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Business Today
Business live
John Lewis delays turnaround plan amid new losses; Arm valued at $54.5bn before IPO
Live  
John Lewis delays turnaround plan amid new losses; Arm valued at $54.5bn before IPO
The John Lewis Partnership has blamed inflation for delaying its turnaround plan by two years, meaning its targets will only be reached in 2027/28.
Headlines
John Lewis  
Losses narrow as Sharon White suggests reasons for optimism
Losses narrow as Sharon White suggests reasons for optimism
BP  
Board faces questions over ex-CEO’s personal relations with colleagues
Exclusive  
New UK banks’ post-Brexit investment only a third of lost EU funds
Cash  
Payment with notes and coins rises in UK as people seek to manage budgets
CBI  
Potential challenger Business Council holds first meeting
Energy bills  
New £1bn government upgrade to plug Great Britain’s draughtiest homes
Fossil fuels  
Investment ‘very unwise economic risk’, says energy expert
Apple  
France halts iPhone 12 sales over radiation exposure levels
Wilko  
The Range buys brand name in multimillion-pound deal
SFO  
Four charged with fraud over collapse of Patisserie Valerie chain
Austerity  
Michael Gove’s local council warns of bankruptcy risk
US inflation  
August rate rose to 3.7% amid sharp energy price hikes
Railways  
Mick Lynch calls consultation on ticket office closures a ‘sham’
Four-day week  
Cambridgeshire council defies ministers to plough on with scheme
Tata Steel  
Unions express anger at exclusion from talks on state aid
Today's agenda
We start the day with news that UK chip designer Arm Holdings has secured a bumper $54.5bn valuation ahead of its first day of trading. It comes after the Softbank-backed company priced shares at the top of its initial estimate, at $51 each, as investors scrambled for a piece of the action in the biggest IPO of the year.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: 'Despite some concerns about the company’s exposure to numerous risks in China, it’s not stopped a juggernaut of enthusiasm, with the IPO oversubscribed multiple times, with interest from tech giants like Nvidia, Apple and Alphabet.

'
Given the eagerness from investors, it seems Arm could have pushed for an even higher price, but is playing it safe to try to ensure a surge in the share price once trading gets underway.'

We’ll bring you further reaction, and Arm’s first market moves, in the hours ahead.

Disappointing news from the John Lewis Partnership this morning. The partnership, which runs John Lewis department stores and Waitrose supermarkets, reported a £59m pre-tax loss in the six months to July. While that is an improvement on the £99.2m loss reported during the same period last year, the company said it was still struggling due to the ripple effects of high inflation, which has racked up costs and resulted in customers being more cautious with their spending.

The partnership said inflation – which increased its costs by £179m last year – is also partly to blame for its failure to deliver on its turnaround plan, which is now going to be delayed by two years.

The UK arm of German discount supermarket Lidl has swung to an annual loss, as attempts to keep prices low for customers, paired with higher costs and inflation, weighed on performance. Lidl GB reported a £76m pre-tax loss in the 12 months to February, down from a pre-tax profit of £41m

The agenda
• 9:30am BST: UK Covid loan data
• 1:15pm BST: ECB interest rate announcement & press conference
• 1.30pm BST: US PPI, retail sales, and weekly jobless claims
• 2:30pm BST: US markets open for trading

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
BP needs a new chief executive not a slower strategy towards net zero
BP needs a new chief executive not a slower strategy towards net zero
 

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Opinion
US  
‘Biggest auto strike in generations’ looms – but why is it happening?
‘Biggest auto strike in generations’ looms – but why is it happening?
Media
Google  
Tech titan accused of spending billions to block rivals as landmark trial continues
Tech titan accused of spending billions to block rivals as landmark trial continues
Freemans catalogue  
After 1bn copies and 118 years, the one-time national institution moves to turn its final page
Spotlight
After 1bn copies and 118 years, the one-time UK institution moves to turn its final page
Freemans catalogue  
After 1bn copies and 118 years, the one-time UK institution moves to turn its final page
Mail order stalwart to focus on online sales in bid to become a ‘digital department store’
Popular on business
Michael Gove’s local council warns of bankruptcy risk after failed Tory investments
Michael Gove’s local council warns of bankruptcy risk after failed Tory investments
Cambridgeshire council defies ministers to plough on with four-day week
‘Beginning of the end’ of fossil fuel era approaching, says IEA
UK’s biggest pub group to charge 20p more a pint at busy times under surge pricing
Mick Lynch calls consultation on railway ticket office closures a ‘sham’
Get in touch
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