Reeves eyes Gulf trade pact as UK government’s ‘next deal’ after EU summit – business live

China’s and Australia’s central banks cut interest ratesMore on Britain’s biggest bakery chain Greggs, whose trading has improved in recent weeks. The share price jumped by 7%.John Moore, senior investment manager at RBC Brewin Dolphin, said:Greggs has been going through a tougher period recently, with the shares down around -30% in the year to date. Recent price increases of around 2% suggest the company is trying to right-size in the aftermath of the National Insurance increases, recalibrating its roll out and growth ambitions.There are tentative signs that Greggs is making progress in today’s update, with sales continuing to rise, the shop portfolio growing, and expectations for the year unchanged. Slowing growth will still be a concern, as well as the wider question about whether we have reached ‘peak Greggs’ in the UK. Nevertheless, the baker is a resilient and innovative business that has proven its ability to bounce back from tricky times.Turning around a super tanker is never an easy task, especially when the company is in the midst of a highly competitive arena, but there are some signs that Vodafone is beginning to ring the changes.The group had quite simply been fighting fires on too many fronts while dealing with an increasingly onerous debt burden, leading to the need for a significant transformation. What should now emerge from the turnaround is a smaller and less geographically diverse, but more focused operation…The UK business is another region which the group is aiming to strengthen, and its planned mega-merger with Three UK should complete imminently. The merger should truly change the domestic landscape, while also providing new revenue opportunities at scale as well as cost synergy savings of around £700 million per year on completion. In the meantime, the unit accounts for 19% of group income and saw total revenue growth of 1.9% for the period.The most obvious thorn in the group’s size remains the German operation, which is the group’s largest and accounts for 35% of overall service revenue, which declined by 5% for the year. The unit is still suffering from customer losses which were largely attributable to enforced price increases last year, competitive activity elsewhere and the lingering effects of the change to German TV law which resulted in a recontracting of customers, where the previous number of 8.5 million has been reduced to 4.2 million households. Continue reading...

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