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Amid high trading volumes in South Korea, bitcoin cash is flying high today and could gain more altitude in the near-term.

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The governor of a South Korean financial regulator has said it has "no plans" to supervise cryptocurrency trading.

Bitcoin is continuing its sideways journey today, with a pullback looking possible. However, the broader outlook still remains bullish

• Mitchells & Butlers reports 18% fall in profits as fall in the pound pushes up costs.
• Shares fall 10% at the open but have since recovered slightly.

LONDON — Shares in pub and restaurant owner Mitchells & Butlers are falling on Thursday morning after the company reported a steep fall in profits and warned of Brexit-related headwinds.

Mitchells & Butlers, which owns chains such as All Bar One, Toby Carvery, Harvesters, and Nicholson's pubs, said that pre-tax profit for the year fell 18% to £77 million. Revenue rose 4.5% to £2.1 billion but rising costs meant the company failed to capitalise on rising sales.

"Cost headwinds across the industry have adversely affected margins but we continue to work hard to mitigate as much of these as possible through our focus on efficiency and profitable sales growth," CEO Phil Urban said.

Mitchells & Butlers blamed the "unprecedented cost headwinds" on the collapse in the value of the pound after last year's Brexit referendum. The pound fell to a 31-year-low against the dollar and a 7-year-low against the euro in the wake of the June 2016 vote.

The company also warns that Brexit could impact its business in three key ways in the future:

• by depressing consumer confidence;
• changes in employment and immigration laws;
• and further changes in sterling impacting on input costs.

Mitchells & Butlers' share price fell 10% at the open in London and remains over 8% lower at 9.30 a.m. GMT (4.30 a.m. ET).

Mike van Dulken, head of research at Accendo Markets, said in an email: "Investors are clearly focusing on cost issues affecting the whole industry. These include the living wage, business rates, apprenticeship levy, sugar tax, restaurant discounting, changes in consumer habits (eating out less frequently, but spending more) and Brexit uncertainty.

"An early decision not to pay an interim dividend, pending a year-end assessment, also suggests a murky outlook that is sapping management confidence."

Mitchells & Butlers' warning on rising costs comes in stark contrast to JD Wetherspoon. Tim Martin, the founder of the pub chain and a staunch Brexit supporter, said that a "hard Brexit" would "reduce the average cost of a meal by about 3.5 pence and the cost of a drink by 0.5 pence" at one of his pubs.

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• Centrica shares fall 17% at the open after it warns of British Gas customer exodus and "significant market pressure" in North America.
• Energy provider's shares are at a fresh 14-year low and heading for biggest ever one-day fall. 

LONDON — British Gas-owner Centrica's share price collapsed on Thursday after a profit warning from the energy provider.

Centrica said in a trading update on Thursday that British Gas has lost 823,000 household energy supply customers since June. The company announced a 12.5% hike to energy prices in August.

Centrica's business energy supply operation is also suffering, with the company warning of "significant pressure market pressure" in North America. It is booking a one-off £46 million charge in the market.

Centrica cut its earnings guidance for the year to 12.5p per share, compared to a market consensus of 15p, and shares have plummeted. The stock is down close to 16% at 8.45 a.m. GMT (3.45 a.m. ET).

Centrica is now at a new 14-year low and Neil Wilson, a senior analyst at ETX Markets, says the drop puts Centrica on track for a record one-day share price fall.

"The practice of blue-chip companies tanking on profit warnings is becoming something of a trend this year," Wilson said in an email. "Centrica is the latest member of the club with shares plunging 17% in early trading after warning on profits. Shares are down two-thirds in the last four years."

Russ Mould, AJ Bell's Investment Director, points out in an email that "British Gas will become the ninth current FTSE 100 member firm to have suffered a drop of 10% or more in a single trading day this year" if it closes at current levels.

Lee Wild, head of equity strategy at Interactive Investor, said in an email: "Centrica is already in a dark place given the exodus of customers from its British Gas business, and the market did not want to hear about a further deterioration both here and in North America.

"Despite attempts to reassure that the generous dividend is safe, the risk of a cut remains very real as the government continues a crackdown on expensive energy bills."

Business, Energy, and Industry Strategy Department said in August that the government is "ruling nothing out" in the energy market and UK Prime Minister Theresa May has pledged to crackdown on energy prices.

Rival energy provider SSE is down 2.2% on Thursday morning, as investors fret that British Gas' problems may not be limited to the company.

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• A new report by industry body TheCityUK said the government must do more to ensure the UK remains the "jurisdiction of choice" for legal services after Brexit.
• Agreeing a transitional arrangement and ensuring mutual access to services and talent for the UK and EU should be a "high priority," the report said.
• The UK's legal services are integral to the economy, it said, and employs over 311,000 people nationwide.

LONDON — The government must take steps to ensure the UK remains the "jurisdiction of choice" after Brexit, the professional services industry body said on Thursday.

In a report outlining the importance of the UK's legal services to the wider economy, TheCityUK's new report called for greater action from the government to support the international primary of English law. Securing continued mutual access to skills and talent for both the UK and EU-27 should be a "high priority," the report said.

"It is essential that the government places a high priority on this, together with a rapid agreement of transitional arrangements and a bespoke future relationship that delivers mutual market access based on mutual regulatory recognition and cooperation," said Miles Celic, CEO of TheCityUK.

According to the report, the legal sector is crucial to the UK's economy. Total legal services made up 1.5% of the UK economy in 2015, it said, and the sector employs over 311,000 people — two thirds of whom are based outside London.

"Law and legal services are a cornerstone of the broader financial and related professional services cluster that makes the UK the leading international business hub," the report said. Therefore, "a strong, competitive and well-regulated legal services sector is essential for sustainable economic growth," it said.

The UK legal sector's trade surplus was nearly £4 billion in 2016, the report said, and revenue generated by legal activities in the UK was £31.5 billion in 2016. Globally, it said, the UK was second worldwide for legal services fee revenue last year, with the US in first place.

This global dominance was driven by the fact that 27% of the world's 320 legal jurisdictions use English common law, it said, which was used in 40% of all global corporates arbitrations in 2015.

The UK's legal sector is "one of the jewels in the crown," said Gary Campkin, policy and strategy director at TheCityUK at a Justice Committee hearing last year. "It is part of the reason why London, and the UK, is the leading global financial centre," he said.

In 2016/17, the report said, the majority of large firms saw an increase in revenue, with the top 100 UK firms generating over £22 billion.

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• Mothercare falls to a half-year loss as international operations weigh on the business.
• CEO warns of recent "softening in the UK market."
• Shares crash 17% at the open, as investors remain jittery about UK retail.

LONDON — Mothercare has become the latest British retailer to warn of difficult trading conditions, sending shares crashing 17% at the open on Thursday.

Mothercare published half-year results on Thursday, showing it slipped to a loss of £700,000 in the first six months of the year, compared to a £5.9 million profit in the first six months of last year.

UK sales rose 2.5% in the period but international performance dragged the business down. International sales fell 8% and Mothercare CEO Mark Newton-Jones said there is "no clear sight as to when things will bottom out" in the Middle East, its worst performing region.

Mothercare shares crashed 17% at the open and remain around 15% lower after 20 minutes of trade in London:

While international weakness is the main reason behind Mothercare's poor performance, the baby and toddler retailer warned that it is starting to see issues in the UK, its core market.

Newton-Jones said: "Towards the end of the reporting period, and in subsequent weeks, we have seen a softening in the UK market with lower footfall and spend which is consistent with recent industry reports."

Independent retail analyst Nick Bubb says in an email: "City analysts will no doubt be getting their red pens out as they re-jig their P&L models," on the back of Newton-Jones' comment.

Retail goliaths John Lewis and Next are among the many shops to have warned of tough trading conditions this year and recent Visa/IHS Markit data showed the fastest fall in consumer spending for four years, as inflation hits people in their pockets. Visa warned on Monday that it expects Christmas spending to fall for the first time in half a decade this year.

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• Bitcoin cash up 17% against the dollar on Thursday morning.
• The rise follows integration of the cryptocurrency with digital wallet Bitwalla and the exchange Bitstamp.

LONDON — Cryptocurrency Bitcoin Cash is jumping against the dollar on Thursday morning.

The digital currency, which was split off from bitcoin earlier this year, is up 16% against the greenback to $1,518.10 as of 7.45 a.m. GMT (2.45 a.m. ET):

The jump in price follows positive news flow surrounding bitcoin cash. Digital wallet provider Bitwalla, which has over 57,000, announced on Wednesday that it is allowing customers to hold bitcoin cash. 

Separately, Bitstamp, the 12th biggest cryptocurrency exchange in the world, announced on Wednesday that it would be integrating bitcoin cash to its platform from December "in response to the demand."

However, bitcoin cash's price surge is not enough to put bitcoin cash in record territory. The cryptocurrency is still a way off its all-time of $1953.67, reached on November 12.

Elsewhere in the cryptocurrency space, bitcoin is down 0.5% against the dollar and ethereum is down 0.02% against the dollar.

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Good morning! Here's what you need to know.

1. Governments around the globe launched investigations into Uber after the company disclosed it had covered up a breach that exposed data on millions of customers and drivers, the latest scandal to rock the ride-hailing firm. Authorities in Britain and the United States, two top Uber markets, as well as Australia and the Philippines said on Wednesday they would investigate the company's response to the data breach.

2. Asian shares edged ahead on Thursday as speculation the Federal Reserve might not tighten US policy as aggressively as first thought hit the dollar and boosted bonds globally. The dollar suffered its worst one-day fall in five months on Wednesday, while hitting a three-month trough against the Japanese yen.

3. Saudi Arabia has agreed to buy about $7 billion worth of precision guided munitions from US defense contractors, Reuters reported. Raytheon and Boeing are the companies selected in a deal that was part of a $110 billion weapons agreement that coincided with President Donald Trump's visit to Saudi Arabia in May.

4. The government will abolish stamp duty for all first-time homebuyers on homes under £300,000 in a move that will save home purchasers up to £5,000. The Stamp Duty Land Tax, which is levied on the purchase of new homes, currently has a much lower threshold of £125,000 for residential properties in the UK, and means that 80% of first-time buyers will no longer pay any no stamp duty.

5. Tesla has completed construction of the world's largest lithium ion battery in Australia. Tesla won a bid in July to build the 129 megawatt hour battery for South Australia, the country's most wind power-dependent state, with a vow from Chief Executive Elon Musk to install it within 100 days of signing a grid connection agreement or give it to the state for free.

6. It is strategically important for China's economy that the country enhances protection of intellectual property rights, Premier Li Keqiang said, as the cabinet promised to improve regulations. Inadequate protection of intellectual property had contributed to the decline in private investment, he added.

7. Deutsche Bank has joined the ranks of those warning about the virtual currency bitcoin as an investment. "I would simply not recommend this to the everyday investor," Ulrich Stephan, chief strategist at Germany's largest lender, said on Wednesday.

8. Venture capitalist Peter Thiel, Facebook's first institutional investor, has sold three-quarters of his remaining stake in the social network. Thiel, who is a member of Facebook's board, now owns 59,913 Class A shares in the company after selling 160,805 shares for about $29 million.

9. Jamie Dimon, chief executive officer of JPMorgan Chase, said he expects to see a new US president in 2021 and advised Democrats to come up with a "pro-free enterprise" agenda for jobs and economic growth. Asked at a luncheon hosted by The Economic Club of Chicago how many years President Donald Trump will be in office, Dimon said, "If I had to bet, I'd bet three and half. But the Democrats have to come up with a reasonable candidate... or Trump will win again" and have second four-year term.

10. Tech stocks remain the largest net sector exposure for equity hedge funds, which are set to deliver their strongest returns since 2013, Goldman Sachs said. Information technology accounts for 27% of hedge fund portfolios.

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 Today’s stories: Uber’s big data breach, Facebook to single out election trolls, Apple’s self-driving car research and FCC issues final draft of plan to kill net neutrality. That’s it for this week. Tito’s back on Monday. A very Happy Thanksgiving to everyone attempting to explain net neutrality and bitcoin to their loved ones this holiday. Read More