Today’s cooling jobs numbers will be closely watched by the Jeremy Hunt ahead of his budget tomorrow. The chancellor said he will “go further to bear down on inflation, reduce debt and grow the economy,” while trying to encourage more back into work. Meanwhile, gambling software provider Playtech has struck a deal with the digital arm of Hard Rock, to help support their growth.
(Bloomberg) — Today’s cooling jobs numbers will be closely watched by the Jeremy Hunt ahead of his budget tomorrow. The chancellor said he will “go further to bear down on inflation, reduce debt and grow the economy,” while trying to encourage more back into work. Meanwhile, gambling software provider Playtech has struck a deal with the digital arm of Hard Rock, to help support their growth.
Here’s the key business news from London this morning:
In The City
Jobs Data: The UK labour market showed some signs of cooling as wage growth slowed for the first time in more than a year.
- Average earnings growth excluding bonuses fell to 6.5% from a year earlier, according to ONS data, down from a record outside the pandemic of 6.7% in the previous three-month period
Centrica Plc: The energy company will extend the life of the Heysham 1 and Hartlepool nuclear power stations to 2026, adding what it says will be 6TWh to its electricity generation volumes.
- The increased supply equates to about 70% of Centrica’s total nuclear volumes in 2022
Playtech Plc: The services provider for online gaming has struck a partnership with Hard Rock Digital, the interactive gaming and sports betting arm of Hard Rock International and Seminole Gaming.
- As part of the deal, Playtech invested $85 million in exchange for a small stake in Hard Rock Digital, which will be used to help fund the unit’s global expansion
Pennon Group Plc: The water management company is continuing to manage drought conditions in the south west of England, following the country’s driest and hottest weather on record last year.
- Investments in increasing water capacity like de-salination facilities will help boost capacity
In Westminster
Chancellor of the Exchequer Jeremy Hunt will announce plans for 12 new investment zones in his budget, pledging to “supercharge” growth across the UK through tax incentives and extra funding, according to the Treasury. These zones will be clustered around research institutions such as universities and will aim to spur investment in areas like technology, life sciences and advanced manufacturing.Meanwhile, US President Joe Biden has accepted Rishi Sunak’s invitation to visit the Republic of Ireland and Northern Ireland in April to mark the 25th anniversary of the Good Friday peace agreement. The exact timing of the trip remains unclear. Sunak also announced plans to return to the US in June as the two countries strengthen their partnership.
In Case You Missed It
HSBC Holdings Plc, the new owner of Silicon Valley Bank’s UK unit, is planning to inject £2 billion of liquidity into the division. Chief Executive Officer Noel Quinn and Ian Stuart, the head of HSBC UK, told London tech investors on a call Monday that the bank would commit billions of pounds to ensure that business-as-usual continued at SVB UK.
Looking Ahead
Insurance company Prudential Plc is expected to report full year results on Wednesday, with its second half results expected to be under scrutiny for how well its Hong Kong trading is returning to pre-lockdown levels, according to Bloomberg Intelligence. It will also be an opportunity for new CEO Anil Wadhwani to outline his vision for the business.
Watch also for construction company Balfour Beatty Plc, whose large order book is expected by Bloomberg Intelligence analysts to spur growth in the medium to long term.
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