Latest news with #Sterling
Zawya
11 hours ago
- Business
- Zawya
Sterling set for weekly loss as Middle East conflict overshadows domestic data
Sterling gained slightly against the dollar on Friday but was set for a loss on the week as uncertainty over the Israel-Iran conflict fuelled demand for traditional safe havens such as the greenback. Weak UK retail data earlier in the session and the Bank of England's decision on Thursday to keep rates unchanged had little effect on the pound. Sterling was 0.2% higher at $1.3495 but eased 0.6% against the dollar on the week, after two consecutive weeks of gains. The dollar was set for its biggest weekly rise in more than a month on Friday. The BoE said it was monitoring risks from a weaker labour market and higher energy prices on the back of the conflict as it held interest rates at 4.25% as expected on Thursday, sending the pound down briefly against the U.S. dollar. "The pound was only lightly touched by a consensus Bank of England hold yesterday," ING FX Strategist Francesco Pesole wrote in a note to clients. "Yesterday's 6-3 vote split for a cut can be interpreted marginally on the dovish side and is allowing markets to reinforce their conviction call on an August cut." Markets now priced in a near-60% chance for a quarter-point cut at the BoE's next policy meeting. The euro was marginally up to 85.43 pence on Friday, set for its second week of gains in a row. Sterling briefly pared some earlier gains against the U.S. dollar after weak British retail sales data, which saw volumes recording their sharpest drop since December 2023 last month, as demand fell after shoppers splurged on food, summer clothes and home improvements the month before. "Retail sales in May brought significant payback" after a "hard to explain" strength in the previous four months, Allan Monks, chief U.K. economist at J.P. Morgan, said. The figures came alongside government borrowing figures which showed a slightly larger than expected budget deficit of 17.7 billion pounds ($23.88 billion) for May. Britain's economy grew at a faster-than-expected pace in the first quarter of 2025 but shrank in April, as a property tax break ended and U.S. tariffs started to sting. The BoE forecasts overall growth of 1% for 2025. ($1 = 0.7413 pounds) (Reporting by Linda Pasquini; Editing by Amanda Cooper and Andrew Heavens)
Reuters
12 hours ago
- Business
- Reuters
Sterling set for weekly loss as Middle East conflict overshadows domestic data
June 20(Reuters) - Sterling gained slightly against the dollar on Friday but was set for a loss on the week as uncertainty over the Israel-Iran conflict fuelled demand for traditional safe havens such as the greenback. Weak UK retail data earlier in the session and the Bank of England's decision on Thursday to keep rates unchanged had little effect on the pound. Sterling was 0.2% higher at $1.3495 but eased 0.6% against the dollar on the week, after two consecutive weeks of gains. The dollar was set for its biggest weekly rise in more than a month on Friday. The BoE said it was monitoring risks from a weaker labour market and higher energy prices on the back of the conflict as it held interest rates at 4.25% as expected on Thursday, sending the pound down briefly against the U.S. dollar. "The pound was only lightly touched by a consensus Bank of England hold yesterday," ING FX Strategist Francesco Pesole wrote in a note to clients. "Yesterday's 6-3 vote split for a cut can be interpreted marginally on the dovish side and is allowing markets to reinforce their conviction call on an August cut." Markets now priced in a near-60% chance for a quarter-point cut at the BoE's next policy meeting. The euro was marginally up to 85.43 pence on Friday, set for its second week of gains in a row. Sterling briefly pared some earlier gains against the U.S. dollar after weak British retail sales data, which saw volumes recording their sharpest drop since December 2023 last month, as demand fell after shoppers splurged on food, summer clothes and home improvements the month before. "Retail sales in May brought significant payback" after a "hard to explain" strength in the previous four months, Allan Monks, chief U.K. economist at J.P. Morgan, said. The figures came alongside government borrowing figures which showed a slightly larger than expected budget deficit of 17.7 billion pounds ($23.88 billion) for May. Britain's economy grew at a faster-than-expected pace in the first quarter of 2025 but shrank in April, as a property tax break ended and U.S. tariffs started to sting. The BoE forecasts overall growth of 1% for 2025. ($1 = 0.7413 pounds)
Reuters
2 days ago
- Business
- Reuters
Sterling slips ahead of Bank of England decision; Middle East in focus
LONDON, June 19 (Reuters) - Sterling slipped versus a stronger dollar on Thursday ahead of the Bank of England's policy decision, with no change to rates the widely expected outcome, while investor sentiment remained fragile given the flaring conflict in the Middle East. At 0618 GMT the pound was 0.24% lower at $1.339 and unchanged against the euro, which held at 85.515 pence. . The dollar strengthened after the Federal Reserve held rates steady as expected on Wednesday, and amid a surge in safe haven demand as a conflict in the Middle East continues and President Donald Trump weighs U.S. involvement. Traders are betting the BoE will follow suit in keeping rates steady on Thursday, even as the UK's economic growth is faltering and inflation cooled slightly in May. The chance of no change stands at 96% with a tiny chance of a 25 basis point rate cut. Attention will be on the voting, after last month's surprise three-way split among policymakers. A Reuters poll last week of 60 economists found that all of them expect the BoE to keep rates at 4.25% in June and almost all forecast a quarter-point rate cut in August. A jump in the price of oil during the ongoing Israel-Iran conflict presents another problem for the central bank to grapple with, as it could keep inflation higher. The pound has slipped more than 1% since last Thursday, but it remains 7% higher against the greenback in 2025, helped by a rush away from U.S. assets spurred by heightened trade uncertainty in light of Trump's tariffs. Also helping out is the fact that the UK is the only country to have struck a trade deal with the United States. Trump and British Prime Minister Keir Starmer finalised the deal at the G7 summit this week.
Yahoo
2 days ago
- General
- Yahoo
Sterling hospice nurse, her 32 years of military service honored with 'Quilt of Valor'
Jun. 18—STERLING — For retired U.S. Air Force Lt. Col. Julia Ritz of Walnut, service has never been a straight line — it is a calling set upon a twofold path. Recently honored by the Quilt of Valor Foundation with a handcrafted quilt commemorating her 32 years of service in the U.S. military, Ritz reflects on a career shaped by dedication, sacrifice and a lifelong devotion to helping others. Now a hospice nurse with Rock River Hospice & Home in Sterling, Ritz's journey into military service began in 1989, when she took her oath in the U.S. Navy during the Gulf War. Although originally pursuing a commission as a naval flight officer, her career ultimately evolved through service in the Navy Reserves, Minnesota Air National Guard and the U.S. Air Force. "I listed first, and then I crossed over to the other side," Ritz said. "I just retired on April 12 this year after 32 years." Ritz's career included active duty at Hurlburt Field with Air Force Special Operations Command following the Sept. 11, 2001, attacks, as well as deployments to Kandahar, Afghanistan, where she served as director of operations for an Expeditionary Medical Evacuation Squadron, and later to Al Udeid Air Base in Qatar. "I was not a combatant — just medical," Ritz said. "But that was pretty extraordinary, being in Kandahar." Ritz retired as a lieutenant colonel but remains humble about her career. "I wish I had made it to full bird," Ritz said. "But it was never about me — it was about the people." Ritz said she was inspired to serve by a sword that her grandfather had with an anchor on it. Her father also served as an Army reservist. That same sense of purpose led Ritz to health care. "It was kind of selfish on my part," she said. "When I started, females didn't get to serve everywhere that they do today, and health care or nursing was where you had a kind of target." Ritz became a commissioned officer through health care, serving in the Medical Service Corps while also maintaining credentials as a nurse — and, outside the military, a pilot. Her path into hospice work began during the early days of the COVID-19 pandemic. "I had met a hospice nurse from Rock River [Hospice & Home] at Parkway Center in Sterling," Ritz said. "When the pandemic kicked off, they lost all their nurses. ... That's how I got involved." Ritz credits her colleagues at Rock River Hospice, where she continues to care for patients and their families in their final stages of life. "It takes a special person to work with hospice. It's not easy," Ritz said. "Kudos to Jacqueline, my [director of nursing] /administrator, and all the rest of the nurses there at Rock River. They're wonderful people." The transition from military medicine to hospice care came naturally, although not without challenges. "The military has helped me, but it's never easy when you lose somebody — that doesn't end," Ritz said. "We treat them like family, and that's how we handle things. That's the same with the military ... you take care of each other, and it's a family thing." The Quilt of Valor, presented by the national nonprofit Quilt of Valor Foundation, is a handmade tribute awarded to service members and veterans who have been touched by war. The organization's mission is to honor and comfort those who have served, doing so with the tangible gift of a quilt — each one stitched with gratitude and recognition for sacrifice. For Ritz, receiving the quilt held deep personal meaning. War, she said, had shaped much of her military life. "Unfortunately, it's been throughout my whole time in the service, off and on," Ritz said. "You figure the Persian Gulf, I was on NAS Pensacola on a beach and going through training, and that was my first taste of what could happen. And then, of course, 9/11 was devastating. ... We all went to the base ready to go." Ritz also acknowledged the personal sacrifices made along the way. "I have to thank my children, Elisabeth and Thomas Sullivan," Ritz said. "They endured years of sacrifice as a family, and I couldn't have done this life without them." As Ritz continues her work in hospice care, she still holds a dream of returning to the skies. "My goal before I age out is to go back to either corporate or cargo flying," Ritz said. "But that's another story." For now, the quilt that Ritz received is more than just fabric — it is a symbol of a life of service, woven with honor, compassion and resilience.
Yahoo
3 days ago
- Business
- Yahoo
Sterling Infrastructure to acquire CEC Facilities Group for $505m
E-infrastructure solutions specialist Sterling Infrastructure has agreed to acquire 'substantially all of the assets' of CEC Facilities Group, a US-based speciality electrical and mechanical contractor. The upfront deal consideration is $505m, with $450m payable in cash and $55m in Sterling common stock. The infrastructure services provider also highlighted an earn-out opportunity for CEC, based on the fulfilment of future operating income targets until December 2029. Engaged in non-union electrical services to mission-critical sectors, CEC will become part of Sterling's e-infrastructure solutions segment. The boards of directors of both companies have given unanimous clearance to the deal. The acquisition is slated for completion in the third quarter of 2025, contingent on standard closing conditions. Electrical services, which generated more than 80% of CEC's 2024 revenue, are primarily delivered to high-growth markets such as semiconductors, manufacturing, and data centres. This acquisition will enable Sterling to enhance its e-infrastructure services, offering a broader range of services to cover the entire project lifecycle, along with presenting significant cross-selling opportunities. Sterling aims to leverage its track record in the data centre market alongside CEC's semiconductor market presence. With CEC's operations spanning Texas and extending into other US regions, Sterling sees a 'compelling' financial profile with strong growth, margins, and cash flow. CEC's financial projections for 2025 include revenues between $390m and $415m, EBITDA between $51m and $54m, and an adjusted EPS accretion of $0.63 to $0.70 per fully diluted share. These estimates take into account the share issuance for the acquisition, the cash purchase price, a 26% tax rate, and exclude purchase-accounting adjustments. Post-acquisition, CEC's founder and chairman Ray Waddell will assume a strategic role to drive growth within Sterling's electrical services platform. CEO Daniel Williams will continue heading CEC's operations. The deal is accretive to Sterling's capital investment returns and is stated to offer a platform for organic growth and further mergers and acquisitions. Sterling CEO Joe Cutillo said: "We believe that the combination of CEC's leading mission-critical electrical services and Sterling's best-in-class site civil infrastructure services will allow us to accelerate project timelines and become even more valuable to our customers. We welcome CEC to our team and believe their strong values, commitment to customers, and entrepreneurial spirit align perfectly with Sterling." Waddell commented: "As we celebrate 16 years since founding CEC, I'm incredibly proud of what our team has built—driven by our values, our people, and a relentless pursuit of excellence. "From day one, we've reinvested in our company and in our people - believing that long-term success comes from building talent, trust, and a culture of performance. This combination with Sterling adds a valuable element to their e-Infrastructure strategy - amplifying their momentum with CEC's deep expertise in semiconductors, data centres, and mission-critical environments. The opportunities ahead are extraordinary, and we're just getting started." "Sterling Infrastructure to acquire CEC Facilities Group for $505m" was originally created and published by World Construction Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
