Crypto News: The London Rush: Rightmove rebuffs again

Hi, I'm Louise from Bloomberg UK's breaking news team, catching you up on this morning's business stories.

They say business is all about communication — and REA Group is frustrated by Rightmove's lack of it.

Swiftly after Rightmove this morning unanimously rejected a third takeover bid by Rupert Murdoch's company as "unattractive" and too cheap (it valued the property portal at about £6.1 billion), REA upped the rhetoric by turning to its shareholders.

In a statement titled "Continued refusal to engage by Rightmove," the Aussie real estate firm urged shareholders to encourage the board to "engage in constructive discussions."

But does this animosity put the two sides further apart? Shares dipped slightly this morning, indicating investors think a deal is less likely.

Now, the options are: REA tries a fourth bid, or it "goes hostile" by targeting shareholders directly, or it simply walks away.

What's your take? Ping me on X, LinkedIn or drop me an email at lmoon13@bloomberg.net. Oh, and do subscribe to Bloomberg.com for unlimited access to trusted business journalism on the UK, and beyond.

DFS Furniture (think sofas, think…) gave a weak set of full-year results but an upbeat outlook. Markets Today's Morwenna Coniam explains below how a pick up in the housing market could help.

Package holiday retailer On The Beach said winter bookings are far ahead of last year, and those for next summer are "very" encouraging. Shares rose over 5%.

Bank of England Governor Andrew Bailey might have reiterated gradual easing, but Bloomberg Opinion's Marcus Ashworth argues the central bank (and its European counterparts) has little choice but to lower rates twice before the end of 2024.

Bankman-Fried's former girlfriend gets two years in prison in FTX case.
Hong Kong plans to cut tax on spirits to try and revive its nightlife.
Iran's President expects talks on a nuclear deal, after meeting Macron.

Here's your daily snap analysis from Bloomberg UK's Markets Today blog:

Despite the ugly annual report, DFS gives a fairly upbeat outlook, which seems to be at least in principle backed by data. Recent reports have shown a pick-up in housing transactions, which logically equates to more people looking to buy soft furnishings as they move house.

The housing market is also likely to be helped by further interest rate cuts from the Bank of England. Traders are currently pricing in at least one 25 basis point cut before the end of the year.

That could also help DFS out with another of the challenges it's faced, with higher interest rates having made it pretty expensive to provide the interest free credit the company promotes.

— Morwenna Coniam

Check Bloomberg UK's Markets Today blog for updates all day.

Pennon updates on trading so far this year. Looks for any commentary that might boost market confidence and the balance sheet, amid regulatory investigations into UK water companies and a last set of results that disappointed. Uncertainty in the sector is rife. Shares are down about 21% since January.

Not quite business-themed, but pretty fundamental to British culture: the new season of Bake Off started last night. Who won in 2015, becoming arguably becoming the show's most famous contestant and now boasts an MBE?

[Yesterday's answer: The Friedkin Group, which is set to buy Everton, also owns AS Roma football club.]

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