Daily Business Live

Phoenix hits key aims | new CEO for Joules


8.30am: Blue chips open positively

The FTSE 100 made a positive start to trading, picking up from Wall Street’s gains on Friday on the back of hopes of a more benign interest rate strategy.

The blue chip index was trading 20 points higher at 7,521.48.

7am: Phoenix rising

Standard Life house

Long term savings group Phoenix, which includes the Standard Life brand, said it has delivered against all of its key objectives, with record cash generation, though operating profits slipped.

It posted record cash generation of £950m in H1 2022 (vs £872m in H1 2021) and said it is confident of delivering at the top end of the £1.3bn-£1.4bn target range for FY 2022. Full story here

7am: Joules CEO

Lifestyle retailer Joules has appointed Compared the Market CEO Jonathon Brown as chief executive to replace Nick Jones who is stepping down. Mr Brown’s career has included spells at Schroders, British Airways, Coca-Cola, Aviva, Kingfisher, John Lewis, Photobox and M&M Direct.

He will take on the role on 30 September following a short handover period from Mr Jones.

Global markets

European markets were expected to pick up on a more optimistic mood across the Atlantic after inflation in the US softened more-than-expected to an annual rate of 8.5% in July, from 9.1% in June. This has eased some pressure on the Federal Reserve to implement aggressive rate hikes.

Asian markets were largely higher. In Tokyo, the Nikkei 225 was 1.1% higher in late trade, while the S&P/ASX 200 in Sydney rose 0.5%. In China, the Shanghai Composite was up 0.1%, though the Hang Seng in Hong Kong was down 0.1%.

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