Pound Could Face Volatile October

Sterling faces a volatile October due to the prospect of fresh post-Brexit trade tensions and uncertainty over the U.K. government's fiscal spending plans, ING says. Prime Minister Boris Johnson is trying to push through an increase in National Insurance tax to fund an overhaul of social care but faces opposition to his plan. "This theme will likely grow into the Chancellor's autumn budget due on October 27 and the degree to which the government feels confident enough to start fiscal consolidation," ING analysts say. Combined with grace periods for the Northern Irish protocol expiring on September 30, October could be a "rockier" month for sterling, they say. GBP/USD falls 0.1% to 1.3844 and EUR/GBP is flat at 0.8572. 


 
Companies News:

Science Group Asks TP Group to Call a General Meeting to Consider Board's Constitution

Science Group PLC said Monday that it has requisitioned TP Group PLC's board of directors to call a general meeting of group shareholders to consider the constitution of the board.

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Cambria Automobiles' Management Buyout Proposal Fails to Get Enough Shareholder Support, Offer Extended

Cambria Automobiles PLC said Monday that the number of shareholders accepting the 82.5 million-pound ($114.3 million) management buyout offer fell just short of the required level for the takeover to proceed.

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Totally PLC Trading Strongly; In Line With Market Views

Totally PLC said Monday that it is trading strongly and in line with market expectations, and that the board remained confident in the outlook going forward.

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Norman Broadbent Names Kevin Davidson CEO

Norman Broadbent PLC said Monday that Kevin Davidson will be joining the board as chief executive officer effective immediately.

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United Oil & Gas Lowers Production Guidance at Egyptian Oil Field; Shares Fall

United Oil & Gas PLC shares fell Monday after it said it has lowered its full-year production guidance for the Abu Sennan license in Egypt, as the proportion of water to oil increased in one field.

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Attraqt Appoints Tom Crawford as Chairman, Nick Habgood Steps Down

Attraqt Group PLC said Monday that it has appointed Tom Crawford as nonexecutive chairman with immediate effect, taking over from Nick Habgood.

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Randall & Quilter Swung to 1H Pretax Loss

Randall & Quilter Investment Holdings Ltd. said Monday that it swung to a first-half pretax loss, and lowered its interim dividend.

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PCI-PAL's Pretax Loss Narrowed in Fiscal 2021

PCI-PAL PLC said Monday that its fiscal 2021 pretax loss narrowed as revenue rose, and that it has had a strong start to fiscal 2022.

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Xpediator Names Mark Whiteling as Incoming Non-Executive Chairman

Xpediator PLC said Monday that it has appointed Mark Whiteling as nonexecutive chairman effective from Sept. 22, taking over from Alex Borrelli.

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City of London Group Agrees to Sell Milton Homes for GBP9.3 Mln

City of London Group PLC said Monday that it has agreed to sell Milton Homes Ltd. to Max Barney Investments Ltd. for a total consideration of 9.3 million pounds ($12.9 million).

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Goldman Sachs's Petershill Partners to Raise $750 Mln in London IPO

Goldman Sachs Group Inc. intends to list its Petershill Partners unit in London, raising at least $750 million for the investor in alternative-asset managers.

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Checkit Appoints New CFO as Aylsa Muir Steps Down

Checkit PLC said Monday that Chief Financial Officer Aylsa Muir has stepped down from the board to pursue opportunities outside the company, and that Greg Price has been appointed as her replacement with immediate effect.

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MD Medical Group Investments 1H Net Profit, Revenue Surge

MD Medical Group Investments PLC has posted higher net profit and revenue in the first half, helped by in-patient treatments and segments such as oncology, internal medicine, trauma and cardiology.

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Spectra Systems 1H Pretax Profit Rose

Spectra Systems Corp. said Monday that pretax profit for the first half of the year rose as revenue increased, and that it is on track to achieve record earnings and meet market expectations for the year.

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Marechale Capital Shares Rise on Lithium Company Subscription

Shares in Marechale Capital PLC rose Monday after the company said it has subscribed for founder shares in lithium exploration and development company Weardale Lithium Ltd.

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Foresight Sustainable Forestry Plans GBP200 Mln IPO

Foresight Sustainable Forestry Company PLC said Monday it seeks to raise 200 million pounds ($277.2 million) with an initial public offering on the London Stock Exchange. 


 
Market Talk:

Crypto Demand Could Fall on Potential UK Regulatory Clampdown

0956 GMT - Cryptocurrency demand could fall if the U.K.'s financial watchdog adopts proposals from the Basel Committee on Banking Supervision that would make it costlier to invest in the digital assets, Hargreaves Lansdown says. The Financial Conduct Authority appears to be "throwing its weight" behind the Basel Committee's recommendations, including a consideration to enforce banks and other financial institutions to set aside enough capital to cover potential losses involved in adopting cryptocurrencies, Hargreaves Lansdown analyst Susannah Streeter says. "Giving speculative tokens a high risk price tag is likely to make crypto currency dealing and investment very expensive and could limit the number of new institutional entrants into the crypto world," Streeter says. Bitcoin rises 3.3% to $51,759, according to CoinDesk.

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Supply Disruptions to Keep Aluminum Market Tight in 3Q

0918 GMT - The run rate of global aluminum output peaked in February-April and declined over the next three months, reflecting multiple supply issues in China, UBS says. These include hydropower instability, coal and power shortages, flooding and logistics challenges, the Swiss bank says. These constraints are expected to persist into 3Q and, combined with peak seasonal demand, should keep the market tight in the period, the bank says. UBS is forecasting a more balanced market in 2022 as the majority of supply issues are solved, but it expects prices to remain above marginal costs over the medium-term, resulting in structural improvements for aluminum producers.

Contact: London NewsPlus, Dow Jones Newswires; Write to Sarka Halas at sarka.halas@wsj.com

(END) Dow Jones Newswires

09-06-21 0621ET