Below is a selection of the morning's key market news, earning reports & trending stories - see more here.


  • Recruitment company Hays (HAS)  beats expectations with earnings results.

    Profits at the firm were up 15% in its half year results today - driven by record international growth.

    Operating profits sat at £243.4m as net fees rose to £1bn, the company announcing plans to increase the full year core dividend by 18% and propose the group's second special dividend of £72.9m.

    Chief Executive Alistair Cox said: "2018 was a landmark year for the Group. We successfully completed our ambitious 2013 plan, passed £1 billion in net fees for the first time and 22 countries delivered all-time records. 

    “Our RoW business was the standout performer with excellent profit growth of 51%, despite significant investment.”

    Read more here

  • Vodafone this morning announced plans for an $11bn Australian merger.

    The company is combining Vodafone Hutchison Australia and TPG Telecom to create “Australia’s leading challenger full-service telecommunications provider”.

    Vodafone (VOD)  said the merger would provide the scale and financial strength needed to compete with Telstra and Optus.

    Vodafone Hutchison Australia's chief executive Inaki Berroeta said: “The Australian telecommunications market is characterised by the presence of Telstra and Optus. Together, TPG and VHA will provide stronger competition in the market and greater choice for Australian consumers and enterprises across fixed broadband and mobile. 

    “The combination of the two companies will create an organisation with the necessary scale, breadth and financial strength for the future.”

    Read more here

  • The merger of SSE and Npower has been cleared to go ahead.

    The Competition and Markets Authority today said the merger could go ahead as the two companies don’t compete closely on standard variable tariff prices.

    Anne Lambert, chair of the inquiry group at the Competition and Markets Authority, said: "With more than 70 energy companies out there, we have found that there is plenty of choice when people shop around.

    "But many people don't shop around for their energy. So, we carefully scrutinised this deal, in particular how it would impact people who pay the more expensive standard variable prices.

    "Our analysis shows that the merger will not impact how SSE and Npower set their SVT prices because they are not close rivals for these customers.

    "Looking ahead, Ofgem's price cap is also expected to protect SVT customers.”

    The CMA said it is now welcoming views and evidence on its provisional decision, before releasing its final report on 22 October 2018.

    Read more here

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