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UK Economic Growth in July Looks Disappointing

09/12/2022 | 04:18am EST

UK Economic Growth in July Looks Disappointing

0717 GMT - The U.K. economy expanded 0.2% in July, an increase that is disappointing taking into account a mechanical rebound was expected after the drop in activity during the Queen's Jubilee bank holiday in June, ING developed markets economist James Smith says in a note. An extra bank holiday in September due to Queen Elizabeth II's funeral is likely to add further volatility to monthly data, but it looks like the economy will stagnate in 3Q and slightly contract in 4Q, he says. However, the energy price cap should make a difference to the outlook this winter, Smith says. "While we'd caution about automatically assuming this means the economy avoids a technical recession, it should help limit the depth of any downturn," he says. (xavier.fontdegloria@wsj.com)

 
Companies News: 

Australia's Financial-Intelligence Agency Investigates Entain

Australia's financial-intelligence agency said it has begun an investigation into a unit of U.K.-listed Entain PLC, which will consider whether the betting company breached anti-money laundering laws.

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Serco CEO Rupert Soames to Retire by September 2023; Mark Irwin Named Successor

Serco Group PLC said Monday that Chief Executive Rupert Soames intends to retire from the company by September 2023, and that Mark Irwin has been named his successor.

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Beeks Financial Cloud Says FY 2022 Has Been in Line With Market Views

Beeks Financial Cloud Group PLC said Monday that trading performance for fiscal 2022 has been in line with market expectations and that it expects to grow further in fiscal 2023.

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DFS Furniture Nonexecutive Chairman Ian Durant to Retire

DFS Furniture PLC said Monday that Nonexecutive Chairman Ian Durant will retire from the company on Nov. 4 during the conclusion of the annual general meeting.

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UK Oil & Gas Raises GBP3 Mln Via Discounted Placing; Guzyal Mukhametzhanova Named CFO

UK Oil & Gas PLC said Monday that it has raised gross proceeds of 3 million pounds ($3.5 million) via a discounted share placing and that Guzyal Mukhametzhanova has been named the company's new chief financial officer.

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Grainger FY 2022 To-Date Rental Growth Rose, Occupancy High

Grainger PLC said Monday that like-for-like rental growth for the first 11 months of fiscal year 2022 rose 4.5%, and occupancy levels remained high.

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Accsys Technologies Five-Month Wood Revenue Stable, Supported by Strong Demand

Accsys Technologies PLC said Monday that it has benefited from continuing strong demand and stable wood revenue in the first five months of fiscal 2023.


Contact: London NewsPlus, Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

09-12-22 0417ET

Stocks mentioned in the article
ChangeLast1st jan.
ACCSYS TECHNOLOGIES PLC 0.15% 65.6 Delayed Quote.-63.30%
BRENT OIL -1.44% 83.79 Delayed Quote.9.14%
DFS FURNITURE PLC 0.94% 151 Delayed Quote.-43.02%
ENTAIN PLC -0.14% 1406.5 Delayed Quote.-16.43%
GRAINGER PLC -0.08% 244.8 Delayed Quote.-22.29%
SERCO GROUP PLC 0.29% 170.5 Delayed Quote.26.67%
WTI -1.80% 76.529 Delayed Quote.3.43%
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