UK Economy Contracts as Winter Recession Risks Grow
August 12 2022 - 3:57AM
Dow Jones News
UK Economy Contracts as Winter Recession Risks Grow
0710 GMT - U.K. quarterly output fell by 0.1%, which is almost
entirely down to the addition of an extra bank holiday for the
Queen's Jubilee in June, as well as the winding-down of public
spending in Covid-19 testing and vaccines through the quarter,
ING's developed markets economist James Smith says in a note. An
artificial rebound in July should see monthly GDP rise by roughly
0.7% and overall third quarter GDP by around half a percent,
according to ING. But by 4Q, the signs of recession are likely to
be more apparent, Smith says. The risk of a recession are rising
and much now depends on fiscal policy announcements in the autumn,
Smith says. (maria.martinez@wsj.com)
Companies News:
Haleon Says It Hasn't Been Notified About Litigation on Zantac
Drug
Haleon PLC said Friday that it hasn't been notified about
potential negative implications of U.S. lawsuits over discontinued
heartburn drug Zantac.
---
888 Holdings 1H Pretax Profit Fell Materially
888 Holdings PLC reported on Friday a significant decline in
pretax profit for the first half of 2022 on lower contribution,
increased legal and professional costs linked to the acquisition of
William Hill, and expenses related to the disposal of the Bingo
business.
---
TBC Bank's 2Q Pretax Profit Fell on Higher Costs; Outlook
Unchanged
TBC Bank Group PLC reported Friday a decline in pretax profit
for the second quarter of 2022 on the back of higher operating
expenses, and reiterated its medium-term targets for the whole
year.
---
Stelrad Group 1H Pretax Profit Fell on Turkish Subsidiary Costs;
Declares Dividend
Stelrad Group PLC said Friday that pretax profit for the first
half fell amid higher costs caused by its Turkish subsidiary new
reporting standards, but revenue rose driven by increased
margins.
---
Global Invacom Group 1H Pretax Loss Widened; Starts Business
Review
Global Invacom Group Ltd. said Friday that pretax loss for the
first half of 2022 widened and revenue fell amid a shortage of
semiconductors, and that it is reviewing its business given
continuing challenges.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
August 12, 2022 03:42 ET (07:42 GMT)
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