Savings services

Excess savings and services boost to avoid recession in the UK

Excess savings and services boost to avoid recession in the UK

08:42 GMT – The UK is expected to escape a recession thanks in part to excess household savings built up during the pandemic and increased activity in the services sector, Goldman Sachs says in a report. “We do not expect a recession in the UK, as we expect the large reserves of excess savings, combined with the scope for growth in services, will support overall consumption during the cost of living crisis,” said Steffan Ball of Goldman Sachs and said Ibrahim Quadri. They expect GDP growth to be flat in the second half of this year, although they see upside risks given stronger-than-expected retail sales data in April. (lorena.ruibal@wsj.com)

 
Companies News: 

THG rejects £2.07bn offer from Belerion Capital, King Street

THG PLC said late Thursday that it had rejected a proposal from investment firms Belerion Capital Group Ltd. and King Street Capital Management, LP for 170 pence per share, which valued the deal at 2.07 billion pounds ($2.58 billion).

Genel Energy appoints Luke Clements as CFO

Genel Energy PLC announced on Friday that it has appointed Luke Clements as Chief Financial Officer effective immediately.

Next Fifteen Communications agree to acquire M&C Saatchi for £310.1m

Next Fifteen Communications Group PLC announced on Friday that it has reached an acquisition agreement with M&C Saatchi PLC that values ​​the company at approximately 310.1 million pounds ($386.8 million).

Croda International backs FY View based on strong performance

Croda International PLC said on Friday that expectations for the full year were unchanged as input cost inflation continued to pick up.

Kibo Energy appoints new CFO

Kibo Energy PLC announced on Friday that it has appointed Cobus van der Merwe as chief financial officer, effective June 1.

Restore indicates four-month performance was in line with views

Restore PLC said Friday that performance for the four months of the year was in line with board expectations despite higher-than-expected inflation.

Wincanton’s pre-tax profit for fiscal 2022 increased on lower costs

Wincanton PLC said on Friday that pre-tax profit for the 2022 financial year increased after recording lower costs, and that it had good momentum in the new business pipeline and was confident in its future growth opportunities.

Mast Energy Developments appoints Pieter Krugel as CEO

Mast Energy Developments PLC announced on Friday that it has appointed Pieter Krugel as chief executive, effective June 1.

TheWorks.co.uk says FY2022 performance above pre-pandemic levels and restores dividend

Shares of TheWorks.co.uk PLC rose on Friday after it said its performance in the 2022 financial year was strong and above pre-pandemic levels, and it was restoring dividends.

Braemar Shipping sees FY 2023 Adj. Operating profit above views

Braemar Shipping Services PLC said on Friday that it expects underlying operating profit for the financial year 2023 to exceed market expectations and that it intends to declare a dividend for the financial year 2022.

Eagle Eye Sees FY2022 Revenue and Adjusted Ebitda Ahead of Views

Eagle Eye Solutions Group PLC said on Friday it expects revenue and Adjusted Ebitda for fiscal 2022 to beat current market expectations by around 7% and 10%, respectively.

 
Market Talk: 

UK 10-year gilt yield rises after retail data beats forecast

0914 GMT – UK 10-year borrowing costs rise after official data showed stronger-than-expected retail sales in April. The 10-year gilt yield is last trading at 1.909%, down from 1.855% at Thursday’s close, according to Tradeweb. UK retail sales were flat at 1.4% in April from the previous month, defying expectations from a WSJ poll of economists that sales would fall 0.3% against prices high consumption and low consumer confidence. Annual CPI inflation hit a 40-year high of 9% in April, up from 7% in March, but below expectations for a jump of 9.1%. (lorena.ruibal@wsj.com)

Croda remains on track as prices help offset rising costs

08:36 GMT – Croda International shares are among the biggest risers in the FTSE 100, up 3% after the chemicals company reiterated its full-year expectations as it continues to offset rising material costs first by higher prices. In a trade update accompanying its annual general meeting, Croda reported continued strong FY22 trade and robust demand in North America and Asia, despite coronavirus lockdowns in China. He said he expects strong profit margins and no change from consensus expectations. “We expect a moderate stock price reaction,” Jefferies analysts said in a note. (philip.waller@wsj.com)

 

Contact: London NewsPlus; paul.larkins@wsj.com

(END) Dow Jones Newswire

May 20, 2022 05:37 ET (09:37 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.


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