UK Inflation Took Smaller Toll Than First Thought, But Rates
Drag to Come
0738 GMT - The upward revision to U.K. GDP, both in the third
and fourth quarters of last year, suggests that high inflation took
a slightly smaller toll on the economy that first thought, Ruth
Gregory, deputy chief U.K. economist at Capital Economics, says in
a note. The stagnation originally expected in 4Q was revised up to
0.1% and the fall in 3Q GDP was revised up to 0.1% from 0.2%. But
with around two-thirds of the drag on real activity from higher
rates--from 0.10% to 4.25%--yet to be felt, it is still likely the
economy will slip into a recession this year, Gregory says.
(edward.frankl@wsj.com)
Companies News:
Rio Tinto and First Quantum to Form JV for La Granja Copper
Project in Peru
Rio Tinto PLC said Friday that it will form a joint venture with
the Canadian First Quantum Minerals Ltd. to develop the La Granja
copper project in Peru.
---
Rolls-Royce Names Helen McCabe Chief Finance Officer
Rolls-Royce Holdings PLC said Friday that Helen McCabe will join
the board as chief financial officer later in the year.
---
Vanquis Banking 2022 Pretax Profit Rose on Loan Book Growth
Vanquis Banking Group PLC on Friday reported a rise in 2022
pretax profit as it saw strong loan book growth across its
businesses and said it has seen positive momentum from the fourth
quarter continue into 2023.
---
Abingdon Health 1H Pretax Loss Narrowed on Lower Costs
Abingdon Health PLC said Friday that its pretax loss narrowed
for the first half of fiscal 2023 after booking lower costs, and
that it expects revenue in the second half to be significantly
ahead of that seen in the first half.
---
James Halstead First Half Pretax Profit Fell on Higher Costs,
But Sees Pressures Easing
James Halstead PLC said Friday that pretax profit for the first
half of fiscal 2023 fell on the back of higher expenses, despite
reaching record revenue levels, but expects inflationary pressures
and logistic costs to improve.
---
NCC Group Cuts Fiscal 2023 Adjusted Operating Profit
Guidance
NCC Group PLC on Friday lowered its adjusted operating profit
guidance for fiscal 2023 citing the further deterioration of the
macro-economic and market environment on its businesses.
---
Dignity Swings to 2022 Pretax Loss on Higher Admin Cost,
Impairment Charge
Dignity PLC said Friday that it swung to a pretax loss in 2022
due to higher administrative expenses and impairment charge.
---
3i Infrastructure Says Portfolio Performed Strongly in 2H
3i Infrastructure PLC said that its portfolio performed strongly
in the second half of fiscal 2023, and that the preparations for
the potential divestment of portfolio company Attero were at an
advanced stage.
---
Inchcape to Buy Mercedes-Benz's Indonesian Business in JV With
Local Partner
Inchcape PLC said Friday that it has agreed to buy Mercedes-Benz
Group AG's Indonesian business in a joint venture with local
partner Indomobil Sukses Internasional.
---
On the Beach Names Jon Wormald as New CFO, Sets Date for New CEO
Start
On the Beach Group PLC said Friday that it has appointed Jon
Wormald as new chief financial officer, effective June 30, at which
point the company's previously announced succession plan will be
enacted.
---
Parkmead Shares Fall After 1H Swing to Pretax Loss on License
Impairments
Parkmead Group PLC shares fell on Friday after the group
reported a swing to pretax loss dragged by one-off impairments
despite a revenue jump.
---
Goldplat 1H Pretax Profit Fell on Lower Ghana, South Africa
Revenue
Goldplat PLC said Friday that pretax profit fell for the first
half of fiscal 2023 as revenue at the Ghana and South Africa
recovery operations declined.
---
Shearwater Shares Fall After Warning of FY 2023 Market
Expectations Miss
Shearwater Group PLC shares fell Friday after the group said
that it expects its fiscal 2023 performance to significantly miss
market expectations on the back of a worse-than-previously
anticipated costumer backdrop.
---
Computacenter Posts Stable 2022 Pretax Profit, Names New CFO
Computacenter PLC on Friday posted a 2022 pretax profit broadly
in line with the previous year and named a new chief financial
officer.
---
UnitedHealth Takeover of EMIS Faces Further UK Competition
Investigation
The U.K. Competition and Markets Authority said on Friday that
it will refer the UnitedHealth Group Inc.'s 1.24 billion-pound
($1.54 billion) deal to buy EMIS Group PLC to a phase two
investigation.
---
De La Rue Considering Content of Requisition Notice to Remove
Chairman Kevin Loosemore
De La Rue PLC said Friday that the board was considering the
contents and legality of a requisition notice requesting a general
meeting to vote on removing Chairman Kevin Loosemore and appoint
Pepyn Dinandt as chairman of the board.
Market Talk:
Copper Prices to Be Bolstered by Low Inventories, China
Rebound
0729 GMT - Low inventories of copper in London Metal Exchange
warehouses and growing demand from China is likely to boost prices
this year, according to Fitch Solutions. Fitch is boosting its
annual price forecast for 2023 to $9,000 a metric ton from $8,500 a
ton, it says in a note. Prices on Friday sat at $8,964 a ton in
London. Rising demand from China as the country emerges from
Covid-19 lockdowns and a weaker U.S. dollar are likely to act as
tailwinds for copper, the research firm says. This, added to the
fact that LME warehouse inventories are sitting at multi-year lows,
means prices should remain elevated. That said, countries slipping
into recession and jitters around banking are likely to cap prices,
Fitch says. (yusuf.khan@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
March 31, 2023 03:55 ET (07:55 GMT)
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