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BUSINESS LIVE: John Lewis narrows losses to £55m

By Live Commentary

Updated: 08:05 BST, 14 September 2023

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today John Lewis Partnership, MJ Gleeson, THG, M&C Saatchi, Grafton Group and Trainline. Read the Thursday 14 September Business Live blog below.

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British chip designer Arm set for £40bn Wall St debut

British chip designer Arm will begin trading on Wall Street today in what is expected to be the biggest US public listing of the year.

The semiconductor firm has secured enough backing from investors to hit the top end of its £37.60 to £40.80 per share price range, which would value Arm at more than £40billion.

Just 10 per cent of shares in the Cambridge-based company are scheduled to start trading in New York today, raising about £4billion for Japanese owner SoftBank, which will retain a 90 per cent stake.

John Lewis narrows losses to £55m

John Lewis Partnership losses narrowed in the first half from £66.6million last year to £54.5million, as the retailer forecast an improvement in its full year outcome despite an uncertain economic outlook.

Nish Kankiwala, chief executive, said:

‘Our transformation to modernise our business is well under way, and I want to thank our Partners for their efforts to give customers great service, quality and value when they shop with us in store or online.

‘There are no brands better placed than Waitrose and John Lewis to provide customers with what they need right now – to help them feel good and eat well.’

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Read more at DailyMail.co.uk