LME’s Nickel Market Governance Under Scrutiny: The London Rush
(Bloomberg) -- Here's the key business news from London-listed companies this morning:
London Metal Exchange: The U.K.'s Financial Conduct Authority and the Bank of England will review the LME's approach to its suspension and resumption of the nickel market, in the wake of a short squeeze that sent prices soaring and resulted in the cancellation of trades.
- The exchange itself will also start and independent review into the events that led to the suspension of trading in the nickel market
- Read: The 18 Minutes of Trading Chaos That Broke the Nickel Market
Ryanair Holdings Plc: The airline narrowed its full year loss after tax outlook to the lower end of the previously guided range.
- It now expects a pre-exceptional net loss of between 350 million euros and 400 million euros, compared to the prior range of 250 million euros and 450 million euros
CareTech Holding Plc: The provider of social care services received an indicative proposal worth £850 million from DBAY Advisors Ltd, rivaling a possible bid from the group's founders.
Outside The City
Negotiators from Russia and Ukraine may resume video talks Monday even as Kyiv accuses Moscow's forces of carrying out atrocities in towns in the north. Russia has dismissed images of executed unarmed civilians as fake.
The U.K. will lay out details on its plan to broaden its energy sources this week, with a focus on nuclear and wind, as the war in Ukraine put the country's reliance on oil and gas imports into focus.
In Case You Missed It
Gazprom's supply arm for the U.K. could be nationalized as soon as this week, Sky News reported, citing a person familiar with the matter.
Meanwhile, NatWest Group Plc is one of several parties considering a takeover bid for wealth manager Tilney Smith & Williamson Ltd, Sky News reported over the weekend.
Finally, read about the 30-year-old founder of cryptocurrency exchange FTX. He drives a Corolla, sleeps on a beanbag, and wants to give his fortune away.
Looking Ahead
HomeServe Plc is set disclose results tomorrow. The household repairs provider could be subject to a takeover bid from Brookfield Asset Management Inc. later this month. Also on Tuesday, data will show British services sentiment as the sector wrestles with rising costs.
©2022 Bloomberg L.P.
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