LIVE BUSINESS: UK Economy Shrinks 0.5% in July
The FTSE 100 is down 0.2 per cent in early trading. Among the companies with reports and trading updates today are Redrow, Aviva, Old Mutual, Hornby, 888 Holdings and CAB Payments.
Read the Wednesday 13 September Business Live blog below.
Redrow Profits Expected to More Than Halve on Housing Market Slowdown
Housebuilder Redrow has issued a warning that profits are expected to more than halve this year due to the ongoing slowdown in the property market. The company reported a 4% decline in underlying pre-tax profits to £395 million for the year ending 2 July, as cost inflation outpaced house price growth.
France Watchdog Bans Sales of Apple’s iPhone 12 Over Radiation Levels
The French agency that regulates radio frequencies, the ANFR, has ordered Apple to stop sales of the iPhone 12 in France over concerns of excessive electromagnetic radiation levels. Apple has been instructed to fix the issue with existing handsets.
William Hill Owner 888 Hires Superbet CFO as Finance Chief
888 Holdings, the parent company of William Hill, has hired Sean Wilkins, the CFO of European rival Superbet, as its next chief financial officer. Wilkins will bring 17 years of experience leading financial operations at both private and public companies.
St James’s Place Appoints Former Prudential Exec as Next CEO
St James’s Place has announced the appointment of Mark FitzPatrick, an ex-Prudential executive, as its next chief executive. FitzPatrick will join the company on 1 October as the chief executive-designate and take over from current CEO Andrew Croft in December.
BP CEO Resigns, Company Seeks Replacement
BP has been plunged into crisis following the sudden resignation of CEO Bernard Looney due to personal relationships with staff. The company is now searching for a new chief executive to replace him.
Aviva to Sell Stake in Singlife Joint Venture for £800m
Aviva has announced that it will sell its 25.9% stake in Singapore Life Holdings (Singlife) to Sumitomo Life for £800 million in cash. The deal includes the sale of two debt instruments along with the equity stake.
Market Open: FTSE 100 and FTSE 250 Down on July’s Economic Contraction
London-listed stocks are trading lower this morning following fresh data from the Office for National Statistics (ONS) showing that the UK economy contracted at the fastest pace this year in July. The data has sparked concerns of a potential recession.
Poundland Acquires 71 Wilko Stores
Poundland has reached a deal to purchase 71 closing stores from Wilko, potentially saving some jobs. The move comes as Wilko shuts down its 398 shops.
UK Economy Shrinks in July, Igniting Recession Fears
The UK economy contracted by 0.5% in July, reversing the previous month’s growth. The decline was attributed to strike action in the healthcare, education, and transport sectors, as well as the ongoing cost-of-living crisis. Some experts warn these figures could foreshadow a recession.
BP CEO Resignation Raises Concerns Ahead of General Election
The sudden resignation of BP CEO Bernard Looney, due to personal relationships with colleagues, has raised concerns as the UK approaches a general election. The state of the economy is expected to be a central issue during the election campaign.
UK Economy Contracts in July, Prompting Interest Rate Speculation
The UK economy contracted by 0.5% in July, exceeding economists’ expectations. The slowdown has fueled speculation about the possibility of a recession. The Bank of England’s decision on interest rates will be closely watched in response to this data.
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