BUSINESS LIVE: Bitcoin hits $100,000; Vodafone-Three will get inexperienced mild; Frasers takes Budget hit

Police are investigating reports of stalking made by executives at fast fashion firm Boohoo.

There have also reportedly been claims of ‘corporate espionage’.

Frasers has lowered the top end of its annual profit guidance, blaming weaker consumer confidence leading up to and following the Autumn Budget.

The group said it was now forecasting adjusted pre-tax profit for its 2024/25 year of £550million to £600million, versus previous guidance of £575million to £625million.

It made £299.1million on the same basis in its first half, down 1.5 per cent on last year.

Boss Michael Murray said:

‘The first half of this year has been another period of progress for the Group, delivering on our objectives as the Elevation Strategy continues to take the business to the next level.

‘Sports Direct UK delivered further sales growth, and our Property and Financial Services divisions are seeing encouraging progress. We continue to operate with discipline to ensure our business is as resilient as possible – proactively right-sizing recent acquisitions to set them up for profitable long-term growth and driving further automation benefits to exceed our stock reduction targets for the period. 

‘We have also made significant strides in international expansion, developing new partnerships across Australia and Africa, and unlocking opportunities as we move further towards our goal of becoming a leading global sports retailer.’

A gold miner backed by property magnate Nick Candy has bought a rival in a £90million deal. Metals Exploration swooped on Condor Gold with a bid of £67.5million up front in cash and shares.

Condor shareholders will also be entitled to £22.6million in the future if it hits gold production and resource targets.

The tie-up came after the Mail revealed Metals Exploration – 38 per cent-owned by Candy – was prepared to go hostile with its bid.

Pascal St-Jean, CEO at global digital asset investment manager 3iQ:

‘Despite Bitcoin reaching $100,000 being a significant psychological threshold the most important consideration of this event is that although Bitcoin is a Bellwether for the broader digital asset class, the more significant takeaway is that this will increase the likelihood of more institutions and traditional finance investment in the sector.

‘This price appreciation is driven by the perception of an incoming crypto friendly administration resulting from Donald Trump’s election victory, as well as an increase in accessibility to digital assets for investors via the introduction of new Exchange Trade Products and greater regulatory clarity globally.

‘Crypto is also being more widely accepted by governments around the world who are now more accepting of the benefits it delivers, namely financial inclusion.’

Britain’s competition watchdog has finally approved the £15billion merger between Vodafone UK and Hutchison’s Three UK.

It clears the way for the creation of the country’s biggest mobile operator and reduces the number of networks to three from four.

The Competition and Markets Authority had previously said the deal could push up prices for customers, but it later accepted that commitments on network investment and shorter term protections for both retail and wholesale customers were enough to resolve its concerns.

The CMA said: ‘We believe the merger is likely to boost competition in the UK mobile sector and should be allowed to proceed – but only if Vodafone and Three agree to implement our proposed measures.’

Bitcoin has rallied above a landmark $100,000 as investors increasingly bet a Donald Trump White House will cement the cryptocurrency’s place in financial markets.

The total value of the cryptocurrency market has almost doubled over the year so far to hit a record just shy of $3.8trillion, according to data provider CoinGecko. By comparison, Apple alone is worth about $3.7trillion.