Business
UK Borrowing Costs Hit 27-Year High, Nestle Stock Falls After CEO Fired | The Opening Trade 9/2
The yield on long-dated UK bonds rose to the highest since 1998 and the pound fell, pressuring Prime Minister Keir Starmer’s government to regain the confidence of investors. Chancellor of the Exchequer Rachel Reeves is scrambling to find savings or raise taxes to plug a £35 billion budget hole ahead of her autumn budget.
Nestlé SA dismissed Chief Executive Officer Laurent Freixe after only a year due to an undisclosed workplace affair, extending the management turmoil at the world’s biggest food company that’s known for its conservative corporate culture. An investigation showed that Freixe had an undisclosed romantic relationship with a direct subordinate that violated Nestlé’s code of conduct
The Opening Trade has everything you need to know as markets open across Europe. With analysis you won’t find anywhere else, we break down the biggest stories of the day and speak to top guests who have skin in the game. Hosted by Anna Edwards, Tom Mackenzie and Guy Johnson.
Chapters:
00:00:00 – The Opening Trade
00:02:03 – Gold Price Record High
00:05:24 – Bonds Face Inflation, Political Pressure
00:07:20 – US Congress Returns
00:10:22 – Euro-Area Inflation
00:11:47 – Nestle CEO Freixe Fired
00:12:15 – Russia Gazprom Pipeline from Siberia to China
00:15:04 – Golf Price Nears $3500
00:24:23 – Bond Markets
00:27:38 – Xi, Putin, Kim Jong Un Meeting
00:39:48 – US Dollar Weakness
00:46:47 – Stocks to Watch: Nestle, Mediobanca, Luxury Stocks
00:51:00 – UK Government Bond Yield Highest Since 1998
00:55:23 – Nestle Stock Price
01:04:56 – Nestle CEO ‘Romantic Relationship’
01:13:11 – Gold Record High, Fed Rate Cut Bets
01:26:23 – Premier League Spending Record
01:29:32 – Euro Inflation
01:31:38 – UK 30-Year Yield Record
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SK Hynix revealed plans to buy back 40 trillion won ($29 billion) of stock and return more of its profits to shareholders. The memory chipmaker will buy back as many as 24 million treasury shares between Aug. 20 and Nov. 19 and cancel them. Neil Campling reports on Bloomberg Television.
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Starboard Value CEO Jeff Smith says his firm has built a new stake in Shake Shack, describing the burger chain as a great, undervalued brand that can grow faster by leaning into franchising in the US
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Lululemon built its reputation on leggings. But a product launch earlier this year quickly turned into a see-through problem. Now, the embattled athleisure giant has a new CEO and a seemingly fresh start. Lily Meier reports.
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Brad Stone gives a sneak peek at Businessweek’s annual Screentime issue
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The crypto industry will get market structure rules even if Congress fails to pass landmark legislation, the head of the Commodity Futures Trading Commission Chairman Michael S. Selig https://bloom.bg/4wAKqwX
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