LONDON (Reuters) – The London Stock Exchange

said its pan-European share trading arm Turquoise will offer trading in EU-listed shares on its Dutch platform from the end of next month if there is no agreement on future direct access to the bloc by then.

Brussels is assessing whether to allow Britain’s financial sector to serve EU investors under its “equivalence” system, which checks if UK market rules are as robust as those in the EU.

After Britain left the EU last January, direct access to the single market under transition arrangements ends on Dec. 31.

“Turquoise can confirm that it is planning on invoking its Brexit contingency plans on Monday 30 November 2020, unless relevant equivalence decisions to allow cross-border services between the EU and UK are agreed prior to this date,” the UK exchange said in a statement. All shares would still be available for trading in London as well.

The LSE set up its Dutch hub as insurance against no direct access to EU investors.

CBOE, the biggest pan-European share trading platform, which is based in London, has also set up a hub in Amsterdam that is already open for business but with little trading so far, while London-based Aquis Exchange has set up its Brexit hub in Paris.

Without equivalence, EU investors would have to trade EU companies inside the bloc, even though many of them are heavily traded in London.

Banks have warned that fragmenting trading liquidity would make markets less efficient for users.

(Reporting by Huw Jones; Editing by Susan Fenton and Mark Potter)

Copyright 2020 Thomson Reuters.

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With retail sales suffering due to the Coronavirus pandemic, clothing store Marks & Spencer has announced 7000 job losses in the coming months, as people wearing face masks pass a sign outside their shop in the city centre on 18th August 2020 in London, United Kingdom. M&S will cut the jobs over the next three months both in its stores and also management. (photo by Mike Kemp/In PIctures via Getty Images)
In August, M&S announced it would cut jobs over the next three months both in its stores and also management. Photo: Mike Kemp/In PIctures via Getty Images

Marks & Spencer (MKS.L) is preparing for Christmas early this year, aiming to avoid mistakes made last yuletide with its supply chains.

In an effort to tackle food waste, the high street stalwart is looking to its supply chain to crack the issue of waste reduction, according to reports by Reuters this morning.

In January, before the COVID-19 pandemic took hold in the UK, M&S’s chief executive Steve Rowe said that while the company had enjoyed record food sales, profit margins were dented by high levels of waste that are among some of the highest in the industry.

At Christmas, M&S usually sells one in four of all fresh turkeys eaten in the UK, punching above its weight in proportion to the 3% share of the market it holds in grocery shopping.

Rowe hopes initiative, called Vangarde, will be the silver bullet, after years of failed reinventions.

Ryan Lemon, M&S head of retail supply chain told Reuters that it will “reset the foundations of our business and the platform to grow.”

“We believe that we’re going to see an improvement in sales in these stores, a reduction in waste and an improvement in availability,” he said.

The first phase of the programme included 92 M&S stores. On Monday, this will be rolled out to a further 65 stores. It will serve 595 stores by July 2021.

READ MORE: Brexit: UK government warns businesses to ‘act now’ on transition preparation

Back in June, major UK supermarkets signed a pledge to look to halve the country’s annual food waste bill by 2030. It currently stands at 10.2 million tonnes of food and drink, totting up

Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, is teetering on the brink of administration putting up to 24,000 of jobs at risk.

a group of people standing next to a sign: Photograph: Alamy Stock Photo

© Provided by The Guardian
Photograph: Alamy Stock Photo

The group, controlled by entrepreneur Philip Day, has filed a notice of intention to appoint administrators, a legal document which provides protection from creditors for 10 days. The group had been seeking a buyer and will spend the next few weeks considering its options.

a group of people standing next to a sign: Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, pictured above in 2018.

© Photograph: Alamy Stock Photo
Edinburgh Woollen Mill Group, the owner of Jaeger, Peacocks and Austin Reed, pictured above in 2018.

Edinburgh Woollen Mill (EWM) said it was “responding to the harsh trading conditions caused by the impact of the Covid-19 pandemic and a recent reduction in its credit insurance”. .

It said it had received a number of expressions of interest for parts of the group in recent weeks and these were being assessed along with “all other options”.

However, the chief executive of EWM, Steve Simpson, said there would “inevitably be significant cuts and closures” and the group would appoint FRP Advisory as administrators to carry “necessary restructuring” of the business.

Simpson said: “Like every retailer, we have found the past seven months extremely difficult. This situation has grown worse in recent weeks as we have had to deal with a series of false rumours about our payments and trading which have impacted our credit insurance.

“Traditionally, EWM has always traded with strong cash reserves and a conservative balance sheet but these stories and the reduction in credit insurance – against the backdrop of the initial lockdown, current local lockdowns, and the second wave of Covid-19 reducing footfall have made normal trading impossible.

“As directors we have a duty to the business, our staff, our customers and our

(RTTNews) – Stocks moved sharply higher during trading on Monday, more than offsetting the weakness seen in the previous session. With the upward move on the day, the major averages reached their best closing levels in a month.

The major averages ended the day near their highs of the session. The Dow jumped 465.83 points or 1.7 percent to 28,148.64, the Nasdaq spiked 257.47 points or 2.3 percent to 11,332.49 and the S&P 500 surged up 60.16 points or 1.8 percent to 3,408.60.

The rally on Wall Street came amid positive reports about President Donald Trump’s health after he was rushed to Walter Reed hospital on Friday.

In a video posted on Twitter late Sunday, Trump said he is “getting great reports from the doctors” regarding his battle with the coronavirus.

Trump revealed in a tweet late in the trading day that he will be releases from the hospital at 6:30 pm ET.

“Feeling really good! Don’t be afraid of Covid. Don’t let it dominate your life. We have developed, under the Trump Administration, some really great drugs & knowledge. I feel better than I did 20 years ago!” Trump tweeted.

Buying interest was also generated following the release of a report from the Institute for Supply Management showing activity in the U.S. service sector unexpectedly grew at a faster rate in the month of September’

The ISM said its services PMI rose inched up 57.8 in September from 56.9 in August, with a reading above 50 indicating growth in the service sector. Economists had expected the index to edge down to 56.3.

Sector News

Biotechnology stocks showed a substantial move to the upside on the day, driving the NYSE Arca Biotechnology Index up by 3.8 percent.

Shares of MyoKardia (MYOK) moved sharply higher after the biotechnology company agreed to

By David French and Greg Roumeliotis

NEW YORK, Oct 2 (Reuters)The private equity owners of Ascensus have hired investment banks for an initial public offering (IPO) of the savings services provider that could value it at around $3 billion including debt, three people familiar with the matter said on Friday.

Majority-owned by Genstar Capital and Aquiline Capital Partners, the buyout firms selected Barclays Plc BARC.L and Goldman Sachs Group Inc GS.N to prepare Ascensus for the stock market listing that will take place in mid-2021, subject to market conditions, the sources said.

Genstar, Aquiline and the banks declined to comment. Ascensus did not respond to a request for comment. The sources spoke on condition of anonymity as the information is private.

Based in ‎Dresher, Pennsylvania, Ascensus partners with financial institutions, governments and companies to service a raft of savings plans, including for retirement, 529 college funds and health savings accounts (HSAs).

It has more than $327 billion of assets under administration and over 12 million Americans with savings accounts through its business, according to its website.

Ascensus has also been investing in its technology offerings, and is planning to roll out a new digital sales platform before the end of the year.

Genstar and Aquiline acquired Ascensus in 2015, but then sold just under 25% of the company in 2019 to an investment group led by Atlas Merchant Capital and including Singaporean sovereign wealth fund GIC GIC.UL.

(Reporting by David French and Greg Roumeliotis in New York Editing by Matthew Lewis)

(([email protected]; +1 646 223 5211; Reuters Messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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