Market News

Heathrow Says Its Passenger Cap is Working: The London Rush - BLOOMBERG

AUGUST 11, 2022

BY Charles Capel and Leonard KehnscherperBloomberg News

(Bloomberg) -- Here’s the key business news from London-listed companies this morning.

Entain Plc: The sports betting company is starting a new joint venture in Central and Eastern Europe with Czech investment company EMMA Capital.

  • The new venture will buy 75% of Croatian sportsbook operator SuperSport from EMMA, valuing it at 920 million euros

Heathrow Airport: Britain’s largest airport says the cap it has placed on passenger numbers is working, leading to fewer surprise cancellations and more on-time flights.

  • Although the travel hub will have to increases ground hander capacity and resilience before it lifts the cap  

Savills Plc: The estate agents warned that rising interest rates could lead to a slow down in the property market as it adjusts to high debt costs, also indicating a slower growth in UK residential prices.

  • The effects of the war in Ukraine, inflation and rising rates in the second quarter included smaller transactions as well as more significant spreads between bidding and asking prices 

Outside The City

Liz Truss’s thoughts about how to manage the Bank of England are adding to a mounting list of threats to the value of the pound and UK government bonds.

Meanwhile, the UK housing market came under further pressure from the cost-of-living crisis in July as sales and buyer demand fell, and agents turned increasingly gloomy on the outlook, the Royal Institution of Chartered Surveyors said.

In Case You Missed It 

Retailers including Tesco Plc and J Sainsbury Plc are calling on police to focus on retail crime as the cost of living weighs heavily on shoppers and leads to theft.

And one of the UK’s most high-profile investment bankers, Citigroup Inc. dealmaker Jan Skarbek, has resigned from the firm amid an ongoing probe into allegations of misconduct, people familiar with the matter told Bloomberg. 

Looking Ahead

Gambling companies Flutter Entertainment Plc and 888 Holdings Plc report tomorrow. The focus will be on the health of Flutter’s US operations, which are expected to achieve positive adjusted Ebitda next year. 888 investors, meanwhile, will want to know more about the impact of the recently completed acquisition of William Hill’s international operations.

Also on Friday, quarterly GDP data is expected to show a slight decline since the start of the year, following the Bank of England’s dire growth forecast last week. 

The Readout with Allegra Stratton will be back from its summer break on Aug. 30. In the meantime, here’s what Bloomberg journalists are reading this summer. 


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