Proactive Investors
Published May 17, 2023 14:59
FTSE 100 nearly flat as US open awaited; Burberry gets target hike
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Burberry (LON:BRBY) could deliver fourth-quarter revenue growth ahead of the sector average, according to analysts at the Royal Bank of Canada who have hiked their target price for the luxury group to 2,400p from 2,200p, while retaining a 'sector perform' rating on the stock.
The analysts believe Burberry could achieve 14% growth compared to the sector average of 9% which, if delivered, “could mark an important milestone.”
Underlying improvements in the Asia Pacific market supported by China's reopening and momentum in South Korea and Japan, coupled with the EMEIA region continuing to benefit from local and inbound tourism, should aid revenue growth. Demand in the Americas, however, is expected to remain subdued, they added.
Burberry shares were trading at 2,533p, down 0.2%.
Digital assets "serve no useful social purpose"
The Treasury Select Committee has proposed bringing the trading of cryptocurrencies under existing gambling regulations, claiming that digital assets including bitcoin and ether offer “no intrinsic value and serve no useful social purpose, while consuming large amounts of energy and being used by criminals in scams, fraud and money laundering”.
In an extensive report filed to the House of Commons, the cross-bench committee, which exerts influence on policy, administration and spending, concluded that “cryptocurrencies pose significant risks to consumers, given their price volatility and the risk of losses.
How to regulate crypto has become a major source of debate across the UK, European Union and the US, which all have differing opinions on the matter.
In the Treasury Committee statement, member MPs warned of a “halo effect” if the government opts to regulate crypto trading as a financial survive “leading consumers to believe this activity is safe and protected, when it is not”.
“The events of 2022 have highlighted the risks posed to consumers by the cryptoasset industry, large parts of which remain a wild west,” said Treasury Committee chair Harriett Baldwin. “Effective regulation is clearly needed to protect consumers from harm, as well as to support productive innovation in the UK’s financial services industry.”
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