INEOS SUSPENDS UK CHEMICALS PLANTS AS JOBS ARE PUT AT RISK

Ineos has suspended operations at several chemicals plants in the UK, in a move reported to put thousands of jobs at risk. Exact numbers of jobs affected and the sites involved were not given in the report. The same coverage said Whitbread, the owner of Premier Inn, is facing pressure from an activist investor over the direction of the business. It also reported that RAC has pulled back from a planned stock market flotation in London that had been expected to be a major listing. Kingfisher, the parent company of B&Q, saw its shares rise sharply after the retailer raised its profit target, according to the report.

The coverage additionally cited figures showing that the cost of servicing the government's debt under the current Labour administration has climbed to around £200bn. That figure was described in the report as "worryingly large". The identity of the investor pressuring Whitbread's board, and the specific nature of its demands, were not detailed. The RAC listing had been expected to be one of the largest share offerings on the London market this year before the company stepped back from it. Kingfisher's raised profit target followed the retailer's latest trading performance, according to the same coverage.

Separate market data referenced alongside the report showed FTSE 100 futures trading higher ahead of the day's session. The same data showed the pound slipping to close to $1.33 against the US dollar. The figures were presented together as part of a wider morning update on UK business and financial markets. No further detail was given on what had driven the moves in the futures market or the currency. The report did not set out confirmed next steps for Ineos, Whitbread or RAC.