UK economy outlook darkens as growth slows and trade gap widens – business live | Business


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Shares in UK outsourcing firm Interserve have cratered by three-quarters this morning, to just 6p, as the government contractor battles to negotiate its second rescue deal this year.

The heavily indebted group, which has thousands of government contracts such as cleaning hospitals and serving school meals, said the rescue plan would mean substantial losses for current shareholders as the banks that have lent Interserve more than £600m take control of the company. It hopes to wrap up a deal early next year.

Interserve’s shares plunged to 6p in early trading, giving it a market value of less than £9m. At its peak in 2014, the shares were worth more than 700p.

Ben Marlow

Interserve share price obliterated this morning on news of debt-for-equity takeover by lenders. Down 70% in early trading to 7p, valuing the outsourcer at just £10m. Company set to fall into hands of hedge funds and banks in coming weeks just months after big refinancing

December 10, 2018


Europe opens in the red


The agenda: Markets keep falling; UK growth data coming up


2018-12-10 10:55:00

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