News, Culture & Society

BUSINESS LIVE: Inflation rises to 0.7%; RSA Insurance agrees takeover

BUSINESS LIVE: Inflation rises to 0.7%; RSA Insurance agrees £7.2bn takeover; Halfords profits more than double

The FTSE 100 index opened substantially in the red but has pared lossed to stand about 20 points down. Worries over the growing infection rate across Europe and the United States are currently overshadowing the optimism arising from recent vaccine trials. 

Inflation crept up last month as rising food and clothing prices put more pressure on families. The headline CPI rate went up from 0.5 per cent to 0.7 per cent in October, although it remains well below the Bank of England’s 2 per cent target. 

More Than owner RSA Insurance has agreed to a takeover deal by Canada’s Intact Financial Corporation and Danish insurer Tryg, who said they had settled on final terms for the cash offer, which will see the consortium pay 685p a share.

Halfords saw its first-half profits more than double, thanks to a coronavirus-driven cycling boom. The firm said it made a pre-tax profit of £56million in the six months to the start of October, up from £25.9million in the same period last year.


Comments are closed.