Crypto News: The London Rush: Vape value

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

Have you been lured in by the bright colours and fruity smells of a vape in the past few years? Well, you're not alone.

Imperial Brands, which makes Winston cigarettes and Golden Virginia rolling tobacco, expects sales in its "next generation products" (think vapes, nicotine pouches etc) to grow as much as 30%, and operating losses in the unit to decline.

Profits, though, are still being propped up by tobacco. Cigarette sales are being supported not by strong volumes given the shift away from tobacco (though it notes pressures are easing), but strong pricing.

Its strategy seems to be paying off. The group plans to return around £2.8 billion in 2025 — up from £2.4 billion in the year just gone. Shares popped about 4%.

Healthy, at least, for shareholders.

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.

Economists and think tanks are urging Rachel Reeves to hit the wealthy with an "exit tax", to stem emigration and raise as much as £500 million. That's as the Chancellor is having to re-evaluate her faltering tax plans.

Thames Water has been fined £57 million for missing targets in reducing pollution — the largest in a host of penalties across the sector. Another tough day for a water company trying not to go bust.

Homebuilder Vistry's shares shed 24% after it warned profits will be lower than expected this year, as costs for some projects were understated.

Selfridges is now 40% owned by Saudi Arabia's Public Investment Fund, after it bought the stake from insolvent Signa Group. The size of the deal wasn't disclosed, but it includes new investment to shore up finances.

Photographer: Jose Sarmento Matos/Bloomberg

China holds back more stimulus as it vows to hit economic goals.
Musk will campaign for Trump in battleground state of Pennsylvania.
Samsung issues a rare apology after chipmaker falls behind rivals.

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

There's a risk-off mood in global markets today thanks to a sell-off in Chinese stocks as the nation returned from a holiday to a pause in the stimulus measures which had been driving a rally. That's had a knock-on impact on iron ore prices, with with futures sinking more than 4% in Singapore today.

Other metals on the London Metals Exchange are likely to be impacted, with a halt in stimulus meaning a less bullish outlook for Chinese consumer demand.

That's not great news for miners — and it's unfortunate for the FTSE 100, which counts Rio Tinto and Glencore within its top 10 most valuable companies. Shares of the biggest companies have a bigger impact on the index as a whole than those which have a lower weighting.

To that end, another index heavyweight is HSBC, which derives the lion's share of its revenue from its Hong Kong- based entity.

— Morwenna Coniam

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

Online trader CMC Markets' current focus is business-to-business, notably — so far — its partnership with Revolut. More details are expected on how that is faring when it posts a second-quarter update tomorrow.

English football club deals with crypto firms are at a record high, giving a new influx of cash as the Premier League limits gambling sponsorships. Which team is sponsored by Kraken, the US-based crypto exchange?

Clue: its nickname is The Lilywhites.

[Yesterday's answer: McLaren is the British brand that unveiled a $2.1 million W1 hybrid supercar to celebrate its F1 history.]

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