BP is selling its North Sea business; AI companies led a record surge on Korea's stock market – business news. This was reported by Qazaqyia.kz citing The Guardian.
Another top riser on the FTSE 100 this morning is Sainsbury's. The supermarket chain is up 4% after it said it had agreed the £120m sale of catalogue shopping business Argos to a trio of retail veterans – a decade after buying the company for more than £1bn.
Sainsbury's said it would be able to fully focus on its core food business and "creating a simpler business with higher margins, higher growth and stronger free cash flow generation".
The supermarket bought Argos as part of Home Retail Group in 2016, but its hopes to take on Amazon and John Lewis have foundered. Sainsbury's boss Simon Roberts decided to about turn when he took over in 2020, focusing on food, which has much higher barriers to entry for Amazon or other Chinese players because of the cold chain logistics required to keep food fresh.
Sainsbury's had considered a Chinese buyer for Argos a year ago.
The supermarket said it had reached long-term commercial agreements with Argos, including rental income for Argos stores inside Sainsbury's and income relating to the Nectar360 and Nectar loyalty schemes.
The buyer will be Swift Partners, a new company established for the deal by former Co-operative supermarket chief executive Richard Pennycook, former Morrisons executive Trevor Strain and banker Matt Truman.
"What attracted us to Argos is the strength of the business, with a trusted brand, loyal customers and dedicated colleagues. We believe strongly in Argos's future and see real opportunities to invest and build on its progress," said a Swift Partners spokesperson.
Argos's combination - of a strong digital business supported by standalone stores, stores inside Sainsbury's and local fulfilment centres - gives it a distinctive position in the market and an excellent platform for growth.