June 5, 2019 / 7:27 AM / 3 months ago

UPDATE 1-UK Stocks- Factors to watch on June 5

(Adds news items)

June 5 (Reuters) - Britain’s FTSE 100 index opened 3.08 points higher at 7,217 on Wednesday.

* FINDEL: British online retail and education business Findel has dropped plans to roll out licensed menswear in partnership with Sports Direct International after pilot runs showed that it would not be beneficial.

* CHEMRING: Defence contractor Chemring Group said its half-yearly profit rose 4% and backed its full-year forecast as it gained from faster insurance payouts for an explosion last year at its UK factory that makes flares to combat heat-seeking missiles.

* CHARTER COURT: UK competition watchdog said on Wednesday it was investigating the merger agreement between British lenders Charter Court Financial Services and OneSavings Bank.

* UK ASSET RESOLUTION: The ‘bad bank’ set up by Britain to manage more than 100 billion pounds ($127.17 billion) of assets from two lenders that collapsed during the financial crisis has repaid the last of the 48.7 billion pounds used to fund the bailouts.

* AVIVA: Aviva’s chief financial officer Tom Stoddard will step down on June 30, the British insurer said on Wednesday, a day before the firm’s first investor day under new Chief Executive Maurice Tulloch.

* TRUMP IN BRITAIN: U.S. President Donald Trump on Tuesday promised Britain a “phenomenal” post-Brexit trade deal, dismissed differences over China’s Huawei and glossed over other disagreements as he heaped praise on the United States’ closest ally.

* HIGH SPEED RAIL: Britain’s next prime minister might decide to prioritise other infrastructure spending projects over the planned, 56 billion-pound ($71 billion) High-Speed 2 (HS2) rail project, chief secretary to the Treasury Liz Truss said.

* BT GROUP: The Football Association announced a five-year deal with Britain’s biggest telecoms group BT on Tuesday that will include sponsorship of all England teams and Wembley Stadium.

* SANTANDER: Spain’s Banco Santander is to cut about 200 jobs in its British subsidiary as part of a reorganisation, it said, adding that the changes would affect the corporate and commercial banking division.

* ARCADIA: Arcadia Group agreed to provide 210 million pounds ($266.64 million) in security to its pension schemes, which includes an additional 25 million pounds agreed with The Pensions Regulator, the company.

* NSF: British subprime lender Non-Standard Finance is dropping its hostile 1.3 billion pound ($1.65 billion) bid for rival Provident Financial , NSF said on Tuesday.

* OIL: Oil prices ended as much as 1% higher on Tuesday after a global stock market rally pulled Brent crude from a four-month low touched earlier in the session.

* GOLD: Gold prices edged higher, holding near the three-month high it touched in the previous session, as the dollar weakened on rising prospects of a rate cut by the U.S. Federal Reserve.

* For more on the factors affecting European stocks, please click on:

TODAY’S UK PAPERS

> Financial Times

> Other business headlines (Reporting by Sangameswaran S in Bengaluru)

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