Good morning and welcome to the IC’s live blog, where we round up the biggest business stories of the day and the weekend.
“Seize the moment”.
This was the instructive title of a report published this morning by the Confederation of British Industry (CBI), which points to a “once-in-a-generation opportunity to unite as a nation and agree to transform the UK economy for the decade ahead”.
Highlighting the need for “detail and action” to “deliver economic growth”, the CBI argues that there are six “concrete prizes to reach for” – including a decarbonised economy, whereby the UK wins the global race to net zero emissions.
This goal, alongside others such as an “innovation economy” and a “regionally thriving economy”, could bolster the overall UK economy by roughly £700bn by 2030, the CBI said.
Such a boost would be welcome news in the aftermath of an unprecedented crisis which has dealt a severe blow to sectors from travel to retail to hospitality – although trading has picked up in recent weeks with the easing of lockdown restrictions.
Back to the flicks
Indeed, Cineworld (CINE) struck an upbeat tone on Monday, reporting a strong opening weekend in the UK. Helped by the success of Peter Rabbit 2: The Runaway, the group said its weekend performance “went beyond our expectations” as people flocked back to the cinema and loaded up on popcorn – supporting encouraging concession income.
“With the releases next week of Cruella, and A Quiet Place 2, we expect next weekend's results to be strong”, said chief executive Mooky Greidinger.
Oliver Telling asked back in March whether Cineworld and Ten Entertainment would get their fairytale ending, after both swung to huge losses last year.
Crypto crash
Happy bitcoin pizza day!
On Saturday, bitcoin bros around the world marked the 11-year anniversary of the first time somebody bought something – two pizzas – with the cryptocurrency. One follower launched a new pizza brand: Bitcoin Pizza.
Meanwhile, the price of bitcoin stood at roughly $35,700 this morning, in the wake of a tumultuous few days for investors in the cryptocurrency. After China revealed plans to clamp down further on digital currencies and Tesla (US:TSLA) boss Elon Musk said his company would no longer accept bitcoin as payment, prices have stumbled below $40,000 for the first time since February.
James Norrington outlined an essential checklist for long-term crypto investors on Friday, noting that the latest violent sell-off is a wake-up call for both investors and regulators.
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