Burberry and easyJet are on course to be relegated from the FTSE 100 next month following the latest quarterly review of the index’s constituents.
Marker operator FTSE Russell said it would make a final determination based on their respective share prices at the close of business next Tuesday.
Its indicative findings would also see the insurer Hiscox and Tritax Big Box – an investor in distribution centres – step up to the top flight from the lower tier FTSE 250.
Burberry is the big, and frankly shocking, name to see at risk of relegation. It has been a stalwart of the FTSE 100 for 15 years.
But its market value has plunged more than 70% since April 2023, standing just below £2.6bn as of Tuesday’s close, easily making the company’s stock the worst-performing of 2024 on the FTSE 100.
Some of its problems are not of its own making.
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Demand for luxury, globally, has tailed off this year.
But Burberry is particularly exposed to the troubled Chinese market, one that has taken longer than expected to recover meaningfully from the end of COVID disruption despite an initial boom for sales in 2022.
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Commentators have criticised Burberry’s strategy, in particular the decision to take the company further upmarket, raising prices at a time of apparent frugality among its core customer base.
Image: Mr Akeroyd had been the chief executive of Burberry for two years. Pic: Burberry
The architect of that path, Jonathan Akeroyd, was ousted last month.
A replacement chief executive in former Michael Kors boss Joshua Schulman was named at the same time, alongside financial results that showed the extent of the hit to sales.
Like for like sales over the 13 weeks to 29 June were down 21% on the same period last year.
Eight men have been arrested by the Metropolitan Police in two unconnected but “significant” terrorism investigations.
In one operation on Saturday, counter-terror officers arrested five men – four of whom are Iranian nationals – as they swooped in on various locations around the country. All are in police custody.
The Met said the arrests related to a “suspected plot to target a specific premises”.
In an update shortly after midnight, the force said: “Officers have been in contact with the affected site to make them aware and provide relevant advice and support, but for operational reasons, we are not able to provide further information at this time.”
Commander Dominic Murphy, head of the Met’s Counter Terrorism Command, said: “Counter-terrorism policing, supported by police and colleagues from across the country, have conducted arrests in two really significant operations, both of which have been designed to keep the public safe from threats.
“There are several hundred officers and staff working on this investigation, and we will work very hard to ensure we understand the threats to the wider public.”
He refused to say if the plot was related to Israel, but described it as “certainly significant” and said “it is unusual for us to conduct this scale of activity”.
He also asked the public to “avoid speculation and some of the things that are being posted online”.
MI5 director general Ken McCallum said in October that the intelligence agency had responded to 20 “potentially lethal” Iran-backed plots since 2022. He warned of the risk of an “increase or broadening of Iranian state aggression in the UK”.
Rochdale resident Kyle Warren, who witnessed one of the arrests at a neighbouring house, said his children had been playing in the garden when they came running into the house, saying a man in a mask had told them to go inside.
“Obviously, I was a bit worried,” Mr Warren told Sky News’ Lisa Dowd, and so he went into the garden to investigate.
“As we’ve come out, we just heard a massive bang, seen loads of police everywhere with guns, shouting at us to get inside the house.”
Image: Kyle Warren said his children were ‘petrified’
From upstairs in his house, he then heard “loads of shouting in the house” and saw a man being pulled out of the back of the house, “dragged down the side entry and thrown into all the bushes and then handcuffed”.
There were about 20 to 30 officers with guns, he believes.
“It’s just shocking, really. You don’t expect it on your doorstep.”
His daughters were “petrified… I don’t think they’ve ever seen a gun, so to see 20 masked men with guns running round was quite scary for them”.
Mr Warren, who only moved into his house a year ago, said he had “never really seen anyone going in or out” of the house and actually thought it was empty.
Image: One suspect was arrested in Cheadle Hulme, Greater Manchester. Pic: Sarah Cash
Image: One suspect was arrested in Cheadle Hulme, Greater Manchester. Pic: Sarah Cash
Arrests and searches around the country
The Met added officers were carrying out searches at a number of addresses in the Greater Manchester, London and Swindon areas in connection with the investigation.
It said those detained were:
• A 29-year-old man arrested in the Swindon area • A 46-year-old man arrested in west London • A 29-year-old man arrested in the Stockport area • A 40-year-old man arrested in the Rochdale area • A man whose age was not confirmed arrested in the Manchester area.
Image: A 29-year-old man was arrested in the Stockport area
Terror arrests in separate investigation
Police also arrested three further Iranian nationals in London on Saturday as part of another, unrelated counter-terror investigation.
The suspects were detained under section 27 of the National Security Act 2023, which allows police to arrest those suspected of being “involved in foreign power threat activity”.
Home Secretary Yvette Cooper said: “These were two major operations that reflect some of the biggest counter state threat and counter terrorism operations that we have seen in recent years.
“This reflects the complexity of the kinds of challenges to our national security that we continue to face.”
Earlier, she thanked police and security services in a statement, and called the incidents “serious events that demonstrate the ongoing requirement to adapt our response to national security threats”.
Last year, the government placed the whole of the Iranian state – including its intelligence services – on the enhanced tier of the new foreign influence registration scheme.
It means anyone asked by Iran to carry out actions for the state must declare it, or face prison time.
And that comes in the context of increased warnings from government and the security services about Iranian activity on British soil.
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Counter terror officers raid property
Last year, the director general of MI5, Ken McCallum, said his organisation and police had responded to 20 Iran-backed plots presenting potentially lethal threats to British citizens and UK residents since January 2022.
He linked that increase to the ongoing situation in Iran’s own backyard.
“As events unfold in the Middle East, we will give our fullest attention to the risk of an increase in – or a broadening of – Iranian state aggression in the UK,” he said.
The implication is that even as Iran grapples with a rapidly changing situation in its own region, having seen its proxies, Hezbollahin Lebanon and Hamas in Gaza, decimated and itself coming under Israeli attack, it may seek avenues further abroad.
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The government reiterated this warning only a few weeks ago, with security minister Dan Jarvis addressing parliament.
“The threat from Iran sits in a wider context of the growing, diversifying and evolving threat that the UK faces from malign activity by a number of states,” Jarvis said.
“The threat from states has become increasingly interconnected in nature, blurring the lines between: domestic and international; online and offline; and states and their proxies.
“Turning specifically to Iran, the regime has become increasingly emboldened, asserting itself more aggressively to advance their objectives and undermine ours.”
As part of that address, Jarvis highlighted the National Security Act 2023, which “criminalises assisting a foreign intelligence service”, among other things.
So it was notable that this was the act used in one of this weekend’s investigations.
The suspects were detained under section 27 of the same act, which allows police to arrest those suspected of being “involved in foreign power threat activity”.
Tributes have been paid to 14-year-old Layton Carr who died in a fire at an industrial estate.
Eleven boys and three girls, aged between 11 and 14 years, have been arrested on suspicion of manslaughter after the incident in Gateshead on Friday. They remain in police custody.
Image: Police were alerted to a fire at Fairfield industrial park in the Bill Quay area
Firefighters raced to Fairfield industrial park in the Bill Quay area shortly after 8pm, putting out the blaze a short time later.
Police then issued an appeal for a missing boy, Layton Carr, who was believed to be in the area at the time.
In a statement, the force said that “sadly, following searches, a body believed to be that of 14-year-old Layton Carr was located deceased inside the building”.
Layton’s next of kin have been informed and are being supported by specialist officers, police added.
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Teenager dies in industrial estate fire
A fundraising page on GoFundMe has been set up to help Layton’s mother pay for funeral costs.
Organiser Stephanie Simpson said: “The last thing Georgia needs to stress trying to pay for a funeral for her Boy Any donations will help thank you.”
One tribute in a Facebook post read: “Can’t believe I’m writing this my nephew RIP Layton 💔 forever 14 you’ll be a massive miss, thinking of my sister and 2 beautiful nieces right now.”
Another added: “My boy ❤️ my baby cousin, my Layton. Nothing will ever come close to the pain I feel right now. Forever 14. I’ll miss you sausage.”
A third said: “Rest in peace big lad such a beautiful soul taken far to soon my thoughts are with you Gee stay strong girl hear for u always.”
Detective Chief Inspector Louise Jenkins, of Northumbria Police, also said: “This is an extremely tragic incident where a boy has sadly lost his life.”
She added that the force’s “thoughts are with Layton’s family as they begin to attempt to process the loss of their loved one”.
They are working to establish “the full circumstances surrounding the incident” and officers will be in the area to “offer reassurance to the public”, she added.
A cordon remains in place at the site while police carry out enquiries.