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British property website Rightmove turns down £6.1 billion bid from Murdoch’s REA as Chinese stocks continue to climb – live updates from the business world


Nelson Peltz’s Trian Partners has secured a seat on Rentokil Initial’s board after the pest control company issued a profit warning. Trian, with a 2.3% stake in Rentokil, saw its shares rise by 2.9% today. Brian Baldwin, Trian’s head of research, will join Rentokil’s board as a non-executive director on October 1st, aiming to enhance shareholder value and integrate the Terminix business. Rentokil’s acquisition of Terminix made it the world’s largest pest control company, but a profit warning due to weakened demand in North America caused a 19% drop in shares on September 11th. This move is seen as strategic to drive growth and integration efforts.

On another note, the Co-op Group returned to profit in the first half of the year, driven by quick commerce growth and increased membership. With a partnership with Uber Direct for grocery deliveries, the Co-op plans to expand its food stores and other services. The group reported a profit before tax of £58m, compared to a loss of £33m the previous year, with revenue reaching £5.6bn. Chief Executive Shirine Khoury-Haq highlighted the success of their strategy amidst a challenging environment.

Additionally, the dollar weakened as Chinese monetary stimulus boosted commodity markets and emerging market currencies. Chinese stimulus led to a rally in metals markets and emerging market commodity exporter currencies. The impact of this stimulus on global currencies remains uncertain, but the focus has shifted towards selling the dollar amidst evidence of a US slowdown. China’s economic stimulus measures have lifted global stocks, with Wall Street’s S&P 500 hitting a record high.

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