Ministers will meet with railway union leaders. Manchester United shares jump on news of possible sale – business live | Business

Germany’s private sector continued to shrink in November, the latest flash PMIs from S&P Global indicated.

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However, the rate of decline in business activity eased and firms were less pessimistic about the year-ahead outlook. Demand continued to come under pressure from strong inflation, though even on the price front there were some encouraging signs as firms reported the slowest increase in costs for 1 1/2 years and a weaker rise in prices charged for goods and services. Despite falling workplace activity, labour market conditions remained relatively robust.

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🇩🇪 A slowdown in inflationary pressure across #Germany helped to alleviate its economic decline in November, as the flash #PMI picked up to 46.4 (Oct: 45.1). That said, demand continued to fall and firms remained downbeat about future activity. Read more: https://t.co/bzZRpCa1SI pic.twitter.com/Erswe750y0

— S&P Global PMI™ (@SPGlobalPMI) November 23, 2022

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Ministers will hold talks with rail union chiefs this week to urge them to call off strikes aimed at causing “maximum disruption” over Christmas.

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The RMT union announced on Tuesday that thousands of its members working for Network Rail and 14 train operating companies will strike on 13-14 and 16-17 December, causing disruption over six consecutive days in the run-up to Christmas. There will be a further two strikes on 3-4 and 6-7 January.

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Work and pensions secretary Mel Stride said on TalkTV this morning:

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What we need is we need more talking from the unions with the employers and less announcements of strikes.

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He said the consequences of the strikes announced by the RMT union in December and January would be “quite serious”, disrupting “medical appointments, for example, as well as “family reunions” over the festive period.

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The timing of these strikes are designed to create maximum disruption across the Christmas period.

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The Secretary of State is actually meeting the rail union leaders later this week, so there is that dialogue occurring.

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The essential discussions have to occur between the rail operating companies, Network Rail and the unions, and they really should be engaging more on that and working things out between them more vigorously, in my view, than simply rushing off and going into strike action.

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Announcing the strikes on Tuesday, the RMT’s general secretary, Mick Lynch, said:

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This latest round of strikes will show how important our members are to the running of this country and will send a clear message that we want a good deal on job security, pay and conditions for our people.

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We have been reasonable, but it is impossible to find a negotiated settlement when the dead hand of government is presiding over these talks.

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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The Glazer family are looking to sell Manchester United after owning it for 17 years, triggering a 27% jump in the share price to $16.6 in after hours trading on Nasdaq.

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The Glazers announced last night that they were “commencing a process to explore strategic alternatives” for the Premier League club, on the same day it was confirmed that Cristiano Ronaldo had left Old Trafford by mutual agreement.

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A statement from United revealed plans to identify new investment that could lead to a potential sale. The club said the process led by their American owners will consider a number of options “including new investment into the club, a sale, or other transactions involving the company”. The Raine Group, which oversaw the sale of Chelsea earlier this year, has been appointed as the exclusive financial adviser.

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In August, Jim Ratcliffe, the UK’s richest person, expressed an interest in buying United. “If the club is for sale, Jim is definitely a potential buyer,” a spokesperson for him said. Last month, though, Ratcliffe claimed he had met the Glazers and they did not wish to sell.

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The club was valued at nearly $2.5bn (£2bn) on the New York stock exchange yesterday. The Glazers took control of United in a £790m deal in 2005, loading the club with £500m of debt, and later listed a minority stake, in 2012, but retained control through a dual-class share structure which gives them almost all voting rights.

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The announcement that they were considering selling comes after years of protest from the fans, chanting “Love United, Hate Glazers”. United has not won the Premier League since 2013 and the fans want to see more investment in the club.

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David Cogan, a media executive who negotiated the sale of the Premier League’s TV rights, has been talking about this on BBC Radio 4’s Today programme.

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The owners have said we’ve done our 17 years, we’ve taken out as much as we can, we’re under constant pressure from fans and therefore what we need to do is try to find a buyer at a time when the Premier League looks like it might make more money because lots of people are buying rights and we’ve got the asset value to where we could get it.

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And what’s really driven that is the differences in value. A year ago Newcastle sold for £305m. Chelsea sold for £2.5bn plus an additional £1.75bn for reinvestment in the club, nearly £5bn. When you’re Manchester United or you’re Liverpool and you’re the owner of those clubs, you look at those numbers and say we can easily get that, and that’s a huge return on our initial investment.

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He said large American hedge funds may be interested in buying the club, noting that they have been buying media rights of sports assets, for example in rugby.

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It may well be that all these American hedge funds are looking at football assets believing they are undervalued even at £4bn or £5bn because the Premier League will continue to grow…

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Most fans are quite happy if the money is coming in.

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Roman Abramovich sold Chelsea for £4.25bn to a consortium led by the American businessman Todd Boehly in May. Newcastle United was sold by Mike Ashley for £305m last October to a consortium led by Saudi Arabia’s Public Investment Fund.

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Otherwise, the focus today is on the latest flash PMIs for November, closely-watched business surveys, as well as the minutes from the US Federal Reserve’s last meeting when it hiked interest rates as expected by 75 basis points.

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Most Asian stock markets have gained while oil and the dollar slipped, as rising Covid-19 cases in China triggered fears of fresh lockdowns that could hold back the reopening of the world’s second-biggest economy.

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European stocks are expected to rise at the open, after they reversed their Monday losses and closed at three-month highs on Tuesday.

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The Agenda

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  • 8.15am GMT: France S&P Global PMIs flash for November

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  • 8.30am GMT: Germany PMIs flash for November

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  • 9am GMT: Eurozone PMIs flash for November

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  • 9.30am GMT: UK S&P Global/CIPS PMIs flash for November

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  • 1.30pm GMT: US Durable goods orders for October (forecast: 0.4%)

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  • 2.45pm GMT: US S&P Global PMIs flash for November

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  • 3pm GMT: US Michigan Consumer sentiment final for November (forecast: 55)

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  • 3pm GMT: Treasury committee to quiz UK chancellor Jeremy Hunt on autumn statement

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  • 7pm GMT: Bank of England chief economist Huw Pill speech on returning inflation to target

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  • 7pm GMT: US Federal Reserve minutes

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Important events

German private sector contraction eases in November

Germany’s private sector continued to contract in November, according to the latest flash PMIs from S&P Global.

However, the rate of decline in business activity eased and companies were less pessimistic about the outlook for next year. Demand continued to be pressured by strong inflation, although even on the price front there were some encouraging signs as companies reported the slowest cost growth in 1 1/2 years and weaker price growth for goods and services . Despite the decline in workplace activity, labor market conditions remained relatively robust.

🇩🇪 A slowdown in inflationary pressure across #Germany helped to alleviate its economic decline in November, as the flash #PMI picked up to 46.4 (Oct: 45.1). That said, demand continued to fall and firms remained downbeat about future activity. Read more: https://t.co/bzZRpCa1SI pic.twitter.com/Erswe750y0

— S&P Global PMI™ (@SPGlobalPMI) November 23, 2022

\n”,”url”:”https://twitter.com/SPGlobalPMI/status/1595334205164044289″,”id”:”1595334205164044289″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”c4bc3ec7-ec72-47de-9c23-16313104673c”}}”/>

Rail strikes latest: Ministers to hold talks with union leaders this week

Ministers will hold talks with rail union chiefs this week to urge them to call off strikes aimed at causing “maximum disruption” over Christmas.

The RMT union announced on Tuesday that thousands of its members working for Network Rail and 14 train operating companies will strike on December 13-14 and 16-17, sparking six days of disruption in the run-up to Christmas. There will be two more strikes on January 3-4 and 6-7.

Secretary for Work and Pensions Mel Street told TalkTV this morning:

What we need is that we need more discussion from unions with employers and less strike announcements.

He said the consequences of strikes called by the RMT union in December and January would be “quite serious”, disrupting “medical appointments, for example, as well as ‘family gatherings'” over the festive period.

The timing of these strikes is designed to create maximum disruption over the Christmas period.

The Secretary of State is actually meeting rail union leaders later this week, so there is that dialogue.

The real discussions need to take place between the rail companies, Network Rail and the unions, and they should really be more involved and work things out between them more dynamically, in my view, rather than rushing and to strike.

Announcing the strikes on Tuesday, RMT general secretary Mick Lynch said:

This latest round of strikes will show how important our members are to the running of this country and send a clear message that we want a good deal on job security, pay and conditions for our people.

We were reasonable, but it is impossible to find a negotiated settlement when the dead hand of the government is presiding over these talks.

Introduction: Manchester United shares rise after Glazers sell club

Good morning and welcome to our rolling coverage of business, financial markets and the global economy.

The Glazer family wants to sell Manchester United after owning it for 17 years, sending the share price jumping 27% to $16.6 in after-hours trading on the Nasdaq.

The Glazers announced last night that they were “initiating a process to explore strategic alternatives” for the Premier League club, on the same day it was confirmed that Cristiano Ronaldo had left Old Trafford by mutual consent.

A statement from United revealed plans to identify new investments that could lead to a potential sale. The club said the process led by their American owners would consider a range of options “including new investment in the club, a sale or other transactions involving the company”. The Raine Group, which oversaw the sale of Chelsea earlier this year, was appointed as exclusive financial adviser.

In August, Jim Ratcliffe, the UK’s richest man, has expressed an interest in buying United. “If the club is for sale, Jim is certainly a potential buyer,” a spokesman said. Last month, however, Ratcliffe claimed he had met the Glazers and they did not want to sell.

The club was valued at almost $2.5bn (£2bn) on the New York Stock Exchange yesterday. The Glazers took control of United in a £790m deal in 2005, loading the club with £500m of debt, and later took a minority stake in 2012 but retained control through a dual-tier shareholding structure that gives them almost all rights vote.

The announcement that they were considering selling comes after years of protest from fans, chanting “Love United, Hate Glazers”. United have not won the Premier League since 2013 and fans want to see more investment in the club.

David Coganmedia executive who negotiated the sale of the Premier League’s TV rights, spoke about it on BBC Radio 4’s Today programme.

The owners said that we have done our 17 years, we have made as much as we can, we are under constant pressure from the fans and therefore what we have to do is try to find a buyer at a time when the Premier League looks like it can make more money because a lot of people are buying rights and we have the value of the asset where we could find it.

And what it really comes down to is the differences in value. A year ago Newcastle were sold for 305 million pounds. Chelsea sold for £2.5bn plus a further £1.75bn to reinvest in the club, almost £5bn. When you’re Manchester United or Liverpool and you’re the owner of those clubs, you look at those numbers and say we can get it easily, and that’s a huge return on our initial investment.

He said major US hedge funds might be interested in buying the club, noting that they have bought media rights to sports assets, for example in rugby.

It may well be that all those US hedge funds are looking at football assets believing they are undervalued even at £4bn or £5bn because the Premier League will continue to grow…

Most fans are very happy if the money is coming in.

Roman Abramovich sold Chelsea for £4.25 billion to a consortium led by the American businessman Todd Boehly in May. Newcastle United was sold by Mike Ashley for £305m last October to a consortium led by Saudi Arabia’s Public Investment Fund.

Otherwise, the focus today is on the latest flash PMIs for Novemberclosely watched business surveys, as well as minutes from the US Federal Reserve’s last meeting, when it raised interest rates as expected by 75 basis points.

Most Asian markets gained while oil and the dollar fell as a surge in Covid-19 cases in China fueled fears of new lockdowns that could prevent the world’s second-largest economy from reopening.

European shares are expected to open higher after reversing losses on Monday and closing at three-month highs on Tuesday.

THE AGENDA

  • 8.15 am GMT: France S&P global PMIs flash for November

  • 8.30 am GMT: German PMIs flash for November

  • 9 a.m. GMT: Eurozone PMIs flash for November

  • 9.30 am GMT: UK S&P Global/CIPS PMIs flash for November

  • 1:30 p.m. GMT: US durable goods orders for October (forecast: 0.4%)

  • 2.45 pm GMT: US S&P global PMIs flash for November

  • 3 p.m. GMT: Michigan US Consumer Sentiment Final for November (Forecast: 55)

  • 3 p.m. GMT: Finance Committee to question UK Chancellor Jeremy Hunt on Autumn Statement

  • 19:00 GMT: Bank of England Chief Economist Huw Pill’s speech on inflation returning to target

  • 7 p.m. GMT: Federal Reserve minutes

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