London’s financial sector takes another hit as Unilever and Prudential snub the city for major listings. Meanwhile, JD Sports faces retail headwinds, gold prices spike amid market jitters, and Tesla stumbles as BYD accelerates self-driving innovation.
Unilever Snubs London for Ice Cream Business Listing
Unilever has chosen the Netherlands as the primary listing and headquarters for its ice cream spin-off, bypassing London. The division, which includes Ben & Jerry’s, Magnum, and Wall’s, generated €8.3 billion in turnover last year.
Despite initially planning listings in London, Amsterdam, and New York, Unilever confirmed the Netherlands as its main base, honouring past assurances to the Dutch government. The move follows a board review aimed at maximising shareholder returns.
City Faces Another Blow as Prudential Eyes £8bn Mumbai Spin-Off
Prudential is considering spinning off its Indian asset management business in an £8 billion listing on the Mumbai stock exchange, dealing another setback to London.
The FTSE 100 insurer is evaluating a partial sale of its 49% stake in ICICI Prudential Asset Management, pending market conditions and approvals. While no listing venue is confirmed, Mumbai is the frontrunner, with London and Hong Kong as outside possibilities.
A Mumbai listing would add to the UK stock market’s struggles, following high-profile exits like Arm, Flutter, and Ashtead. Hopes now rest on potential IPOs from Shein and De Beers.
JD Sports Eyes Growth Despite Recent Slump
JD Sports shares have dropped 28.4% since August, hit by profit warnings and weak consumer demand. Earnings for the last financial year are expected to have grown just 1%, but analysts predict stronger profits ahead.
US sales remain a challenge, with January clothing and accessories spending down 2.96%. Sticky inflation and uncertain interest rate cuts add to the uncertainty, though easing pressures in 2025 could boost retail sales.
Despite short-term headwinds, analysts project annual sales growth of 9.82% through 2032. With JD expanding rapidly—adding 1,159 stores in H1 last year—it could be well positioned for the rebound.
Bank of England Gold Rush Fuels Price Surge
The Bank of England’s gold vaults—among the world’s largest—are seeing increased outflows, sparking concerns over supply. Governor Andrew Bailey reassured that there’s “plenty of gold” left, though billions in bullion have recently been flown to New York.
The rush stems from fears of potential US tariffs under Donald Trump, prompting traders to preemptively relocate gold. However, moving gold isn’t easy—logistical constraints and security concerns have created bottlenecks, leading to a backlog and higher prices in London.
Experts say London remains the global hub for gold trading, but the Bank’s role as a custodian may be shifting amid rising geopolitical tensions.
Tesla Slumps as BYD Ramps Up Self-Driving Tech
Tesla’s stock has tumbled 16% in just over a week and 32% since December highs, as Chinese rival BYD shakes up the EV market. BYD’s deal with DeepSeek to make self-driving tech standard across its models—at no extra cost—poses a major threat to Tesla’s long-term edge in autonomy.
Investors are also uneasy about Elon Musk’s growing distractions, from his US government advisory role to his $97bn bid for OpenAI, which could force him to offload Tesla shares. Meanwhile, Tesla’s Q4 earnings missed expectations, and analysts have slashed 2025 forecasts by 25%.
While Tesla struggles, BYD is surging—its stock is up 20% this year, with an ambitious target of six million EV and hybrid sales. As it drives the commoditisation of self-driving tech, the EV price war is entering a new phase.
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