The pound fell back towards a three-decade low against the dollar yesterday, hit by surprisingly strong US economic data and in the wake of Theresa May setting out a timetable for Brexit. (The Times £)
Looking on the positive, The Daily Mail notes the FTSE 100 hit 16-month high as City gets Brexit pledge from Theresa May to begin withdrawal by end of March. “Investors were in a buying mood yesterday as the Government offered some clarity on Britain’s future outside the European Union.”
The UK’s manufacturing sector surged in September, growing at its fastest level since June 2014, a closely watched survey has indicated. The Markit/CIPS purchasing managers’ index (PMI) for the sector rose to 55.4 in September from 53.4 in August. A figure above 50 indicates expansion. The weakening of the pound following the Brexit vote had continued to boost exports, the survey found. (The BBC)
Doughnut-maker Krispy Kreme is understood to have abandoned its planned £200m London flotation in favour of a sale to its US parent. Private equity group Alcuin Capital, which controls the UK operations of the global brand, was preparing to join a wave of autumn floats before yesterday’s sale to parent Krispy Kreme Doughnuts Inc. (The Daily Telegraph)
A new brewery opened every three days in the UK last year as entrepreneurs sought to capitalise on the thirst for craft beers with outlandish names such as Northern Monk Lust and Mad Hatter Wee Buns. The 134 new breweries took the UK total to 1,692 last year, up 8 per cent on 2014, driven by microbreweries producing craft beer, according to UHY Hacker Young, the accountancy group. (The Financial Times £, Sky News)
Breweries are becoming increasingly profitable and targeted for acquisition, said UHY Hacker Young, with drinkers in the UK willing to pay premium prices for a luxury product. (The Guardian)
Compass Group COO Gary Green has made £1.5m after selling a quarter of his stake in Compass Group. He sold 100,000 shares in the catering group for 1498.33p each. (The Daily Mail)
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