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Friday Update

DB Live: Superdry CFO quits; SpaceandPeople ‘confident’

REFRESH PAGE FOR UPDATES

4.30pm: London closes higher

The FTSE 100 index closed 87.06 (1.49%) higher at 5,919.58.

3pm: Brexit talks ‘over’

Britain looks almost certain to crash out of the EU without a deal after Downing Street declared that talks over a post-Brexit trade agreement are “over”.

Full story here

11am: Calls for ‘joined up’ action to tackle Covid

Anti-independence campaigner Scottish Business UK (SBUK) wants Benny Higgins’ economic advisory group to be reformed to allow for more business input into dealing with the pandemic.

Full story here

Oil tycoon: SNP ‘adversarial and negative’

8.45am: John Lewis plan

John Lewis and Waitrose are planning to strengthen their partnership with a move into recycling, savings, insurance and private rented and social housing.

Full story here

8.15am: FTSE rises on US hopes

The FTSE 100 rebounded as investors clung to hopes of a breakthrough in securing a stimulus package for the US economy.

London’s blue chip index was 67.62 points (1.16%) higher at 5,900.14.

BBC Scotland

8am: BBC Scotland staff to depart

A number of long-serving BBC Scotland presenters and reporters are leaving under new cost-cutting at Pacific Quay.

Full story here

7.15am: Cross-country contract

Arriva Group’s CrossCountry Trains subsidiary, which provides services from Aberdeen to Penzance, has been awarded a three-year extension to the contract it has held since 2007.

CrossCountry connects seven of Britain’s 10 largest cities and delivers 298 services every weekday, equating to some 40 million passenger journeys a year.

David Brown, managing director for UK Trains, said: “Now that we have secured continuity, we must work on the future direction of rail reform to serve the changing travel patterns of our customers.

“We will build on our record of innovation and investment and progress plans to introduce a range of improvements, including additional capacity for our customers.

“The critical question now is how we look to ‘build back better’ through an improved operating model with flexible ticketing solutions and a far simpler fares ​structure.”

7am: Superdry CFO quits

Nick Gresham has stepped down as chief financial officer at Superdry with immediate effect. A search for a permanent replacement will start while interim arrangements are put in place.

Julian Dunkerton, CEO said: “Nick joined Superdry at a time of significant change and challenge in the business.

“He has played an important role in putting the company in a stronger position than it was before he joined and helped to steer Superdry through the impact of the COVID pandemic.”

SpaceandPeople

SpaceandPeople, the Glasgow-based company selling promotional space in shopping malls, reported a half year loss before non-recurring costs and taxation £1.6m (H1 2019: loss £0.0m).

It said it is confident that it will be able to trade through a second phase of coronavirus and emerge in a position to take advantage of the recovery.

“We have good cash headroom, are streamlined and very focused on achieving results and seeing the grass roots of recovery in bookings from 2021 onwards.”

Wetherspoon

JD Wetherspoon

Wetherspoon chairman Tim Martin said the company and the entire hospitality industry need a “more sensible and consistent regulatory framework” in which to operate after the pubs chain swung to a £34 million loss.

The company, which reported a £102m profit in 2019, said like-for-like sales for the year to 26 July fell 29.5%.

Full story here

Markets

London’s FTSE 100 is tipped to open 39 points higher at 5,872 after a turbulent few days.

US stocks finished lower on the day, though they managed to pull back from their lows as hopes of a stimulus package being agreed before the 3 November presidential election were raised by House Speaker Nancy Pelosi.

The Dow Jones finished 20 points lower while the S&P 500 ended 5 points weaker.

Today’s top Daily Business headlines

Hub brings watchmaking back to Scotland

Firms unprepared as Brexit transition due to end

Hospitality firms say £40m fund ‘not enough’

Scots publicans want legal cover after Star pubs case



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