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Wag Payment Solutions (WPS) sells fleet management software to trucking companies. A concern from an investment angle is that the haulage industry is particularly cyclical, so the slowdown in European economies will limit Wag’s growth this year. But there is now also a concern linked to rising debt, with the leverage ratio expected to exceed the top end of its target.
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Frasers Group buys The Mall in Luton
Frasers Group (FRAS) has bought The Mall in Luton from shopping centre landlord Capital & Regional (CAL) in a departure from the retail fashion company’s strategy of owning brands rather than retail assets.
Frasers bought the asset via two special purpose vehicles for £58mn. Capital & Regional’s share price was up 4 per cent this morning after it announced it had sold The Mall, though it did not confirm that it had sold it to Frasers.
The company has been trying to sell the asset since the end of 2021. Frasers has been contacted for comment. ML
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US authorities fine BP over fatal explosion
The deaths of two brothers in Ohio last year at a BP (BP.) refinery were a result of “training deficiencies and failure by BP Products North America to meet the Occupational Safety and Health Administration (OSHA) process safety management procedures”.
The two men died after they tried to “correct rising liquid levels in the fuel gas mix drum, a flammable vapour cloud formed, ignited and then triggered an explosion in September 2022, causing the deadly burns”, OSHA said. The administration has fined BP $156,250 for 10 different violations of its rules. The energy giant knocked £746,000 off chief executive Bernard Looney’s bonus for 2022 because of the deaths and other safety issues. Four BP workers died last year overall. AH
Read more: BP revises green ambitions as gas trading surges
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