BP and Shell ready for share price bump as analysts predict super-sized profits April 30, 2023 Oil giant BP is expected to report its second-highest first-quarter profit in more than a decade next week, despite a dip from last year’s massive spike. Analysts expect the company to report that underlying replacement cost profit – the way the company prefers to measure its earnings – reached 4.27 billion dollars (£3.4 billion) in [...]
Mastercard seeks to expand crypto card tie-ups April 28, 2023 Mastercard will expand its cryptocurrency payment card programme by seeking more partnerships with crypto firms, the company’s head of crypto and blockchain said, even as the sector comes under closer scrutiny from regulators and banks grow wary. Mastercard has already partnered with crypto exchanges including Binance, Nexo and Gemini to offer crypto-linked payment cards in some countries. The Binance cards allow users to make payments in traditional currencies, funded by their cryptocurrency holdings on the [...]
US officials lead urgent rescue talks for First Republic April 28, 2023 US officials are coordinating urgent talks to rescue First Republic Bank as private-sector efforts led by the bank’s advisers have yet to reach a deal, according to three sources familiar with the situation. The Federal Deposit Insurance Corporation (FDIC), the Treasury Department and the Federal Reserve are among government bodies that have in recent days [...]
Eurozone grows marginally in first quarter as outlook for 2023 remains weak April 28, 2023 The eurozone grew only marginally in the first three months of 2023 and at a rate lower than market expectations after stagnation at the end of last year, preliminary data showed on Friday. Gross domestic product in the eurozone expanded by 0.1 per cent in the first quarter, below expectations in a Reuters poll for [...]
Co-op Bank buoyed by interest rate rises as takeover speculation continues April 28, 2023 The Co-operative Bank has reported a jump in income as the latest lender to be boosted by higher interest rates which have pushed up the cost of borrowing. The company said its net interest income – the difference between what a bank charges for loans and pays for savings – surged by a fifth to [...]
Chanel dismisses IPO rumours as it eyes ‘pent up demand’ from consumers in China April 28, 2023 Chanel, one of the world’s biggest luxury brands, will remain private, after the French company’s boss dismissed IPO rumours. “We’re going to stay a private, independent company,” Leena Nair, chief executive of Chanel, told the Financial Times. “Rumours always float around, but you can put those to rest.” Nair, who joined the company in January [...]
Richard Sharp resigns as BBC chairman over breach of appointment rules April 28, 2023 Richard Sharp has resigned as BBC chairman after conceding a report found he breached the governance code for public appointments. He announced on Friday morning that he will stand down at the end of June after reading the findings of barrister Adam Heppinstall KC’s review into his appointment, which has just been published. The report [...]
Deutsche Bank to buy British stockbroker Numis for £410m April 28, 2023 Deutsche Bank said on Friday it had agreed to buy Numis Corp, a London-based institutional stockbroker and corporate adviser, for about 410 million pounds ($511.2 million) as the German company deepens links with the UK corporate client segment. The 350 pence-per-share, all-cash offer represents a premium of 72 per cent to Numis stock’s Thursday close. [...]
Pearson reports strong quarter as it announces £300m share buyback April 28, 2023 Educational publisher Pearson said the start of the year has been strong, with results ahead of expectations in the initial months. The company reported sales had grown by 2 per cent across the business, but excluding a unit that it has agreed to sell and the hit from running a strategic review, sales were up 6 per [...]
Amazon share price tanks after software giant announces fall in cloud spend April 28, 2023 The brakes appeared to be coming on to Amazon’s cloud growth spending as the tech giant said it was looking to cut costs. The news overshadowed the company’s quarterly sales, and an announcement that its profits that topped expectations. Amazon’s value rose $125bn (£100bn) but remarks by its chief financial officer Brian Olsavsky, drove the [...]
