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Consumer electronics retailer Currys (LON:CURY) is selling its entire Greek and Cypriot division for €200 million (£175m) in a move which it says will simplify its business model and free up cash. The company is selling Dixons South East Europe, trading as Kotsovolos, to Public Power Corporation. The sale, which is still subject to approval by Currys' shareholders, "has strong strategic rationale and represents an attractive outcome", allowing the company to focus on its larger markets of the UK and Ireland, and Nordics regions.
Newspaper round-up
The ride-share companies Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT) have agreed to a historic settlement totaling $328m after being accused of withholding wages and benefits, such as mandatory paid sick leave, from drivers. - Guardian
Food retailers have recruited an army of celebrities with internet clout for their festive advertising campaigns as they battle for digital influence this Christmas and try to tap into a burgeoning market for partying at home. Marks & Spencer has signed up Ryan Reynolds and Rob McElhenney, the US actors whose purchase of Wrexham AFC and accompanying Disney+ documentary have increased their fame in the UK, for its food Christmas ad. – Guardian
Hybrid Ferraris have outsold purely petrol-powered models for the first time in a boost for the Italian marque as it prepares to launch its first electric vehicle. 51pc of Ferraris sold between July and September were fitted with battery packs, the company said, in a milestone moment for the industry. – Telegraph
Elon Musk is giving Ukraine discounts on a major purchase of Tesla Powerwall batteries designed to protect the country against blackouts. George Dubynskyi, Ukraine’s deputy minister of digital transformation, told The Telegraph that Ukraine was working with international funders to buy the battery systems. – Telegraph
Apple (NASDAQ:AAPL) took investors by surprise last night by giving a sales forecast for the holiday quarter that missed Wall Street expectations as the company was hurt by weak demand for iPads and wearables, which sent its shares lower. The warning on sales in the critical period came in a call with analysts shortly after it released its results, which showed quarterly sales and profits that beat expectations, with iPhone sales up 2.8 per cent, helping to offset large drops in Mac and iPad sales. – The Times
The head of Microsoft (NASDAQ:MSFT) has praised the UK competition watchdog’s “clarity and decisiveness” in initially blocking his company’s mega-takeover of Activision — in a sharp reversal from his original claim that the veto was “bad for Britain”. Brad Smith, president of the US tech company, said that it should take responsibility for the Competitions and Markets Authority’s original decision, which was overturned last month after six months of negotiation and a restructuring of the $69 billion deal. – The Times
US close
Wall Street trading saw a surge in US stock values on Thursday, driven by investor optimism surrounding the Federal Reserve's monetary policies.
The Dow Jones Industrial Average recorded a notable increase of 1.7%, closing at 33,839.08 points.
Similarly, the S&P 500 index saw a robust gain of 1.89%, reaching 4,317.78 points, while the Nasdaq Composite climbed by 1.78% to settle at 13,294.19 points.
In the foreign exchange market, the dollar was last up 0.06% on sterling, trading at 82p.
It also inched up by 0.04% against the euro to 92.19 euro cents, while it managed a minimal rise of 0.02% against the yen to change hands at JPY 150.48.