Asos Plugs CFO Gap With MatchesFashion Hire: The London Rush

The UK has avoided a technical recession by the narrowest of margins in data released this morning. It probably is good news, but will provide little consolation to families or businesses struggling to make ends meet — and doesn’t avoid the fact that output fell 0.5% in December. Chancellor Jeremy Hunt said it shows the economy is “more resilient than many feared,” adding that we tackle inflation we have among “the best prospects for growth of anywhere in Europe.” A happy Friday for him.

(Bloomberg) — The UK has avoided a technical recession by the narrowest of margins in data released this morning. It probably is good news, but will provide little consolation to families or businesses struggling to make ends meet — and doesn’t avoid the fact that output fell 0.5% in December. Chancellor Jeremy Hunt said it shows the economy is “more resilient than many feared,” adding that we tackle inflation we have among “the best prospects for growth of anywhere in Europe.” A happy Friday for him.

Here’s the key business news from London this morning:

In The City

Asos Plc: The online fashion retailer has named Sean Glithero as interim CFO, until the permanent replacement can be found.

Glithero has led finance operations in companies like Auto Trader Group Plc, Funding Circle Holdings Plc and, most recently, luxury rival MatchesFashion

Barclays Plc: Investors with $1.5 trillion have called on major banks including Barclays and BNP Paribas SA to halt the direct financing of new oil and gas fields by the end of this year.

Aegon Asset Management and Candriam are among 30 money managers to urge the banks, which also include Credit Agricole SA, Deutsche Bank AG and Societe Generale SA, to cease financing activities that “may jeopardize the global path to net-zero,” according to a statement
The campaign was coordinated by ShareAction, a London-based nonprofit that’s also instigated shareholder resolutions urging Barclays and HSBC Holdings Plc to phase out fossil fuels

Saga Plc: The over-50s company is in exclusive talks to sell, Acromas Insurance Company limited, an underwriter that is part of its wider Insurance business, to Open Insurance Technologies Pty.

Fulcrum Metals Plc: The minerals exploration company plans to raise about £3 million by listing on London’s AIM exchange.

UK GDP: Gross domestic product was unchanged in fourth quarter after a revised 0.2% decline in the previous three months, the Office for National Statistics said Friday, with output in December falling 0.5%.

In Westminster

Labour posted another convincing special-election victory — easily retaining an open seat in West Lancashire — in a boost for Keir Starmer’s efforts to lead his party back to power after almost 13 years in opposition.

Rishi Sunak has occasionally been criticized for an approach to government that is more management consultant than political visionary, writes Bloomberg Opinion’s Therese Raphael, adding that even his detractors acknowledge that he’s brought a level of professionalism to 10 Downing Street. “And yet it only takes one major misstep for a reputation of competence to unravel.”