In the news today, Axa Investment Managers has acquired Australian real estate fund manager Eureka Funds Management, a move it says will enable it to boost its investments in Asian property. Orchard & Shipman looks to be about to lose a £60m subcontract to house asylum seekers, with Serco saying it was in talks with O&S on the possible transfer of a subsidiary to Serco. In the retail sector, both Bonmarché and Majestic issue profit warnings, but brewer Shepherd Neame reports increased profits and sales.
Axa IM buys Eureka Funds Management (FT/£)
Axa Investment Managers has acquired Eureka Funds Management, an Australian real estate fund manager.
O&S set to lose £60m contract to house asylum seekers (The Times/£)
Orchard & Shipman is set to lose a £60m contract to house asylum seekers in Glasgow.
Strong results for Shepherd Neame (FT/£)
Brewer Shepherd Neame reported a 4.7% rise in profit, to £14.4m, and a 1.2% increase in revenue, to £139.9m, in the 12 months ended 25 June.
Shares in Bonmarché fall (The Times/£)
Shares in Bonmarché fell after the company issued its third profit warning in nine months, saying trading in September had been poor.
Majestic issues profit warning (The Times/£)
Problems at Majestic’s commercial division and at its Naked Wines USA unit resulted in the company issuing a surprise profit warning yesterday.
MP warns of risk to jobs at M&S (The Guardian/FREE)
The jobs of thousands of Marks & Spencer staff are at risk if they do not accept a new pay deal, Labour MP Siobhain McDonagh said.
Supermarkets plan to cut pack sizes, BoE says (The Telegraph/FREE)
Supermarkets could cut pack sizes or use cheaper ingredients in their product rather than raising prices to compensate for increased costs following the Brexit vote.
UK economy defying expectations (The Guardian/FREE)
The UK economy has proved strong since the Brexit vote, despite expectations to the contrary.
