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☆ IQE expects semiconductor sector recovery to lag estimates; swings to loss
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - British chip components maker IQE (IQE.L) on Tuesday said the recovery in the semiconductor industry would likely be slower-than-anticipated this year but it would improve in 2024 as customer demand picks up. IQE, which makes "epi-wafers", a type of advanced material used in products from laser hair removal to facial recognition sensors in iPhones, swung to a loss in the first-half hurt by lower sales and a supply glut. The company's posted a core loss of 5.7 million pounds ($7.13 million) for the six months ended June 30, compared with a core profit of 12.3 million pounds last year. Still, the Apple (AAPL.O) supplier said it expected core earnings to be profitable for 2023, adding that it saw double-digit revenue growth in the second half of 2023, compared to the first half. ($1 = 0.7998 pounds)Reporting by Anchal Rana and Chandini Monnappa in Bengaluru; Editing by Sonia Cheema and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Anchal Rana, Chandini, Sonia Cheema Organizations: Apple, Thomson Locations: Bengaluru

☆ NatWest weighs clawing back bonus from former CEO Rose
▼ + stars: | 2023-08-23 | by ( ) www.reuters.com time to read: +2 min

The logo of NatWest Bank, part of the Royal Bank of Scotland group is seen outside a branch in Enfield, London Britain November 15, 2017. Rose stepped down on July 25 after admitting to a "serious error of judgment" in discussing Farage's relationship with NatWest-owned Coutts with a BBC journalist. Natwest said Rose would continue to earn a fixed salary and fixed share awards totalling 2.4 million pounds ($3.03 million), and pension contributions worth 10%, in line with her 12-month notice period and pending the outcome of the inquiry. "Like other employees where an investigation outcome is pending, Alison is currently receiving her fixed pay," a NatWest spokesperson said. The lender will pay new CEO Paul Thwaite 1.05 million pounds ($1.39 million) in fixed salary, just below the 1.16 million it paid Rose, in addition to a fixed share allowance of about 1.1 million pounds, NatWest said.

Persons: John Sibley, Alison Rose, Nigel Farage's, Rose, Coutts, Alison, Farage, Rose's, Paul Thwaite, Chandini, Lawrence White, Sinead Cruise, Sharon Singleton Organizations: NatWest Bank, Royal Bank of, Enfield , London Britain, REUTERS, NatWest, BBC, Natwest, Thomson Locations: Enfield , London, Bengaluru, London

☆ BAE snaps up Ball's aerospace arm for $5.6 billion in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. He also confirmed the 1.5 billion pound ($1.91 billion) share repurchase announced with its half-year results. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

Persons: Cheney Orr, Tom Arseneault, Chloe Lemarie, Charles Woodburn, Yadarisa Shabong, Chandini, Susan Mathew, Subhranshu Sahu, Jason Neely, Sharon Singleton Organizations: BAE Systems, Association of, United States Army, Global, REUTERS, Ball Corp, Jefferies, Reuters, Blackstone Inc, Veritas Capital Fund Management, BAE, General Dynamics Corp, Textron, Shore Capital, Britain's, British, Thomson Locations: Huntsville , Alabama, U.S, Ukraine, Colorado, Bengaluru

☆ BAE snaps up Ball's aerospace arm for $5.6 bln in its biggest deal ever
▼ + stars: | 2023-08-17 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +3 min

People gather at the BAE Systems' booth during the Association of the United States Army (AUSA) Global Force Symposium & Exposition in Huntsville, Alabama, U.S. March 28, 2023. The war in Ukraine has led to new demand for those in munitions supply chains, Tom Arseneault, head of BAE's U.S. business, told analysts. Shares in BAE Systems fell as much as 4.9%, while Ball Corp rose 2.7% in premarket trading. "We see this deal as a good fit, although slightly expensive," Jefferies analysts led by Chloe Lemarie wrote in a note. The Colorado-based aerospace business made $1.98 billion in revenue and accounted for 13% of Ball's consolidated net sales in 2022.

☆ Reckitt's sales volume dip takes shine off like-for-like sales beat
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

July 26 (Reuters) - Reckitt Benckiser's (RKT.L) sales volume fell in the second quarter as the Dettol and Lysol cleaning products maker increased its price mix to tame soaring raw material costs, sending its shares down more than 2%. Reckitt said on Wednesday sales volume for the second quarter was down 7.3% and its price mix rose 5.5% on a like-for-like basis to combat higher expenses. Rival Unilever (ULVR.L) on Tuesday also smashed underlying sales growth forecasts after again raising prices to offset higher costs. Reckitt on Wednesday raised its dividend to 76.6 pence for the first half, from 73 pence in the year-ago period. Reporting by Chandini Monnappa in Bengaluru; Editing by Sherry Jacob-Phillips and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

Persons: Reckitt, Chandini, Sherry Jacob, Phillips, Jane Merriman Organizations: Rival Unilever, Thomson Locations: Ukraine, Russia, U.S, Bengaluru

☆ UK's Domino's Pizza Group names new CEO
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Domino's Pizza Group (DOM.L) said on Thursday Andrew Rennie, who has served as the Europe chief for a major franchise operator of the pizza chain, will join the UK firm in August as its chief executive. Rennie will take over from Elias Diaz Sese, who has been serving as Domino's Pizza Group's (DPG) interim CEO since October 2022. The group owns, operates and franchises Domino's stores in the UK and Ireland. Rennie has held several roles at Domino's Pizza Enterprises in over two decades, including being CEO of its European business from 2014 to 2020. The Sydney-listed company holds exclusive master franchise rights for the Domino's brand across 12 markets including Australia, New Zealand, Belgium, France, The Netherlands, Germany and Luxembourg.

Persons: Andrew Rennie, Rennie, Elias Diaz Sese, Sese, DPG, Chandini, Nivedita Organizations: Ireland, Pizza Enterprises, Thomson Locations: Europe, Sydney, Australia, New Zealand, Belgium, France, The Netherlands, Germany, Luxembourg, Bengaluru

☆ LSEG affirms 2023 targets, seeks shareholder nod for buyback
▼ + stars: | 2023-04-27 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

April 27 (Reuters) - London Stock Exchange Group (LSEG.L) on Thursday reaffirmed financial targets for the year before it seeks shareholder approval for a previously announced buyback of shares from the Blackstone/Thomson Reuters (TRI.TO) consortium. LSEG bought data and analytics company Refinitiv for $27 billion from the consortium in January 2021. LSEG said that first-quarter income from data and analytics rose 14.6% year on year to 1.3 billion pounds. Total income excluding recoveries rose 14.6% to 2 billion pounds, 1% ahead of consensus according to Jefferies research. "In data & analytics, we saw a further acceleration in annual subscription value (ASV) growth, reflecting the investments we have made in our services and stronger customer engagement," Schwimmer said.

☆ Jaguar Land Rover plans to invest 15 bln pounds in electric push
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

April 19 (Reuters) - British luxury carmaker Jaguar Land Rover (JLR) on Wednesday said it plans to invest 15 billion pounds ($18.65 billion) over the next five years to expand its electric-vehicle offerings. JLR, which is owned by India's Tata Motors (TAMO.NS), added that its Halewood plant in Merseyside, UK, will become an all-electric manufacturing facility. ($1 = 0.8042 pounds)Reporting by Chandini Monnappa in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ UK will not take action over Czech mogul's plan to raise Royal Mail stake
▼ + stars: | 2022-10-31 | by ( ) www.reuters.com time to read: +2 min

Oct 31 (Reuters) - Britain is no longer intervening in Czech billionaire Daniel Kretinsky's plan to increase his stake in Royal Mail parent International Distributions Services (IDSI.L), sending the company's shares up more than 7% on Monday. In August, Royal Mail said it had been notified by then business minister Kwasi Kwarteng that he was exercising powers to look into proposals by Kretinsky's vehicle, Vesa Equity Investment, under the National Security and Investment Act. The Royal Mail review came days after the government decided not to take action over billionaire Patrick Drahi's stake in telecoms firm BT (BT.L). Vesa, Royal Mail's biggest shareholder which is ultimately controlled by Kretinsky and his business partner Patrik Tkac, in August said it had voluntarily contacted the government to inform them of its intention to increase its stake in Royal Mail, which is currently just over 22%. "Vesa Equity Investment welcomes the decision ... and reiterate our commitment to continuing long term investment presence in the U.K., including our partnership with Royal Mail," a spokesperson said.

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