BOE Likely to Extend Rate Rises if Labor Market Tightness Persists
0924 GMT - The Bank of England is expected to extend its cycle of rate increases if the U.K.'s labor market remains tight in the coming months, say RBC analysts in a note. "Risks to our current BOE call, which sees a terminal Bank Rate of 3.75%, emanated from the labor market which, should it remain tight even as activity slows, would lead to the Bank extending its hiking cycle," the analysts say. (miriam.mukuru@wsj.com)
Companies News:
BT Group to Combine Enterprise and Global Units
BT Group PLC said Friday that it plans to merge its global and enterprise units into a single B2B unit--BT Business--in a move that is expected to deliver annualized cost savings of at least 100 million pounds ($121.8 million) by the end of fiscal 2025.
---
Taylor Wimpey's Chair Irene Dorner to Step Down
Taylor Wimpey PLC said Friday that Chair Irene Dorner will step down from the board due to family reasons with effect on April 27, at the conclusion of the annual general meeting.
---
RS Group CEO Lindsley Ruth to Step Down for Personal Reasons
RS Group PLC said Friday that Chief Executive Officer Lindsley Ruth is stepping down from his role with immediate effect due to personal reasons.
---
Hollywood Bowl Posts FY 2022 Pretax Profit Beat, Raises Dividend
Hollywood Bowl Group PLC on Friday reported a huge rise in its pretax profit for the full year as strong customer leisure demand boosted its revenue and exceeded prepandemic levels.
---
Rank Group's Five-Month Revenue Slightly Rose Supported by Spanish Business
Rank Group PLC said Friday that its like-for-like net gaming revenue, or NGR, slightly rose in the five months of fiscal 2023 supported by its Spanish business.
---
Fulham Shore 1H Pretax Profit Fell Amid Higher Costs
Fulham Shore PLC said Friday that pretax profit for first half of fiscal 2023 fell after booking higher costs and despite increased revenue.
---
WH Ireland Guides for Full-Year Loss After 1H Swung to Loss
W.H. Ireland Group PLC said Friday that it swung to a first-half pretax loss, hit by challenging conditions that would likely lead to a full-year loss.
---
Infrastructure India to Report Net Liability Position in FY 2022 Accounts
Infrastructure India PLC said Friday that it expects to report a net liability position in its accounts for the year ended March 31, 2022, later this month, adding that they haven't been prepared on a going concern basis due to its financing position.
---
Bank of Ireland Hikes NII Guidance, Sees Hit From IFRS 17 Implementation
Bank of Ireland Group PLC on Friday hiked its net interest income guidance for 2022 but said that it estimates a dent in its operating profit and net asset value from the implementation of IFRS 17 in 2023.
---
Real Good Food Shares Fall After Widened 1H Pretax Loss Amid Deteriorating Backdrop
Real Good Food PLC shares fell on Friday after the company said that pretax loss for the first half of fiscal 2023 has widened, amid a revenue drop due to macroeconomic headwinds.
---
Uniphar's Planned Acquisition of Navi Fails After Regulator Blocks Deal
Uniphar PLC said Friday that its planned acquisition of Navi Group won't complete after failing to get approval from the Irish Competition and Consumer Protection Commission.
Market Talk:
Sterling Stays Weaker After UK PMI Survey
1001 GMT - Sterling stays weaker on the day after a key measure of U.K. manufacturing and services activity rose by more than expected in December but still signalled a contraction. The S&P U.K. composite purchasing managers' index rose to 49.0 in December from 48.2 in November, above forecasts of 48.0 in a WSJ survey of analysts, but a level below 50 indicates a contraction in activity. The improvement was led by services, offsetting weaker manufacturing activity. The data "add to the likelihood that the U.K. is in recession," S&P economist Chris Williamson says in the survey's press release. GBP/USD falls to 1.2123 after the data from 1.2135 beforehand and EUR/GBP is little changed at 0.8759. (renae.dyer@wsj.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
12-16-22 0544ET
