PRESS DIGEST- British Business - Oct 24
Oct 24 The following are the top stories on the business pages of British newspapers. Reuters has not verified these stories and does not vouch for their accuracy.
* TSX falls 29.27 points, or 0.23 percent, to 12,618.63 * Seven of 10 main sectors advance * HBC jumps about 7 percent after Saks deal * Gold miners slip with price of bullion By John Tilak TORONTO, July 29 Canada's main stock index slipped on Monday as investors worried about the U.S. Federal Reserve's plans for its stimulus program, hurting shares of natural resource companies. Concerns about the outlook for monetary policy overshadowed a jump in shares of Hudson's Bay Co after the retailer said it planned to buy Saks Inc. HBC is not a member of the Toronto Stock Exchange's flagship S&P/TSX composite index . The market fell for a fifth straight session after weakness in shares of energy and materials companies. Commodity prices moved lower, further weighing on the market. The Federal Reserve, the European Central Bank and the Bank of England are likely to reaffirm their determination this week to keep a lid on interest rates for a long time to come despite signs that their economies are slowly on the mend. HBC shares climbed 6.9 percent to C$17.62 after the company said it would acquire Saks in a $2.4 billion deal that would add prime real estate to its portfolio and bring the luxury chain to Canada. The move follows a slew of deals in the Canadian retail sector, including Loblaw Cos Ltd's C$12.4 billion agreement to buy Shoppers Drug Mart Corp. "Many Canadian companies have looked after their money management very well, have preserved some cash and are in a mood of wanting to expand," said Fred Ketchen, director of equity trading at ScotiaMcLeod. "Sometimes you have to be aggressive to increase your competitive balance, and that's what the Bay is trying to do," he added. The S&P/TSX composite index fell 29.27 points, or 0.23 percent, at 12,618.63. Though seven of the 10 main sectors on the index were higher, sharp declines in resource stocks pushed the market into the red. Shares of energy producers gave back 0.9 percent. Canadian Natural Resources Ltd lost 2.2 percent to C$31.49 and had the biggest negative influence on the market. Encana Corp fell 2.1 percent to C$18.12. The materials sector, which includes mining stocks, stumbled 0.7 percent. Gold miners were down almost 1 percent. Barrick Gold Corp slipped 1.4 percent to C$18.02, and Goldcorp Inc fell 0.2 percent to C$29.41.
Oct 23 Microsoft Corp said it will be increasing pricing for its enterprise software and cloud services in the UK in the wake of the sterling's plunge since Britons voted to leave the EU.
* Projections for Singapore Inc's 2017 profits significantly cut