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Hunting partners with Zhejiang Jiuli, Diageo appoints interim CEO

By Josh White

Date: Monday 05 Jun 2023

(Sharecast News) - London open

The FTSE 100 is expected to open 13 points higher on Monday, having closed up 1.56% on Friday at 7,607.28.

Stocks to watch

Hunting has formed a 10-year strategic partnership with Zhejiang Jiuli Hi-Tech Metals, it announced on Monday, to supply corrosion-resistant alloys for applications including oil xountry tubular goods (OCTG), carbon capture, utilisation and storage (CCUS), and geothermal projects. The company said the partnership would combine it's 'Seal-Lock' premium connection technology with Jiuli's CRA, expanding Hunting's OCTG product portfolio and enabling the supply of a range of OCTG for clients in North America, the Middle East, Africa, and the Asia Pacific.

Drinks giant Diageo has appointed Debra Crew as interim chief executive after outgoing CEO Sir Ivan Menezes underwent emergency surgery on a stomach ulcer over the weekend. Crew was scheduled to join the board on July 1. Menezes was in hospital receiving medical treatment for medical conditions, including the ulcer when his recovery "suffered a significant setback due to complications", Diageo said on Monday.

Newspaper round-up

Leicester's garment makers have said they are in crisis as a growing number of fast-fashion brands are forcing through discounts, making last-minute cancellations and imposing financial penalties for what suppliers claim are tiny errors. In the east Midlands city - where manufacturers make clothes for a range of brands including Boohoo, Misguided and Frasers Group, the owner of Sports Direct and the online specialist Missguided - hundreds of garment businesses have shut in recent years, local organisations say, and suppliers warn that more are likely to follow. - Guardian

The number of UK breweries going out of business has tripled in the past year, with smaller craft beer manufacturers most at risk as consumers opt for cheaper options during the cost of living crisis, according to research. In total, 45 breweries entered insolvency in the 12 months ending 31 March, compared with 15 in the previous year, according to the most recent official Insolvency Service statistics analysed by Mazars, an audit, tax and advisory firm. - Guardian

German car makers are ramping up pressure on Brussels to avoid a post-Brexit "cliff edge" for the auto industry as officials in Whitehall race to strike a deal. Mercedes and Volkswagen have this week joined other car marques in calling for the EU to delay the introduction of new rules that will hit cross-border trade with Britain. - Telegraph

The British Chambers of Commerce is establishing a new business body composed of some of the country's biggest companies, including BP and Drax, days ahead of a crunch vote that will decide the fate of the CBI. As its embattled peer faces job losses and a potential insolvency, the BCC today will convene a new council made up of business leaders "who are looking for a different kind of representation". - The Times

HSBC has come under fire for closing bank accounts held by a Hong Kong opposition political party and some of its core members. Last week the FTSE 100 bank notified the League of Social Democrats of its decision to close the group's three accounts after having "carefully considered various factors and conducted detailed assessments before making the relevant decision." - The Times

US close

Wall Street's main stock gauges closed in positive territory on Friday, with the Dow Jones Industrial Average up 2.12% at 33,762.76.

The S&P 500 added 1.45% to 4,282.37, and the Nasdaq Composite was ahead 1.07% at 13,240.77.


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