UK Economy Seen Facing Hit From Covid-19, Brexit
The U.K. economy faces inflation remaining above the Bank of England's 2% target and weaker growth next year, Deutsche Bank says. "The combination of supply shocks because of Covid and Brexit, alongside lower supply via weaker migration/lower participation and investment, should see the U.K. economy experience above-target inflation for almost all of next year at the same time as economic momentum slows materially," Deutsche Bank economist Sanjay Raja says. "We continue to see U.K. GDP coming in around 7% this year but slowing to under 4% next year."
Woodbois Appoints Federico Tonetti as CEO, Paul Dolan Becomes Executive Chair
Woodbois Ltd. said on Monday that it has appointed Federico Tonetti as chief executive officer with immediate effect replacing Paul Dolan who becomes executive chairman of the company.
CyanConnode 1H Pretax Loss Narrowed on Higher Revenue
CyanConnode Holdings PLC said Monday that its pretax loss for the first half of fiscal 2022 narrowed as the company benefited from the continued deployment of projects.
TMT Acquisition Posts 1H Pretax Loss on Listing Costs
TMT Acquisition PLC on Monday reported a pretax loss for the first half of fiscal 2022 because of costs related to its listing on the London Stock Exchange.
Yu Group Shares Rise on Becoming Supplier of Last Resort for Ampower
Yu Group PLC shares rose Monday after it said it has been appointed by a U.K. regulator as supplier of last resort for Ampoweruk Ltd., and that it has taken on their electricity and gas customer book.
Nanoco Group Appoints Liam Gray CFO
Nanoco Group PLC said Monday that it has appointed Liam Gray as chief financial officer, effective immediately.
Panther Metals Subsidiary to Raise A$5 Mln in Australia IPO
Panther Metals PLC said Monday that its subsidiary Panther Metals Ltd. expects to raise five million Australian dollars ($3.7 million) in conjunction with its initial public offering on the Australian Securities Exchange.
Invinity Ships More Than 4.2 MWh of Products in Recent Weeks Despite Supply Presure
Invinity Energy Systems PLC said Monday that it has shipped more than 4.2 megawatt hours of batteries in recent weeks, though supply-chain issues and inflationary pressures are likely to persist into 2022.
Eneraqua Technologies Expects to Raise GBP12 Mln at November IPO
Eneraqua Technologies PLC said Monday that it expects to raise 12 million pounds ($16.2 million) of new money upon admission into London's junior AIM market later in the month.
UK Regulator Issues Initial Enforcement Order on IAA's Acquisition of Synetiq
The U.K. Competition and Markets Authority said Monday that it has served an initial enforcement order on digital vehicle marketplace IAA Inc.'s acquisition of Synetiq Ltd., a U.K. salvage and vehicle dismantling company.
ViaSat to Buy Inmarsat in $7.3 Billion Deal
ViaSat Inc. said Monday that it has agreed to acquire British satellite telecommunications company Inmarsat in a cash and stock deal worth $7.3 billion.
IronRidge to Begin Trading on US Platform OTCQX
IronRidge Resources Ltd. said Monday that it will commence trading on the U.S. trading platform OTCQX to attract national investors.
Pro Bankruptcy Briefing: Puerto Rico Nears Bankruptcy Exit Hearing; Cineworld Faces Canadian Lawsuit on Scuttled Deal
Good day. Puerto Rico is on the brink of exiting bankruptcy and filed a fresh debt-adjustment plan reflecting the latest negotiations on pensions. Cineworld is facing litigation in Canada over a busted deal, showing the theater industry's lingering challenges from Covid-19.
McAfee to Be Bought by Investor Group for $26/Share in Cash
McAfee Corp. said it would be acquired by an investor group for $26 a share in an all-cash deal valued at about $12 billion on an equity-value basis, and more $14 billion on an enterprise-value basis including debt.
Unilever's Internal Carbon Price Raises Money to Cut Emissions, CEO Says
1250 GMT - Unilever's internal price on carbon hasn't much helped the company discriminate on what projects go forward, but it has raised around EUR120 million to cut emissions in manufacturing and distribution after taxing other projects at the company, the consumer goods giant's CEO Alan Jope says.Speaking at a Bloomberg side event during the United Nations' climate-change conference in Glasgow, Jope says Unilever placed an internal carbon price of EUR50 a metric ton that is building toward EUR100 a ton. "It's created an experimental fund for us, it's been fantastic," he says.
Go-Ahead May Not Pay FY 2021 Dividend Amid Penalty Potential
1237 GMT - Although U.K. transportation company Go-Ahead has the financial strength to pay a dividend for fiscal 2021 there is a risk that one won't be declared given uncertainty surrounding a financial penalty, Peel Hunt says. The company is currently under independent review regarding its London and Southeastern Railway Ltd. franchise, or LSER. "Including expected provisions relating to LSER, but excluding any potential penalty, the results are expected to be in line with the board's expectations," the U.K. brokerage adds. Shares are down 2.8% at 793.50 pence.
UK's 3Q Economic Growth Expected to Have Slowed Sharply
1144 GMT - Economic growth momentum in the U.K. has slowed markedly in the third quarter after the 5.5% expansion registered in 2Q, Deutsche Bank's senior economist Sanjay Raja says. The U.K.'s GDP is set to have grown by 1.4% in 3Q compared with the previous three-month period, a slowdown driven largely by a combination of easing household consumption and government spending, he says. "Coming into 3Q, consensus expectations were for over 2% on-quarter growth... But underlying data thus far paints a much more disappointing picture," Raja says. The U.K.'s 3Q GDP data is due Thursday. Economists polled by The Wall Street Journal expect a 1.5% expansion compared with the previous quarter.
Consensus on the Global Outlook Is Now Too Optimistic, Says Capital Economics
1144 GMT - Prospects for the global recovery over the past year were upbeat, but the recovery is now entering a more difficult phase, Capital Economics' group chief economist Neil Shearing says. Consensus forecasts for GDP growth in 2022 look too optimistic, and inflation is likely to be higher than most currently anticipate in several economies, notably in the U.S., the economist says. The brake on growth is increasingly coming from the supply side rather than the demand side of economies and this poses a substantial challenge to governments and central banks. "Weak demand can be combated by dialing up fiscal and monetary support, but supply constraints are more difficult to remedy," Shearing says.
Kingspan Delivers Another Big Upgrade to Spectacular Year
1119 GMT - Kingspan's updated guidance of EUR750 million in trading profit for 2021 exceeds current forecasts by around 9%, Davy Research says. The building construction materials retailer's new expectation will bring the aggregate upgrade since the start of the year to more than 40%, or around EUR220 million, the Irish research firm says. Even by Kingspan's high standards, this is proving to be a truly spectacular year with trading profit growth likely to exceed 45%, Davy says. "Off this high base, we are likely for now to assume profits remain little changed in 2022, but there remains plenty to play for," Davy says, retaining its outperform rating.
Sirius Real Estate Delivers Strong Results, Bullish Outlook
1117 GMT - Sirius Real Estate's portfolio continues to deliver a strong operational performance, with a material increase in both portfolio occupancy and the average rate per square meter over the last five years, Liberum says. The operator of German business parks has significant upside potential given the prospect of asset management improvements across its portfolio, and as the average value per square meter of EUR895 is well below replacement cost, which offers scope for further growth, Liberum says. "We note the bullish outlook from management regarding expectations of funds from operations growth in the second half and over the medium-term through the capex program and vacancy reduction," the brokerage says.
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