UK construction output in ‘contraction territory’ for first time since pandemic August 4, 2022 The UK’s construction output has fallen for the first time since last January, according to US analytics giant S&P Global. Despite healthy employment rates in the country, civil engineering and housing activity declined in July amid spiralling inflation which has hit raw materials, fuel and labour. Gareth Belsham, director of property consultancy and surveyors Naismiths, [...]
UK inflation to surge above 15 per cent, more than seven times Bank of England target August 4, 2022 The Bank of England faces the grim prospect of overseeing the largest inflation surge in recent memory, with prices rising more than seven times faster than its target, a top think tank warned today. A sustained surge in energy costs triggered by Russia’s invasion of Ukraine and a sudden burst in demand after the Covid-19 [...]
Evraz profits plunge 99.5 per cent as sanctions hit August 4, 2022 Russian steel giant Evraz saw its profits fall by 99.5 per cent in the first half of the year after sanctions were slapped on the firm in May and demand for its products dried up.
Go-Ahead bidders add another £22m to their offer to give takeover of transport giant the final push August 4, 2022 The bidders planning to buy transport operator Go-Ahead Group have upped their offer by more than £20m. Australian bus network Kinetic and Spanish transport firm Globalvia agreed to take over Go-Ahead in June for around £647m. But the consortium of investors raised their takeover bid by £22m to about £669m today despite not having any [...]
Households face two painful energy bill hikes this winter as Ofgem confirms quarterly price cap August 4, 2022 The consumer price cap will be updated four times a year rather than twice, raising the prospect of painful hikes in energy bills this winter.
Phoenix Group set to buy Sun Life UK in £248m cash deal August 4, 2022 Pensions giant Phoenix Group is set to snap up life insurance firm Sun Life UK today in a cash deal worth £248m, the firm announced this morning.
Consortium inks £3.7bn takeover deal for Mediclinic August 4, 2022 Hospital chain operator Mediclinic is to be bought by a consortium for an equity value of around £3.7bn. The South African investment holding firm has snapped up the UK operation alongside MSC Mediterranean Shipping. “The recommended offer represents a near-term value realisation for Mediclinic shareholders at an attractive premium,” Dame Inga Beale, chair of Mediclinic, [...]
Glencore shareholders set for payday as profits jump to $18.9bn August 4, 2022 Mining and commodities giant Glencore announced it would put $4.5bn back in shareholders pockets today after it reported record half-yearly profits of $18.9bn on the back of soaring metal prices and market volatility.
The Gym Group sees memberships leap as boss lauds ‘once in a generation’ growth opportunity August 4, 2022 The Gym Group has said membership has swelled 10 per cent in the past six months, as it eyes the autumn opportunity to sign up returning university students. The gym operator, which runs 215 sites, shared that revenue had leapt to £84.2m and group adjusted EBITDA to £33.5m. The London-listed company hopes to have 300 [...]
European venture funding plunges as inflation hits private markets August 4, 2022 European venture capital funding slumped in the second quarter of the year as an investment boom tailed off amid soaring inflation and market shocks brought on by Russia’s invasion of Ukraine, new research has revealed.
