Brexit remains in the spotlight this week as Theresa May is expected to lay out her offer to fellow EU leaders for the rights of both British and EU citizens living within the EU and Great Britain. Continental leaders criticised Britain’s initial proposal however the UK government is braced to defend a key part of it.
May is due to publish 15 pages of details on Monday on how she intends to protect the rights of millions of EU nationals residing in Britain once the country has left the bloc in 2019.
Italy’s Bailout & RBS Relocation
Italian authorities announced on Sunday that they are prepared to spend as much as €17 billion as part of the shutdown of two regional banks, Veneto Banca&BancaPopolare di Vicenza, in a deal that will transfer the lender’s best assets to IntesaSanpaolaSpA, for a nominal sum.
On Friday evening, the European Central Bank declared that the pair were set to fail, having “repeatedly breached supervisory capital requirements”. Both have been flailing for several years despite efforts to shore up their capital and restore their health.
Meanwhile, British lender Royal Bank of Scotland is planning to relocate 443 jobs dealing with business loans to India as part of a restructuring program with the intention of becoming a smaller bank. All roles which require customer contact however will remain in the UK. The banks shares opened higher on Monday morning.
Holland & Barrett - SOLD
Holland & Barrett, the UK's biggest health food retailer, is being bought by a Russian billionaire for £1.8bn. L1 Retail, a fund controlled by Mikhail Fridman, is buying the 1,150-shop chain from US private equity firm Carlyle.
"We believe that the company is well positioned to benefit from structural growth in the growing £10bn health and wellness market and has multiple levers for long-term growth and value creation," said L1 Retail managing partner Stephan DuCharme.
Markets on Monday
Global stocks advanced on Monday morning as Nestle SA sparked a rally in European shares and oil climbed for a third straight session after entering a bear market last week.
The Stoxx Europe 600 Index gained 0.7 percent as of 8:19 a.m. in London, with Nestle surging 3.8 percent, the most in a year. L’Oréal jumped 2.6 percent, poised for a record close.
The pound increased 0.3 percent to $1.2751, bringing its four-day gain to 1 percent. The euro was flat at $1.1199.
Disclaimer:
This article was issued by Peter Petrov, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article is being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.