The FTSE 100 is expected to open 13 points lower on Tuesday, having closed up 0.22% on Monday at 7,728.50.
Barclays reported a fall in annual earnings after fourth-quarter profits fell by 92%. Pre-tax profit for the 12 months to December 31, 2023 came in at £6.55bn, down 6%. Fourth-quarter earnings were £110m compared with £1.3bn a year ago. It added that it planned to return at least £10bn of capital to shareholders between 2024 and 2026, through dividends and share buybacks, with a continued preference for buybacks.
InterContinental Hotels Group reported strong full-year trading in its final results for 2023 on Tuesday, with global revenue per available room (RevPAR) up 16.1% year-on-year and 10.9% compared to 2019. The company recorded notable growth in the Americas, EMEAA, and Greater China regions, with significant increases in average daily rate and occupancy. Total gross revenue came in at $31.6bn, up 23%, while it swung to a reported operating profit of $1.07bn from a loss of $105m. IHG said it was aiming for high single-digit percentage growth in fee revenue going forward amid continued investment in the business, sustainable growth in dividends, and ongoing share buybacks to achieve a 12% to 15% adjusted earnings per share compound annual growth rate.
Union leaders have warned business groups against pushing Keir Starmer to water down Labour’s plans to introduce sweeping reforms of workers’ rights and a ban on zero-hours contracts. As the Labour leader comes under pressure from industry to scale back its shake-up of employment laws, the Trades Union Congress (TUC) said the plans were extremely popular with voters and good for the economy.
Severn Trent has been fined more than £2m for polluting the River Trent near Stoke, with the Environment Agency calling its storm contingency plans woefully inadequate. Huge amounts of raw sewage were discharged into the river from Strongford wastewater treatment works near Stoke-on-Trent, Staffordshire, between November 2019 and February 2020.
The universities’ pension scheme has rejected a demand from academics to dump its investments in Israel, in a row over whether the conflict in Gaza can be branded genocide. The University and College Union (UCU), which represents more than 120,000 academics and support staff, wrote to the Universities Superannuation Scheme (USS) at the end of last month, urging an immediate review of assets linked to Israel’s administration.
The London restaurant owned by viral chef Salt Bae has defied the cost of living crisis as wealthy diners continue to splash out on steaks worth hundreds of pounds. Nusr-Et Steakhouse in Knightsbridge raked in millions of pounds in 2022 as the business cashed in on the popularity of owner Nusret Gökçe, otherwise known as Salt Bae. The celebrity chef has built a global restaurant empire ever since a viral video in 2017 showed him extravagantly cutting meat and sprinkling salt.
A prominent US investor is among the parties being courted by Superdry’s founder as he assembles an offer to take the struggling fashion chain private. Sky News has learnt that Davidson Kempner, which has backed a number of UK retailers, is in discussions with Julian Dunkerton about backing an offer for Superdry.
US close
Stock markets remained closed on Wall Street on Monday, for the Presidents’ Day federal holiday.
