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☆ UK's Direct Line appoints CEO after tough 2022
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 30 (Reuters) - British motor and home insurer Direct Line Insurance Group (DLGD.L) on Wednesday named Adam Winslow, a senior executive at Aviva (AV.L), as its CEO, seeking to reset after profits fell by 95% in 2022. Winslow, who is currently CEO of UK & Ireland general insurance at FTSE 100-listed Aviva, will join Direct Line in the first quarter of 2024. His appointment comes after Penny James, Direct Line's CEO for nearly four years, stepped down in January and Chief Commercial Officer Jon Greenwood was appointed acting CEO. Direct Line reported in March that its operating profit dropped 95% in 2022 after inflation drove up the cost of motor repairs and it warned that 2023 would be impacted by higher than previously expected claims inflation. Direct Line reports first-half 2023 results on Sept. 7.

Persons: Adam Winslow, Winslow, Penny James, Jon Greenwood, Sinchita Mitra, Eva Mathews, Huw Jones, Varun Organizations: Line Insurance, Aviva, UK & Ireland, Direct, Thomson Locations: British, Bengaluru, London

☆ Virgin Money UK shuts 39 stores over fall in customer demand
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - British lender Virgin Money UK (VMUK.L) said on Thursday it will close 39 stores as the company continues to see a drop in footfall and transaction volumes. "Access to a bank and cash is a fundamental need for all our local high streets," UK's labour union Unite said in a separate statement about the store closures. Virgin Money UK said that some workers will be at risk of redundancy following the store closures. Reporting by Sinchita Mitra in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sinchita Mitra, Shounak Dasgupta Organizations: Virgin Money, Thomson Locations: Bengaluru

July 3 (Reuters) - AstraZeneca (AZN.L) said on Monday an experimental precision drug slowed progression of lung cancer in a late-stage trial, but the company's shares fell as much as 6% as analysts said the benefits may not be as pronounced as hoped. It declined to provide more trial details, saying they would be presented at an as yet undisclosed medical conference. At 0855 GMT, shares in AstraZeneca were down 5.8% at their lowest level in more than three months. Gilead (GILD.O) has pioneered the targeting of TROP2 with an ADC named Trodelvy, approved to treat certain types of breast and bladder cancer. AstraZeneca said that the datopotamab deruxtecan trial would continue as planned to assess the effect of the drug on overall survival of patients, another important efficacy criterion.

Persons: datopotamab, AstraZeneca, British drugmaker, Kelun, Maggie Fick, Ludwig Burger, Sinchita Mitra, Lucy Raitano, Krishna Chandra Eluri, Susan Fenton Organizations: AstraZeneca, Japan's, Merck & Co, Biotech of, Barclays, Thomson Locations: British, Biotech of China, London, Frankfurt, Bengaluru

☆ Diageo's long-time boss Ivan Menezes dies after brief illness
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +2 min

June 7 (Reuters) - Diageo (DGE.L) on Wednesday said long-time boss Ivan Menezes, who held the CEO role at the world's biggest spirits company for 10 years, had died after a brief illness. The 63-year-old, who was set to retire at the end of this month, was in hospital receiving treatment for conditions including a stomach ulcer, the Johnnie Walker whisky maker announced this week. British-American national Menezes, born in the Indian city of Pune, joined Diageo after its formation through the merger of Guinness and Grand Metropolitan in 1997. The executive, who was behind the "Keep Walking" campaign for Johnnie Walker when he was marketing head, previously held roles at Whirlpool and Nestle. Menezes, who was awarded a knighthood this year, is survived by his wife and two children.

Persons: Ivan Menezes, Johnnie Walker, Debra, Menezes, Ivan, Javier Ferrán, Julio, Arvind Subramanian, Subramanian, Menzes, Eva Mathews, Sinchita Mitra, Dhanya Skariachan, Sherry Jacob, Phillips, David Evans Organizations: Diageo, American, Guinness, Grand Metropolitan, Whirlpool, Nestle, Government of, Indian Institute of Management, Thomson Locations: Indian, Pune, Government of India, Ahmedabad, India, Bengaluru

☆ Schroders' assets under management fall on year; small uptick from prior quarter
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

At the end of the first quarter, Schroders' assets under management rose 1.2% to 746.3 billion, although still 0.8% lower than the corresponding period a year ago, when the Russia-Ukraine conflict had just begun. Peer St. James's Place (SJP.L) said assets under management rose 3.5% by the end of March quarter, adding that it expected a more supportive environment for new business in 2023. Still, SJP's net inflows were down nearly 9% at 2 billion pounds during the first quarter, missing company-compiled analysts' expectations of 2.2 billion. Separately, Schroders named PricewaterhouseCoopers' current global market leader, Richard Oldfield, as its new CFO. Schroders shares were down 1.4%at 474.5 pence by 0750 GMT, compared to a largely flat benchmark index (.FTSE).

☆ Banknote printer De La Rue's chairman steps down
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

April 14 (Reuters) - British banknote printer De La Rue Plc (DLAR.L) said on Friday chairman Kevin Loosemore has resigned from his role and will leave office on May 1. Loosemore's resignation comes weeks after its third-largest shareholder Crystal Amber Fund Limited (CRSL.L) had called for a general meeting to oust the company's chairman. Crystal Amber has nominated Pepyn Dinandt as a candidate. Earlier this week, De La Rue, which designs paper and polymer banknotes for government and central banks across the world, warned on its 2023 profits as demand for cash hit its lowest in over two decades. Crystal Amber was concerned that going concern doubts, which were raised by the company in November, could hurt De La Rue's ability to win new contracts and retail existing ones.

☆ UK new car sales jump 18% YoY in March; best ever month for EVs
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - New car registrations in the UK rose for the eighth consecutive month in March, recording an 18.2% growth from a year earlier, and also marked the best month ever for battery electric car sales, according to industry data released on Wednesday. The Society of Motor Manufacturers and Traders (SMMT) said new car registrations jumped to 287,825 units as supply chain challenges continued to ease, making the first quarter of 2023 the strongest three-month period since 2019. Battery electric vehicle (BEV) sales reached a record monthly high of 46,626, representing 18.6% year-on-year growth, while petrol-powered vehicles remained the most popular fuel type, comprising 56.3% of new units in March. John Wilmot, CEO of car leasing comparison website LeaseLoco, said in a note that it would be foolhardy to declare the car industry is out of the woods just yet, as current reported numbers were still well below pre-Covid levels. Reporting by Sinchita Mitra and Aby Jose Koilparambil in Bengaluru; Editing by Shweta Agarwal and Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ UK new car sales rise 17% in March; best ever month for EVs
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: 1 min

April 5 (Reuters) - New car registrations in the United Kingdom rose for the eighth consecutive month in March, recording a more than 17% rise from a year earlier, according to preliminary industry data released on Wednesday. The Society of Motor Manufacturers and Traders (SMMT) said it was the biggest month ever for battery electric car registrations. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Sinchita Mitra in Bengaluru; Editing by Shweta AgarwalOur Standards: The Thomson Reuters Trust Principles.

☆ UK to examine Broadcom's $61 bln VMware deal in depth
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

[1/2] A smartphone with a displayed Broadcom logo is placed on a computer motherboard in this illustration taken March 6, 2023. REUTERS/Dado Ruvic/Illustration/File PhotoMarch 29 (Reuters) - Britain said it would investigate Broadcom's (AVGO.O) acquisition of VMware (VMW.N) in depth after the U.S. chipmaker offered no immediate undertakings in response to its concerns about the impact of the $61 billion deal on the server market. Britain's Competition and Markets Authority said earlier this month that Broadcom's acquisition of the cloud computing and virtualisation company could drive up the cost of computer parts and software for servers. Broadcom said earlier this month that it was working constructively with the regulator and it would demonstrate that the deal would enhance competition and would benefit businesses and consumers. Reporting by Sinchita Mitra in Bengaluru and Paul Sandle in London; Editing by Anil D'Silva and William JamesOur Standards: The Thomson Reuters Trust Principles.

☆ Cineworld creditors plan management shuffle amid takeover interest - Bloomberg News
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Creditors of British cinema operator Cineworld Group PLC (CINE.L) are outlining plans for a new board and executive team after nine years under CEO Mooky Greidinger and his deputy Israel Greidinger, Bloomberg News reported on Monday. The Greidinger brothers are set to be replaced, but creditors have considered providing them compensation and a transitional role during the handover period, the report added, citing people familiar with the matter. Earlier in the day, Sky News reported that private equity firm CVC Capital Partners had proposed a takeover of parts of Cineworld, within days of a similar offer from activist investor Elliott Management. Cineworld said in February it may emerge from Chapter 11 bankruptcy protection in the first half of this year. ($1 = 0.8148 pounds)Reporting by Rishabh Jaiswal and Sinchita Mitra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Broker TP ICAP cuts operating profit margin outlook
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Cuts operating profit margin outlookSees trading volumes remaining robustLiquidnet falls to an annual lossMarch 14 (Reuters) - TP ICAP (TCAPI.L) cut its profit margin outlook on Tuesday due to challenges at its loss-making digital trading unit Liquidnet, sending shares in the world's biggest inter dealer broker lower. The outlook overshadowed the company's decision to hike its dividend by 30% after annual profit beat market expectations, and comments it expects trading volumes to stay robust this year as bond volumes rise. TP ICAP said it expected trading volumes to be strong this year, although moderated from the highs seen at the beginning of the Ukraine war last year. It reported a full-year pretax profit of 113 million pounds, versus a 24 million pounds profit the year before. Analysts had expected a pretax profit of 108 million pounds, according to a company-compiled consensus.

☆ Broker TP ICAP hikes dividend as annual profit surges on market volatility
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - TP ICAP (TCAPI.L) hiked its dividend payout on Tuesday after the world's biggest inter-deal broker reported a nearly five-fold rise in its annual profit, underpinned by volatile trading in stocks and foreign exchange and improved investor confidence. Trading platforms such as TP ICAP, which match buyers and sellers in the financial, energy and commodity markets, saw a revival in volumes and client activity levels last year as the Ukraine war and risks of a recession due to tightening monetary policies kept financial markets volatile. The London-listed firm reported full-year pretax profit of 113 million pounds ($137.40 million), compared with a profit of 24 million pounds last year. Analysts had expected pretax profit of 108 million pounds, according to a company-compiled consensus. ($1 = 0.8224 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ M&G's FY assets under management drop by 28 bln pounds on weak investor sentiment
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

March 9 (Reuters) - British insurer and asset manager M&G Plc (MNG.L) reported a 28 billion pounds ($33.20 billion) drop in full-year assets under management on Thursday, as a global market rout last year curbed investor appetite for riskier assets. M&G's assets under management and administration dropped to 342 billion pounds for the year ended Dec. 31, compared with a company-compiled consensus of 340 billion pounds. Net client inflows stood at 300 million pounds. The company reported a 26.6% fall in full-year total adjusted operating profit to 529 million pounds, beating the company-compiled analyst consensus of 477 million pounds. ($1 = 0.8434 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

[1/3] People walk over Millennium Bridge amidst early morning fog, as the sun rises beyond the City of London financial district in the background, in London, Britain, February 8, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, March 9 (Reuters) - Investors Aviva (AV.L) and M&G (MNG.L) on Thursday joined calls for Britain to press ahead with financial reforms and give high-growth sectors such as technology companies more support to keep London's markets competitive. Andrea Rossi, chief executive of asset manager and insurer M&G, said Britain needed to better support new companies to attract them to London's stock market. Rossi said while he was "bullish" on Britain's prospects, the country needed regulatory and political stability after a turbulent end to 2022. ($1 = 0.8408 pounds)Reporting by Iain Withers in London and Sinchita Mitra in Bengaluru, Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

LONDON, Feb 28 (Reuters) - British asset manager abrdn (ABDN.L) fell to a full-year pretax loss and reported a slide in client funds for 2022, as global markets turmoil and runaway inflation weighed on its finances. Abrdn reported a 615 million pound ($741 million) pretax loss for the year ended Dec. 31, compared to a 1.1 billion pound profit the prior year. Abrdn's assets under management fell 8% to 500 billion pounds from 542 billion pounds, while the company reported a further year of net outflows of client funds. The company also said it had agreed to sell its discretionary fund management arm abrdn Capital to Liechtenstein-based private bank LGT for 140 million pounds. The sale involves the transfer of around 6.1 billion pounds of assets and about 140 employees, the company said.

☆ Factbox: Company reaction to the U.S. Inflation Reduction Act
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Fabian Bimmer/File PhotoFeb 22 (Reuters) - Companies across North America and Europe have in recent months cheered the Biden Administration's $430 billion U.S. Inflation Reduction Act (IRA) that includes major provisions to cut carbon emission, boost domestic production and manufacturing. Holcim AG (HOLN.S)The world's biggest cement maker expects the IRA to provide a strong momentum for its business in North America. This month, it agreed to buy U.S. roofing systems manufacturer Duro-Last in a $1.29 billion deal, its latest move to bolster presence in North America. Linde (LIN.N),The gas giant has estimated the total investment opportunity for the company in the United States alone could exceed $30 billion over the next decade. BMW (BMWG.DE)The company plans to produce at least six fully electric models in its plant in South Carolina by 2030.

☆ Cineworld shares dive on reports of no bidders for UK, U.S. assets
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

Feb 22 (Reuters) - Shares of Cineworld (CINE.L) slumped as much as 22% on Wednesday after media reports said the world's second-largest cinema operator had received 40 non-binding bids, but none for its UK and U.S. assets or nearing its $6 billion secured debt load. When requested by Reuters, Cineworld did not immediately confirm details of the update it provided to the court. The reports also said the company was proposing an April 10 deadline for final bids, with an auction, if necessary, to follow on April 17. A vote on restructuring has been set for May 21, with a court confirmation hearing tentatively set for May 30. Last month, Bloomberg News reported that Cineworld has shuttered 23 theatre sites since filing for bankruptcy protection and was planning more closures.

☆ UK's Hargreaves Lansdown profit rises as savers seek to boost returns
▼ + stars: | 2023-02-15 | by ( Sinchita Mitra | ) www.reuters.com time to read: +2 min

"There is uncertainty and people want to make sure they are getting value from how they are managing their cash savings," Chief Executive Officer Chris Hill told Reuters. Hargreaves said its Active Savings unit had 1.7 billion pounds ($2.05 billion) in cash flows in the six months to Dec. 31, compared with 600 million pounds in the same period last year. Hargreaves reported profit before tax of 197.6 million pounds for the half year, compared with 151.2 million pounds a year ago. The company however, reported a 10% fall to 127.1 billion pounds in its assets under administration due to turbulence in financial markets. Net new business also fell 30% to 1.6 billion pounds.

[1/3] Lucky Strike cigarettes are seen during the manufacturing process in the British American Tobacco Cigarette Factory (BAT) in Bayreuth, Germany, April 30, 2014. The company also did not announce a new share buyback programme, as widely anticipated by analysts. BAT (BATS.L) had in February last year announced a buyback worth up to 2 billion pounds ($2.4 billion). The group forecast on Thursday its 2023 revenue would rise 3-5% in constant currency terms, adding growth would be affected by the sale of its businesses in Russia and Belarus. The company's distributor in Russia, SNS Group of Companies, said in March last year BAT was in talks to transfer its Russian business to SNS.

☆ First Abu Dhabi Bank could renew $35 billion offer for StanChart -Bloomberg News
▼ + stars: | 2023-02-09 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

LONDON, Feb 9 (Reuters) - First Abu Dhabi Bank (FAB.AD) (FAB), the United Arab Emirates' biggest lender, could renew a potential offer for Britain's Standard Chartered (STAN.L), once lock-up rules from its previous aborted bid expire, Bloomberg News reported on Thursday. A StanChart spokesperson declined to comment on the report, while FAB could not immediately be reached for comment. News of the potential offer first came on Jan. 5, when FAB said it had considered a bid for London-listed Standard Chartered but was no longer doing so. The Abu Dhabi lender is considering reviving the bid once a lock-up period that prevents it immediately doing so expires, offering $30 billion to $35 billon compared with StanChart's market value of $24 billion, Bloomnberg reported. Saudi National Bank in October announced it was investing up to $1.5 billion in Credit Suisse, representing a stake of up to 9.9%.

☆ IG Group extends share buyback by 50 mln pounds
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

Jan 26 (Reuters) - Online trading platform IG Group (IGG.L) said on Thursday it was extending its share buyback by 50 million pounds ($61.98 million) to 200 million pounds and that it expected its full-year performance to be in line with expectations. The group said profit before tax for the six months ended Nov. 30 dipped 2% to 240.5 million pounds, weighed down by softer client activity as market volatility spurred in part by the Ukraine crisis eased. ($1 = 0.8068 pounds)Reporting by Sinchita Mitra in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Argo Blockchain to sell its mining facility Helios for $65 mln
▼ + stars: | 2022-12-28 | by ( ) www.reuters.com time to read: +1 min

Dec 28 (Reuters) - Crypto miner Argo Blockchain Plc (ARB.L) said on Wednesday it will sell its mining facility Helios for $65 million and refinanced a new asset-backed loan agreement, in an attempt to avoid filing for bankruptcy. Argo will sell its Helios facility to Canada-listed investment management company Galaxy Digital Holdings (GLXY.TO). The transactions include refinancing loans with a new $35 million credit with Galaxy, which will help reduce its total indebtedness by $41 million, the company said in a press release. Digital currency miners such as Argo Blockchain use computers to solve cryptographic problems and receive a reward in the form of cryptocurrency. Reporting by Amna Karimi and Sinchita Mitra in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ BMW fined by UK watchdog over information request
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +2 min

[1/2] BMW logo is seen on a vehicle at the BMW manufacturing plant in Greer, South Carolina, U.S., October 19, 2022. REUTERS/Bob Strong/File PhotoDec 8 (Reuters) - The UK's anti-trust regulator fined German luxury carmaker BMW (BMWG.DE) 30,000 pounds ($36,519) plus a further daily penalty of 15,000 pounds on Thursday over a disputed information request related to an ongoing auto industry probe. BMW said in March it would respond to regulators' information requests but the CMA said that while the company's British unit had provided information, "the wider BMW Group has failed to comply fully with the CMA's legal request, and has claimed the CMA does not have jurisdiction." BMW said in an emailed statement that the "CMA does not have the legal power to compel foreign companies to produce documents held entirely outside the UK jurisdiction". The CMA said the daily penalty will continue to accumulate until BMW provides the requested information, or the watchdog issues an infringement decision, or closes the case.

☆ TP ICAP obtains crypto exchange license in the UK
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: 1 min

Dec 1 (Reuters) - TP ICAP (TCAPI.L) has obtained a license to register as a cryptoasset exchange provider with UK's financial regulator through its Fusions Digital Assets marketplace, the world's largest inter-dealer broker said on Thursday. The company added the crypto exchange platform, which is for institutional investors only, will be operated by its unit Tullett Prebon Ltd. Reporting by Sinchita Mitra in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Barclays CEO Venkat to undergo cancer treatment, prognosis 'excellent'
▼ + stars: | 2022-11-28 | by ( Lawrence White | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - Barclays PLC (BARC.L) said on Monday that Chief Executive C.S. Venkatakrishnan would undergo treatment for non-Hodgkin lymphoma, a type of cancer, adding that the condition is treatable and that he would keep working when possible. The CEO, known inside the British bank as Venkat, said in a regulatory filing that doctors have said his prognosis is "excellent", with the treatment in New York expected to last 12 to 16 weeks. Barclays has not appointed an interim chief executive, with Venkat and the lender's executive committee expected to continue running the company, said a spokesperson for the bank. A former JPMorgan banker, Venkatakrishnan has endured a difficult first year in charge of Barclays since taking over from Jes Staley last November.

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