extending their offer of discounted meals in the government’s eat out to help out scheme after it ends on 31 August because of its popularity with diners, although the eateries will have to cover the costs themselves.

In September, consumers will be able to take advantage of reduced prices at nationwide chains including Harvester, Toby Carvery, Tesco Café, Bill’s, Pizza Hut and Prezzo.

You can read the full report here:





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Powell’s ‘Jackson Hole’ speech: what analysts expect





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There’s more from WPP, the world’s biggest advertising agency, which announced a big writedown on the value of previous acquisitions, and a big loss, but still beat market expectations.

Chief executive Mark Read was speaking to reporters this morning. Asked if the multi-billion pound write-down was the fault of Sorrell, who has always had a penchant for making the big deal, Read said:


I don’t think we are saying that. It relates primarily to Y&R Group, before my time, which was acquired in 2000 at the height of the market in a stock transaction when both Y&R and WPP group’s stock were also high.

WPP’s figures show that the UK is proving to be one of the worst hit ad markets in the world, with revenues down 23% in the second quarter.

By contrast, WPP’s finance chief John Rogers said that the US, the world’s biggest ad market by some distance, has proven to be the “outlier” with revenues down just 9.6% in the second quarter despite the ongoing impact of the pandemic.

WPP’s share price is up by 4.6% % in early trading as investors warmed to the better-than-expected news.





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Mark Read, CEO of WPP Group, poses for a portrait at its office in London.

Mark Read, CEO of WPP Group, poses for a portrait at its office in London. Photograph: Toby Melville/Reuters

WPP has reported a £2.6bn loss in the first half after the impact of the pandemic prompted the company to wipe billions off the value of expensive advertising acquisitions made by founder and former chief executive sir Martin Sorrell.

However, the world’s largest advertising group, which has shed 5,000 jobs in the first six months, surprised investors by re-instating its dividend declaring that the worst is now behind it, assuming there is no second wave of the virus.

Shares gained 4.6%, leading the FTSE 100 after the company beat city expectations to report a fall in adjusted revenues of 9.5% in the first half – peaking with a 15% fall in the second quarter, and a 44% fall in headlong pre-tax profits was also better than feared.

WPP’s loss was mainly down to the decision to write-down the value of certain advertising agency assets in light of the impact of Covid-19. The majority of the £2.5bn non-cash write down of ad assets relates to purchase of Young & Rubicam in 2000. The global agency group was acquired by Sorrell in a $4.5bn stock deal, which propelled WPP to become the world’s biggest marketing service group.

Mark Read, WPP’s chief executive, said:


Assuming there is no second wave nor major lockdowns, the second quarter is expected to be the toughest period of the year, although we remain cautious on the speed of the recovery.

The company, which is seeking to make cost savings of £700m to £800m this year, said that its headcount has dropped from 106,000 to 101,000 in the first half due to voluntary leavers who haven’t been repacked and redundancies.





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Rolls-Royce shares slump after big loss and site closures





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FTSE 100 opens lower as investors eye Powell

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Politics

The dollar continues to reflect the political scenario

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The dollar continues to reflect the political scenario

Yesterday, financial agents evaluated the opposite decision of the Federal Supreme Court (STF) regarding the so-called secret budget. In addition, a decision was made by STF Minister Gilmar Méndez to issue an injunction that would exclude the Bolsa Família from the spending cap rule, with investors trying to understand how this measure would affect the processing of the transitional PEC in the Chamber of Deputies. Oh this PEC!!!!

Since he is an exchange investor, any reading that the budget will be exceeded or become more flexible will negatively affect the exchange market, whether through the PEC or in any other way. We will continue with volatility today.

Looking beyond, the US Central Bank (Fed), although slowing down the pace of monetary tightening at its December meeting, issued a tougher-than-expected statement warning that its fight against inflation was not yet over, raising fears that rising US interest rates will push the world’s largest economy into recession.

The currency market continues to react to political news. The voting on the PEC is saved for today. It is expected that it will indeed be reviewed to open the way tomorrow for discussions on the 2023 budget.

Yesterday, the spot price closed the selling day at R$5.3103.

For today on the calendar we will have an index of consumer confidence in the eurozone. Good luck and good luck in business!!

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Andrés Sánchez consults with the Ministry of Sports, but refuses a political post.

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Goal.com

The former president of the Corinthians dreams of working for the CBF as a national team coordinator. He was consulted shortly after Lula’s election.

Former Corinthians president Andrés Sánchez was advised to take a position in the Ministry of Sports under the administration of Lula (PT). However, he ruled out a return to politics. dreams of taking over the coordination of CBF selectionHow do you know PURPOSE.

No formal invitation was made to the former Corinthian representative, only a consultation on a portfolio opportunity with the new federal government, which will be sworn in on January 1, 2023.

Andrés was the Federal MP for São Paulo from 2015 to 2019. At that time he was elected by the Workers’ Party. However, the football manager begs to stay in the sport, ruling out the possibility of getting involved in politics again.

Andrés Sanchez’s desire is to fill the position of CBF tackle coordinator, which should become vacant after the 2022 World Cup. Juninho Paulista fulfills this function in Brazil’s top football institution.

The former president of Corinthians was in Qatar to follow the World Cup along with other figures in Brazilian football. During his time in the country, he strengthened his ties with the top leadership of the CBF.

See also  Roots of Radicalization in Political Debates
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Politics

The EU has reached a political agreement on limiting gas prices – 19.12.2022

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Germany sentenced Russian to life imprisonment for political murder by order of Moscow - 12/15/2021
BRUSSELS, DECEMBER 19 (ANSA). European Union countries reached a political agreement on Monday (19) to impose a natural gas price ceiling of 180 euros per megawatt hour (MWh). The main sources of income for Russia and the minimization of the use of energy as a weapon by the regime of Vladimir Putin.

The agreement was approved by a supermajority at a ministerial meeting of member states in Brussels, Belgium, after months of discussions about the best way to contain the rise in natural gas prices in the bloc caused by Russia’s invasion of Ukraine. .

The value set by the countries is well below the proposal made by the European Commission, the EU’s executive body, in November: 275 EUR/MWh. However, the countries leading the cap campaign were in favor of an even lower limit, around 100 EUR/MWh.

Germany, always wary of price controls, voted in favor of 180 euros, while Austria and the Netherlands, also skeptical of the cap, abstained. Hungary, the most pro-Russian country in the EU, voted against.

The instrument will enter into force on 15 February, but only if natural gas prices on the Amsterdam Stock Exchange exceed 180 euros/MWh for three consecutive days. In addition, the difference compared to a number of global benchmarks should be more than 35 euros.

Italy, the EU’s biggest supporter of the ceiling, has claimed responsibility for the measure. “This is a victory for Italy, which believed and worked for us to reach this agreement,” Environment and Energy Minister Gilberto Picetto tweeted.

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“This is a victory for Italian and European citizens who demand energy security,” he added.

Currently, the gas price in Amsterdam is around 110 EUR/MWh, which is already a reflection of the agreement in Brussels – in August the figure even broke the barrier of 340 EUR/MWh.

However, Russia has already threatened to stop exports to countries that adhere to the ceiling. (ANSA).

See more news, photos and videos at www.ansabrasil.com.br.

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