Samsung profits tank 95 per cent as chip demand dwindles July 27, 2023 Samsung experienced a 95 per cent plunge in profit during their second quarter, causing shares to drop over three per cent on Thursday. The Korean electronics company reported an operating profit of 670bn Korean won (£407m) for the three months ending 30 June, its lowest in 14 years, and significantly down from the 14.1t (£8.5bn) [...]
McDonald’s revenue growth to moderate as menu prices ease July 27, 2023 McDonald’s said on Thursday that revenue growth was expected to moderate in the second half of the year as signs of easing inflation prompt the burger giant to temper menu prices. Shares of the company were, however, up 1.5 per cent in morning trading after the burger chain posted better-than-expected quarterly profit and sales as [...]
Mastercard beats profit estimates on spending boost July 27, 2023 Mastercard on Thursday reported a bigger-than-expected rise in second-quarter profit, boosted by resilient spending in a turbulent economy.
European Central Bank hoists interest rates to joint record high of 3.75 per cent July 27, 2023 The European Central Bank (ECB) today lifted interest rates for the ninth time in a row, following the US Federal Reserve’s rise last night. It means the eurozone’s key interest rate now stands at 3.75 per cent, its highest level in 22 years. President Christine Lagarde and the rest of the governing council opted for [...]
All Bar One owner toasts rising revenues as cost pressures start to ease July 27, 2023 Mitchells & Butlers (M&B) share price soared over five per cent this morning, as the pub and restaurant chain revealed a 9.7 per cent rise in revenues in the third quarter. The All Bar One owner was bolstered by a record breaking Fathers Day in June, with like-for-like sales in food and drink during the [...]
Nestle sales outlook brightens after strong first half July 27, 2023 Nestle improved its full-year organic sales outlook and reported better-than-expected first-half organic sales, as the world’s biggest packaged food company again raised prices to cope with higher input costs. Nestle said it is narrowing its full-year organic sales growth guidance – which does not include the impact of currency movements and acquisitions – to a [...]
BNP Paribas beats estimates on debt financing and cost management July 27, 2023 BNP Paribas, the euro zone’s biggest bank, beat estimates in the second quarter as its corporate debt financing business and strong cost management partly offset a slump in securities trading. The French lender’s second-quarter net income fell 4.9 per cent on a reported basis to €2.8bn (£2.4bn), beating the €2.5bn analyst consensus compiled by the [...]
TSB Bank profits up 45 per cent on rising rates as impairment charges soar too July 27, 2023 TSB Bank’s profits were lifted by rising interest rates, but the bank flagged challenges ahead as impairment charges soared by 54 per cent on last year. In the first half of the year pretax profit climbed 45 per cent to £147.9m, up from £102.9m in the same period last year. The lender noted this was [...]
Foxtons profit jumps despite ‘challenging’ sales market July 27, 2023 Foxtons reported a jump in profit for the first half of the year, but warned that the wider sales market “continues to remain challenging”. The estate agency posted £6.1m in pre-tax profit, up from £4.3m year on year. Foxtons said that overall revenue for the period was up nine per cent to £70.9m as “strong [...]
London money managers reveal toll of turmoil as Jupiter and St James’s assets rise July 27, 2023 Fund house Jupiter reported a bump in assets and a sharp rise in profits in the first six months of the year in a mixed morning of results for London’s big money managers. The London investment firm said its assets ticked up two per cent to £51.4bn in the first half of the year while [...]