Business news in brief
UK stock market knocked off top spot by France
Paris has overtaken London as the home of Europe’s biggest stock market. The French stock market now has a combined value of $2.823 trillion, marginally above the UK stock market at $2.821 trillion, according to figures from Bloomberg. Britain’s stock market has been dragged down by the energy crisis, high inflation, and recent market volatility, while Brexit has “permanently damaged” the UK economy, according to former Bank of England policymaker, Michael Saunders.
Louis Vuitton owner LVMH tops the French Cac 40 with a market capitalisation – meaning the total value of its shares – of $364bn, nearly double the runner up, L’Oreal. Whereas big retailers on London’s blue-chip index, the FTSE 100, have seen their shares plunge throughout the year, with the likes of Ocado Group and JD Sports dropping by more than 40 per cent. PA
Boost for savers as some rates hit best levels in decade
The average easy-access savings rate has improved to its best level in more than a decade, according to analysis. Savers can now typically receive 1.16 per cent in annual interest on an easyaccess account on the market, Moneyfacts.co.uk said. It is the highest average rate available since a 1.19 per cent typical return recorded in February 2009.
A year ago, the average easy-access savings account paid just 0.19 per cent. The increase means that someone putting away £1,000 for a year could end up with £1,011.60, based on the current average easy-access savings rate. A year ago they would have faced ending up with £1,001.90 if they had gone on to keep the money saved for 12 months. PA
Post offices risk closure without further energy support
The boss of the Post Office has said that local branches might have to close if the chancellor does not extend support on energy bills past the current March deadline. Nick Read said that post offices are helping millions of Britons access help on their energy bill during the current crisis and urged the government to think about any knock-on effects of closures.
“Post Office exists to serve communities, keeping people and businesses connected. It’s what we do – it’s in our DNA,” the chief executive said. “Current government support on energy costs is essential to many post offices staying open. If that support ends next March, make no mistake the future looks very challenging for many postmasters and the shops they run serving local customers.”
Informa cashes in on rebound of global business events
Events and subscriptions firm Informa has lifted its full-year earnings outlook amid strong demand for in-person and online events. The FTSE 100-listed company said it was upping revenue guidance by about £100m and its profits by £15m for the full year. It now expects to bring in revenues between £2.3bn and £2.35bn, and adjusted operating profits between £490m and £505m.
The company, which organises hundreds of specialist businessto-business events every year, was forced to move events online during Covid. But a resurgence in physical events in all major markets post-Covid, and an improvement in the quality of digital services, has helped give the company a boost this year. PA
Want your views to be included in The Independent Daily Edition letters page? Email us by tapping here letters@independent.co.uk. Please include your address BACK TO TOP