![\"Ben](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/\/methode\/times\/prod\/web\/bin\/cdd54771-5e2f-4224-916e-db88ba81dbc5.jpg\")
<\/p>\nThe S&P 500 and the Nasdaq Composite have opened higher today after cooler-than-expected producer price inflation data boosted bets on a US interest rate next week. <\/p>\n
Adding to gains were strong results from Oracle, which saw its shares jump 39 per cent.<\/p>\n
Analysts said the fall in producer prices was bullish for shares. The S&P 500 rose 0.5 per cent and the Nasdaq Composite gained 0.47 per cent. The Dow Jones dipped 0.1 per cent.<\/p>\n
As Wall Street opened, the FTSE 100 had lost earlier gains to trade down 4 points, or 0.06 per cent, at 9,235.31. A weaker dollar lifted the pound to $1.3552, up 0.2 per cent. <\/p>\n
Anglo American was the biggest riser in the index, up 2.7 per cent after its mega-merger with Canada\u2019s Teck Resources to create the fifth largest copper producer. AB Foods remained the biggest faller, down 13.5 per cent, after it warned of a slowdown in sales at Primark and continued weakness at its sugar business.<\/p>\n
Surprise fall in US producer prices<\/p>\n
US wholesale prices unexpectedly fell in August for the first time in four months, pulled down by a fall in the costs of services.<\/p>\n
The producer price index (PPI) decreased 0.1 per cent from a month earlier after a downwardly revised 0.7 per cent rise in July, data from the Bureau of Labor Statistics showed. Economists forecast the PPI would advance 0.3 per cent.<\/p>\n
Services prices fell 0.2 per cent after rebounding 0.7 per cent in July, suggesting companies are wary of passing on the cost of tariffs by raising prices at a time of slowing consumer spending and confidence. It would mean companies are absorbing the cost for now.<\/p>\n
However, core PPI rose 0.3 per cent with annual growth at a five-month high of 2.8 per cent. The rise in core PPI keeps rate cut hopes alive. There is a 90 per cent probability that the US Federal Reserve will cut interest rates by a quarter-point in its meeting next Wednesday, according to the CME Fedwatch tool.<\/p>\n
We\u2019re not selling Ben and Jerry\u2019s, says Magnum boss<\/p>\n
Ben Cohen, left, and Jerry Greenfield founded the ice cream company and sold it to Unilever 25 years ago<\/p>\n
MARISOL DIAZ-GORDON\/NEWSDAY RM VIA GETTY IMAGES<\/p>\n
Unilever\u2019s ice-cream division, which is being spun off from the consumer goods company, has dismissed talk of selling Ben & Jerry\u2019s.<\/p>\n
Ben & Jerry\u2019s co-founders seized the spotlight<\/a> at Tuesday\u2019s investor day before the demerged company\u2019s listing in mid-November to renew their call for its own spin-off.<\/p>\n Ben Cohen and Jerry Greenfield sold their company to Unilever for $326 million in 2000. The relationship has soured due to the ice cream brand\u2019s stances on social and political issues.<\/p>\n Peter ter Kulve, chief executive of the Magnum Ice Cream Company, which besides Ben & Jerry\u2019s includes brands such as Magnum, Wall\u2019s and Cornetto, said: \u201cI have not been privy to any discussion between Unilever and Ben & Jerry. Ben & Jerry\u2019s is not for sale.\u201d<\/p>\n Lord King: Rich countries are all in the same mess<\/p>\n Lord King of Lothbury, who led the Bank of England during the 2008 financial crisis, has warned that rich countries are \u201call in the same mess rather than just the UK\u201d as a consequence of the ubiquitous rise in long-term government borrowing costs and public debt.<\/p>\n The former Bank governor told members of the House of Lords financial services regulation committee that global interest rates would climb even higher if there were another economic shock and governments responded with generous support packages.<\/p>\n \u201cI think if there were to be another crisis, governments would cope with it, but it would come at a cost, with a much larger rise in the ratio of debt to GDP, and we would see interest rates go up to offset that. I think now we\u2019re all in a much more difficult position,\u201d he said.<\/p>\n \u201cSome people have drawn comfort from the fact that the recent rise in long-term interest rates has been true across the G7, and it has. But that simply means we\u2019re all in the same mess rather than just the UK.\u201d<\/p>\n Earlier this month, the rate on the UK 30-year government bond<\/a> hit its highest level in nearly three decades. Rates on French, German and American equivalent bonds have also increased steeply since the start of the year.<\/p>\n Former Travis Perkins boss to chair C4 Geoff Cooper previously ran Travis Perkins<\/p>\n ANDRE CAMARA FOR THE TIMES<\/p>\n The former boss of Travis Perkins has been appointed to lead the board of Channel 4 as the search continues for a permanent chief executive.<\/p>\n Geoff Cooper will join the broadcaster as chairman at the start of next month, succeeding Dawn Airey, who has been filling the role on an interim basis since April.<\/p>\n Cooper, 71, is currently chairman of AO World, the online electricals retailer, and was chief executive of Travis Perkins for eight years until 2013.<\/p>\n Lisa Nandy, culture secretary, who approved the appointment said: \u201cChannel 4 is a treasured national institution with a track record of creating cutting-edge television which reflects Britain in all its diversity. I look forward to seeing Geoff Cooper help Channel 4 continue to provide top-quality programmes and adapt to the changing media landscape.\u201d<\/p>\n The search for a permanent chief executive continues after Alex Mahon<\/a> stepped down this summer.<\/p>\n JLR cyberattack: \u2018Some data has been affected\u2019 Jaguar Land Rover halted car production after the cyberattack<\/p>\n AKOS STILLER\/BLOOMBERG VIA GETTY IMAGES<\/p>\n Jaguar Land Rover believes that \u201csome data has been affected\u201d as a result of a cyberattack that has led to a halt in car production.<\/p>\n The carmaker, owned by India\u2019s Tata Motors, gave no further details. It has previously said there was \u201cno evidence\u201d that data had been stolen.<\/p>\n JLR<\/a> shut down its systems on August 31 after discovering issues affecting its global operations. Factory workers are currently on standby, with production still paused.<\/p>\n A JLR spokesman said: \u201cAs a result of our ongoing investigation, we now believe that some data has been affected and we are informing the relevant regulators. Our forensic investigation continues at pace and we will contact anyone as appropriate if we find that their data has been impacted.<\/p>\n \u201cWe are very sorry for the continued disruption this incident is causing and we will continue to update as the investigation progresses.\u201d<\/p>\n DIY helps lift Wickes\u2019 profits Wickes reports a growth in trade customers<\/p>\n ALAMY<\/p>\n The home improvement retailer has reported a 5.7 per cent rise in first-half pre-tax profits to \u00a324.2 million, driven by strong growth in retail, particularly in timber, garden maintenance and decorating, from DIY and do-it-for-me customers.<\/p>\n Revenue increased by 5.6 per cent year-on-year to \u00a3847.9 million in the 26 weeks to June 28. Sales from customers using its TradePro discount rose 10 per cent, with active members rising to 615,000.<\/p>\n Despite cost pressures, Wickes remains confident in meeting 2025 profit expectations. The shares rose 1.23 per cent, or 2\u00bdp, to 197\u00bdp.<\/p>\n Polish shares down after Russian drone incursion<\/p>\n Poland\u2019s leading stock exchange index has fallen after the Nato nation scrambled its air force to intercept multiple Russian drones which entered its airspace early on Wednesday.<\/p>\n The Warsaw stock exchange\u2019s WIG index dropped 1.3 per cent to 105,190.60, and the zloty weakened against the dollar and the euro. Ukraine\u2019s international bonds edged lower, while the Russian rouble weakened to a more than five-month low.<\/p>\n The Polish prime minister Donald Tusk said the Polish military recorded 19 drone incursions in the country\u2019s airspace overnight. He said three \u2014 or perhaps four \u2014 drones were shot down by Polish and Nato aircraft.<\/p>\n Since Russia\u2019s invasion of Ukraine in 2022, drones have periodically strayed into Nato territory, including Romania and Poland, but had not previously been intercepted.<\/p>\n \u2022 Poland \u2018shot down at least three Russian drones in its airspace\u2019 \u2014 follow live<\/a><\/p>\n Ellison could snatch Musk\u2019s richest man title Oracle\u2019s results boosted the fortune of Larry Ellison<\/p>\n JOHN G MABANGLO\/EPA\/SHUTTERSTOCK<\/p>\n Larry Ellison, the co-founder of software company Oracle, is on track to take Elon Musk\u2019s title as the world\u2019s richest man.<\/p>\n The US businessman\u2019s fortune rose by $70 billion after Oracle reported better-than-expected quarterly results after the market closed on Tuesday night in New York and growing demand for its relatively low-cost cloud infrastructure services.<\/p>\n The shares, which have doubled so far this year, rose 29 per cent in after-hours trading, or $69.60, to $311.11 a share.<\/p>\n The increase lifted his total fortune to $364 billion, according to the Bloomberg Billionaires Index. Musk<\/a> is worth $384 billion.<\/p>\n Meta and TikTok win court battle over EU fee The two tech giants took on the EU Commission in court<\/p>\n ANNA BARCLAY\/GETTY IMAGES<\/p>\n Facebook owner Meta Platforms and ByteDance\u2019s TikTok<\/a> have won their legal fight against a European Union supervisory fee, after Europe\u2019s second-highest court faulted EU regulators on the way they calculated the levy.<\/p>\n The companies sued the European Commission after they were told to pay a supervisory fee of 0.05 per cent of their annual worldwide net income to cover the EU executive\u2019s cost of monitoring their compliance with the bloc\u2019s Digital Services Act.<\/p>\n The size of the annual fee is tied to the number of average monthly active users for each company and whether each posts a profit or loss in the preceding financial year. The two companies said the methodology was flawed, resulting in disproportionate fees.<\/p>\n The Luxembourg-based General Court sided with Meta and TikTok, giving EU regulators 12 months to fix their methodology using a different legal act.<\/p>\n DCC returns \u00a3600m to investors<\/p>\n One of the FTSE 100\u2019s last remaining conglomerates is returning \u00a3600 million to investors after the sale of its healthcare assets for \u00a3945 million as it tightens its focus on its energy consulting business.<\/p>\n DCC shares rose 4.88 per cent, or 184p, to \u00a348.54 this morning. A further \u00a3100 million from the sale will be returned to shareholders at a later date.<\/p>\n The Dublin-based company announced a break-up of the business to focus on its energy operations last November. The conglomerate was initially established as a venture capital provider called Development Capital Corporation in 1976 and is considered to be Ireland\u2019s first private equity vehicle.<\/p>\n Contactless limit to exceed \u00a3100 The financial regulator is proposing that the limit on contactless cards exceed \u00a3100.<\/p>\n The Financial Conduct Authority (FCA) said it wanted card providers to be given the flexibility to decide the right limit for them and their customers.<\/p>\n The contactless card limit has been raised in steps over the years, currently standing at \u00a3100.<\/p>\n The regulator\u2019s proposals are out for consultation until October 15.<\/p>\n Many card providers already offer customers the ability to adjust their personal contactless limits or turn off contactless functionality on their card altogether. The FCA said it was encouraging firms to continue to offer their customers this choice.<\/p>\n What to expect from the autumn budget Rachel Reeves has to plug the gap in the nation\u2019s finances<\/p>\n TIMES PHOTOGRAPHER RICHARD POHLE<\/p>\n Rachel Reeves will deliver her second budget on November 26, one of the latest in recent memory. The chancellor must plug a \u00a320 billion-\u00a330 billion gap to stay within her fiscal rules while preserving a fragile \u00a39.9 billion headroom.<\/p>\n With rises in VAT, income tax and national insurance ruled out, attention is turning elsewhere. Areas that have been mentioned include: wealth and property taxes, landlords, banks, income tax thresholds, and sin taxes.<\/p>\n \u2022 Read our preview in full: Autumn budget predictions: what could Rachel Reeves announce?<\/a><\/p>\n FTSE 100 rises on US rate cut expectations<\/p>\n London\u2019s leading share index has opened higher, helped by Wall Street where the main indices all closed up after a downward revision to job data supported expectations of a US interest rate cut next week.<\/p>\n The FTSE 100 was up 23 points, or 0.25 per cent, to 9,265.84 in early trading.<\/p>\n Upgrades by Citi and Goldman Sachs lifted Haleon, the consumer healthcare company that makes Sensodyne toothpaste, 2.2 per cent.<\/p>\n Polar Capital Technology Trust was another riser, buoyed by a rise in technology stock in America.<\/p>\n AB Foods was the biggest faller \u2014 down 10.7 per cent \u2014 after it took a \u00a3200 million hit from the closure of its bioethanol plant in Hull after the US-UK trade deal made it unviable. Also, underlying sales at its Primark clothing business are expected to be down around 2 per cent in the second half.<\/p>\n The pound has edged 0.07 per cent higher against the dollar to $1.3536 and the gold prices rose to a new high of $3,645.57 an ounce, up 0.5 per cent.<\/p>\n Inditex profits edge higher Sales are up at Zara stores<\/p>\n JASON ALDEN\/BLOOMBERG VIA GETTY IMAGES<\/p>\n The Zara owner and world\u2019s largest fashion retailer reported profits of \u20ac3.6 billion for the six months to the end of July, a fraction higher than the same period.<\/p>\n Inditex\u2019s chief executive \u00d3scar Garc\u00eda Maceiras said the spring\/summer collections have been well received by customers, with sales up 1.6 per cent to \u20ac18.4 billion year on year.<\/p>\n Maceiras called the sales performance satisfactory in a \u201ccomplex market environment\u201d, adding that the autumn\/winter collections have been well received, with strong store and online sales.<\/p>\n Gen Z appeal boosts Gym Group profits The Gym Group saw a 5 per cent increase in members in the first half of the year<\/p>\n GYM GROUP<\/p>\n The Gym Group, which operates 249 gyms up and down the country, has reported a jump in first-half profits, helped by increasing its appeal to Gen Z members in particular.<\/p>\n Pre-tax profit rose to \u00a33.3 million in the six months to the end of June, against a profit of \u00a3200,000 last year. Revenue increased 8 per cent to \u00a3121 million and the company ended the period with 949,000 members, 5 per cent up on June 2024.<\/p>\n Will Orr, chief executive, said the five new gyms opened in the year to date were performing ahead of expectations, and it remained on track to open between 14 and 16 sites this year. The board now expects to deliver adjusted profit less normalised rent at the top end of consensus of between \u00a350.6 million and \u00a352.8 million.<\/p>\n AB Foods takes \u00a3200m hit to shut bioethanol plant AB Foods is closing Vivergo Fuels near Hull<\/p>\n VIVERGO FUELS\/PA<\/p>\n The FTSE 100 conglomerate, owner of British Sugar, Primark and grocery brands such as Twinings, has warned of a \u00a3200 million hit from the closure of its bioethanol plant in the UK and restructuring of its sugar business in Spain.<\/p>\n AB Foods set out the impairment alongside a scheduled trading update before its financial year-end. The group, which is majority owned by the billionaire Weston family, announced the closure of Britain\u2019s biggest bioethanol plant<\/a> in Hull, with the loss of 160 jobs, last month after the UK-US trade deal opened up the market to cheaper imports from America.<\/p>\n George Weston, chief executive of ABF, reported that the retailer Primark, its largest business, had seen \u201cimproved trading in the UK and strong sales growth in the US, while trading on the continent was softer in a weaker consumer environment\u201d.<\/p>\n Housebuilder Vistry reports strong pipeline Greg Fitzgerald, chief executive of Vistry<\/p>\n CHRIS RADBURN FOR THE TIMES<\/p>\n The troubled housebuilder has reported \u201ca strong pipeline of development opportunities which will drive our second half performance\u201d alongside first-half results.<\/p>\n Greg Fitzgerald, Vistry chief executive, left the full-year guidance for a year-on-year increase in profits unchanged. He said: \u201cWe are well positioned to deliver for the full year.\u201d<\/p>\n The numbers \u2014 interim pre-tax profits down 33 per cent at \u00a380.6 million as revenue fell 6 per cent to \u00a31.85 billion \u2014 shouldn\u2019t be a surprise following a comprehensive trading update in July. Completions dropped to 6,889, down 12 per cent year on year.<\/p>\n In 2023, the company previously known as Bovis pivoted towards building most of its homes for housing associations and institutional landlords, such as Blackstone. It warned last autumn that it had underestimated how much it would cost to build out nine major sites by \u00a3165 million. The shares more than halved in value and almost a year later have still not recovered.<\/p>\n Oil price rises after Doha attack<\/p>\n The oil price has risen this morning after Israel attacked Hamas leadership in Qatar and President Trump asked Europe to impose tariffs on buyers of Russian oil.<\/p>\n Benchmark Brent crude futures rose 69 cents, or 1 per cent, to $67.08 a barrel, but a weak market outlook capped gains.<\/p>\n Prices had settled up 0.6 per cent in the previous trading session after Israel said it had attacked Hamas leadership in Doha, which Qatar\u2019s prime minister said threatened to derail peace talks<\/a> between Hamas and Israel.<\/p>\n Novo Nordisk to axe 9,000 jobs Sales of Wegovy have come under pressure from rival products<\/p>\n STEVE CHRISTO\/CORBIS VIA GETTY IMAGES<\/p>\n The maker of the weight-loss drug Wegovy is to cut 9,000 jobs in a restructuring to reduce costs by $1.26 billion a year as it faces strong competition from Eli Lilly\u2019s Mounjaro.<\/p>\n Novo, which became Europe\u2019s most valuable listed company worth $650 billion last year on booming sales of Wegovy, has seen the medicine lose market share and sales growth slow, especially in the United States.<\/p>\n Mike Doustdar, Novo Nordisk\u2019s newly appointed chief executive, said: \u201cOur markets are evolving, particularly in obesity, as it has become more competitive and consumer-driven. Our company must evolve as well.\u201d<\/p>\n![\"Lord](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2025\/09\/\/methode\/times\/prod\/web\/bin\/b530ee3f-17c9-4149-9c31-1cc30a893cba.jpg\")
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