Businesses See Almost 50% Chance of Global Recession
1031 GMT - The September global risk survey by Oxford Economics suggests that business gloom has intensified over the past month. Respondents judge there is a 47% probability of a global recession over the next 12 months. The most commonly cited triggers for a recession are further war-related energy-market disruption and rapid monetary policy tightening in the face of high inflation, at the same time as growth remains subdued in China, Oxford Economics' head of macro scenarios Jamie Thompson says in a note. The risk of stagflation is also rising, according to businesses. Respondents see more than a 1-in-5 chance of a high-inflation regime scenario materializing, the survey results showed.
Companies News:
Frasers Group's Mike Ashley to Stand Down from Board at AGM
Frasers Group PLC said Tuesday that Mike Ashley won't be standing for re-election at the annual general meeting on Oct. 19, and will therefore stand down from the board.
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Kingfisher 1H Pretax Profit, Sales Fell on Persistent Inflationary Pressures
Kingfisher PLC on Tuesday reported a significant decline in pretax profit for the first half of fiscal 2023, and said sales fell amid inflationary pressures, which are expected to persist in the second half.
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Moonpig Sees FY 2023 Revenue Doubling From Prepandemic Levels
Moonpig Group PLC said Tuesday that its performance for fiscal 2023 to date has been in line with management expectations and it expects to see revenue double when compared with the same period three years ago.
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UK Regulator Starts Inquiry Into ALD, LeasePlan Deal
The U.K. competition authority on Tuesday launched an inquiry into the proposed acquisition of LeasePlan Corporation NV by Societe Generale SA's vehicle-leasing business ALD SA.
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Fuller Smith & Turner Sales Rose in Early Part of FY23; Sees Energy Costs Rising
Fuller Smith & Turner PLC said Tuesday that like-for-like sales for the 25 weeks to Sept. 17 rose 21% on year as it continues its pandemic recovery, though it expects energy costs to significantly rise.
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Unbound Group 1H Pretax Loss Widened, Expects Short-Term Operating Profit Pressures
Unbound Group PLC said Tuesday that pretax loss slightly widened, despite of higher sales, as the group is focusing on cost control and protecting margins to face the current market backdrop.
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Henry Boot 1H Pretax Profit, Revenue Rose; Backs 2022 Market Views
Henry Boot PLC said Tuesday that its first-half pretax profit rose significantly on strong land sales and industrial development, and backed market expectations for the full year.
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SThree Sees FY 2022 Pretax Profit Ahead of Views, Supported by Strong 3Q
SThree PLC said Tuesday that its performance for the third quarter of fiscal 2022 saw net fees grow and it expects to close the financial year with a higher than expected pretax profit.
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Xaar's 1H Pretax Loss Narrowed as Margins Rose; China Business Hurt by Covid-19
Xaar PLC said Tuesday that first-half pretax loss narrowed as strong revenue growth led to a 40% rise in overall gross margins, and that its performance in China in the period had been hurt by continued Covid-19 restrictions.
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Eve Sleep Shares Fall on Funding Requirement
Shares of Eve Sleep PLC fell 21% on Tuesday after the company said that it will need to raise extra funds next month and warned that if it can't get the extra financing, or if a firm offer for the company isn't received, then it will need to take "appropriate steps to preserve value for creditors."
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Ferrexpo Must Transfer Poltava Stake to Claimants, Court Says
Ferrexpo PLC said Tuesday that a Ukrainian appeals court has ruled that its 40.19% stake in Ferrexpo Poltava Mining should be transferred to a group of claimants.
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City of London Investment Group FY 2022 Pretax Profit Rose
City of London Investment Group PLC said Tuesday that its fiscal 2022 pretax profit rose, primarily reflecting full-year contributions from the KIM acquisition completed in October 2020.
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Haleon 1H Pretax Profit Rose on Strong Brand Performance; Rejects Zantac Claims -- Update
Haleon PLC on Tuesday reported an increase in pretax profit for the first half of 2022, driven by a robust brand performance, and said that it isn't a party to any claims related to the heartburn drug Zantac.
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FirstGroup to Sell Most Legacy Greyhound Property Portfolio for $140 Mln
FirstGroup PLC said Tuesday that it will sell all but two items of its legacy Greyhound property portfolio to Twenty Lake Holdings LLC for around $140 million, and that it expects to complete the sale in December.
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Appreciate Performing in Line With Views; Sees Higher 3Q Billings
Appreciate Group PLC said Tuesday that its performance in fiscal 2023 to date has been in line with its expectations, and that it expects third quarter billings to rise on-year.
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Belluscura 1H Pretax Loss Widened on Higher Costs; Shares Fall
Shares in Belluscura PLC fell Tuesday after it said that its first-half pretax loss widened after booking higher costs.
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
09-20-22 0737ET
