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LONDON, July 13 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) warned it would build far fewer homes this fiscal year as rising mortgage rates and stubborn inflation hit demand, sending its shares down more than 5% in early trading on Thursday. The FTSE 100-listed firm said it expected to build between 13,250 to 14,250 units in the year ending June 30, 2024, down from 17,206 homes the year before. Average two-year fixed mortgage rates hit a 15-year high earlier this week. Julie Palmer, partner at Begbies Traynor, said Thursday's trading update underlined the impact of rising rates on homebuyers, construction firms and other businesses linked to the housing market. High-end housebuilder Berkeley (BKGH.L) last month forecast a 20% drop in house build sales for its current fiscal year.

Persons: Barratt, Julie Palmer, Begbies Traynor, Suban Abdulla, Aby Jose Koilparambil, Sherry Jacob, Phillips, Kate Holton, Elaine Hardcastle Organizations: Thomson Locations: London, Bengaluru

☆ UK's Aston Martin sticks to 500 mln pounds profit view for FY25
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: 1 min

June 27 (Reuters) - Aston Martin (AML.L) said on Tuesday it remained on track to report an adjusted profit of 500 million pounds ($636.7 million) by the fiscal year 2025. The Gaydon-based group said it expects to "substantially achieve" those financial targets in 2024 - including a revenue forecast of about 2 billion pounds - and added it is likely to exceed them in 2025. The company had posted an adjusted core profit of 190.2 million pounds for the year ended Dec. 31, 2022. The luxury car maker, which has marked 2023 to be the "peak year" of capital spend, in May had maintained its outlook for the current financial year, helped by strong sales of its sport utility vehicle DBX and higher selling price. ($1 = 0.7854 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

Persons: Aston Martin, AML.L, Aby Jose Koilparambil, Nivedita Organizations: Thomson Locations: Bengaluru

[1/3] A Lucid Air electric vehicle is displayed in Scottsdale, Arizona, U.S., September 27, 2021. REUTERS/Hyunjoo Jin/File PhotoJune 26 (Reuters) - British luxury carmaker Aston Martin (AML.L) has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group (LCID.O) a 3.7% stake in the company in return for access to its "high performance" technology, Aston Martin said on Monday. Subject to shareholder approval, Aston Martin will issue about 28.4 million new ordinary shares to Lucid Group. Smaller carmakers such as Aston Martin are more reliant on partnerships to make the transition. Lucid and Aston Martin have a common shareholder in Saudi Arabia's Public Investment Fund (PIF).

Persons: Hyunjoo Jin, Aston Martin, Lucid, Aston Martin's, PIF, Aby Jose Koilparambil, Rashmi Aich, Barbara Lewis Organizations: REUTERS, Lucid, Mercedes, Benz, Aston, Public Investment Fund, U.S, Tesla Inc, Thomson Locations: Scottsdale , Arizona, U.S, Aston Martin, Saudi, Bengaluru

☆ UK housebuilder Berkeley flags demand woes despite annual profit jump
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

June 21 (Reuters) - Berkeley Group Holdings (BKGH.L) on Wednesday posted a near-10% jump in annual profit even as the British high-end homebuilder warned of demand concerns and tough market conditions due to elevated levels of interest rates. Berkeleys' update comes at a time strengthening prospects of further Bank of England interest rate hikes have stymied hopes of a strong recovery in the UK housing sector as lenders withdraw or reprice mortgage offerings. CEO Robert Perrins said business continued to see good levels of enquiries, but flagged concerns about the trajectory of interest rate rises. Operating across London, Birmingham and the South of England, Berkeley reported a pre-tax profit for the year ended April 30 of 604 million pounds ($772.5 million), compared with 551.5 million pounds reported a year earlier. The homebuilder had forecast a pre-tax profit of about 600 million pounds.

Persons: homebuilder, Moody's, Robert Perrins, Aby Jose Koilparambil, Suban Abdulla, Sherry Jacob, Phillips, Sohini Organizations: Berkeley Group Holdings, Bank of, Thomson Locations: Bank of England, Berkeley, London, Birmingham, England, Bengaluru

☆ Travis Perkins warns on profit in sign of UK housing market difficulty
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 16 (Reuters) - Travis Perkins (TPK.L), Britain's biggest supplier of building materials, warned profit would be hit by difficulties in the country's housing market in one of the latest warning signs that rising interest rates are beginning to be felt by consumers. For 2023, Travis said it now expected full-year adjusted operating profit to be around 240 million pounds ($307 million), a downgrade from guidance in April when it said it was on track to meet market forecasts of about 272 million pounds. Worries over higher mortgages now appear to be feeding through to the housing market, with Travis saying that the volumes in new build housing and private domestic building projects were lower. Travis said the other half of its business, which serves large commercial and public infrastructure projects, however, was seeing resilient demand. ($1 = 0.7817 pounds)Reporting by Sarah Young in London and Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Travis Perkins, Travis, Sarah Young, Aby Jose Koilparambil, Rashmi Aich, Kate Holton Organizations: Britain's, Bank of England, Thomson Locations: London, Bengaluru

☆ Brookfield buys payments firm Network International for $2.76 bln
▼ + stars: | 2023-06-09 | by ( ) www.reuters.com time to read: +2 min

June 9 (Reuters) - Canada's Brookfield Asset Management (BAM.TO) said on Friday it would buy payments provider Network International (NETW.L) for 2.2 billion pounds ($2.76 billion) in cash, as it expands its payments business in the Middle East and Africa. The Canadian firm said Network directors intended to unanimously recommend that shareholders vote in favour of the deal. Brookfield, which has over $5 billion in assets under management in the Middle East, last year bought a 60% stake in Magnati, the payments business of First Abu Dhabi Bank (FAB.AD). The investment firm said the deal would be financed by a combination of equity investment, as part of which Brookfield Business Partners expects to invest up to about $150 million. Network International, whose top investors include Capital Research and Mastercard UK, listed in London in April 2019 at an initial public offering price of 435 pence a share.

Persons: Brookfield, Aby Jose Koilparambil, Eva Mathews, Nivedita Bhattacharjee, Jason Neely Organizations: Brookfield Asset Management, Network, United, Capital, Francisco Partners, Brookfield, Abu Dhabi Bank, Brookfield Business Partners, Network International, Capital Research, Mastercard, Thomson Locations: Brookfield, East, Africa, United Arab Emirates, Magnati, London, Bengaluru

☆ UK's payments regulator lays down mandatory reimbursements in APP fraud victims
▼ + stars: | 2023-06-07 | by ( ) www.reuters.com time to read: +1 min

June 7 (Reuters) - Britain's Payment Systems Regulator (PSR) said on Wednesday it has made it mandatory for banks and payment firms to reimburse victims of online bank fraud within five days, in cases where users at a business send money to a bank account controlled by fraudsters. Thousands of people have seen their savings swept away in recent years by an unprecedented wave of fake online bank transactions hitting Britain, called authorised push payment (APP) fraud. The PSR said the new rules will be imposed on the Faster Payments system, where the vast majority of APP fraud has occurred so far, with the reimbursement requirements coming into force next year. The regulator also said that all payment firms will be incentivised to take action, with both sending and receiving firms equally splitting the reimbursement costs. The PSR last year said it planned to introduce new rules to tackle APP fraud once the parliament expands the powers of the regulator.

Persons: Aby Jose Koilparambil, Savio D'Souza, Nivedita Organizations: Systems, fraudsters, PSR, Thomson Locations: Bengaluru

Fabrizio Campelli, who oversees Deutsche's investment bank, said it had been looking to grow its business in Britain. Deutsche Bank shares rose as much as 2.5% in early trade before erasing gains. MOVING INAs part of the deal, 35 Deutsche Bank corporate finance employees will move in with more than 300 London-based Numis staff. As part of its strategy, Deutsche Bank - a leading bank in Germany with strong European roots - said earlier this week that it aims to accelerate "growth initiatives" including potential acquisition of portfolios and assets. Britain is the largest investment banking market in Europe and Numis is a diversified investment bank with a UK franchise.

☆ UK housebuilder Taylor Wimpey sees improving buyer confidence
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

April 27 (Reuters) - British housebuilder Taylor Wimpey Plc (TW.L) said on Thursday buyer interest has risen over the past few months, helped by an improvement in sales and mortgage rates, even as the group remained cautious over broader economic woes. Daly, however, said the company remained cautious over continued macroeconomic uncertainty. Taylor Wimpey said its total order book value - a key measure that gauges near-term demand - stood at about 2.38 billion pounds ($2.97 billion) in the reported period, up from 2.15 billion pounds seen in the first two months of the year. Taylor Wimpey's bigger rival Persimmon (PSN.L) said on Wednesday trading over recent weeks had offered some signs of encouragement, with cancellation levels normalising and sales rates steadily improving since the start of the year. ($1 = 0.8019 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Google to open up UK in-app payments to satisfy regulator's concerns
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

April 19 (Reuters) - Britain's competition regulator said proposals from Alphabet Inc's (GOOGL.O) Google to give app developers the freedom to break away from Google Play's billing system looked to be sufficient to address its concerns about in-app payments. Britain's Competition and Markets Authority (CMA) said in June that Google's complete control over in-app payments unfairly restricted developers by forcing them to use Google Play's billing system, reducing competition and hurting users. "Under the commitments, developers will be able to add an alternative in-app billing system, alongside Google Play's billing system, for their mobile and tablet users in the UK," Google said in a blog post. "At checkout, users will be able to choose which billing system to use." The CMA invited comments on Google's proposals by May 19 before it makes a final judgment.

☆ PageGroup sees 29% slump in annual profit on tough market conditions
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +1 min

April 17 (Reuters) - Global recruiter PageGroup Plc (PAGE.L) on Monday forecast a near 29% slump in its annual profit and said the challenging conditions it experienced towards the end of 2022 have continued into 2023. PageGroup now expects annual operating profit to be in line with a company-compiled consensus of 140 million pounds ($173.9 million), way below the 196.1 million pounds it reported for fiscal year 2022. High inflation and persistent recession worries have forced many companies to cut jobs or freeze hiring, and prefer temporary hiring over permanent roles in their bid to minimise potential risks. The FTSE midcap (.FTMC) firm also posted a 2.4% decline in gross profit at 262.7 million pounds in constant currency terms for the three months ended March 31, mainly weighed down by performance in the Asia Pacific region. ($1 = 0.8054 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Recruiter PageGroup sees 29% slump in annual profit on tough market conditions
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies First-quarter gross profit down 2.4% at 262.7 mln poundsQuarterly gross profit in U.S. market declines 15%Sees FY operating profit of 140 mln poundsApril 17 (Reuters) - PageGroup (PAGE.L) on Monday became the latest recruiter to warn of tough conditions in the labour market as it forecast a near 29% slump in 2023 profit, partly hit by weakness in the technology and banking sectors in the United States. PageGroup along with peers Hays and Robert Walters have flagged weakness in the permanent hiring market because employers were turning to interim hires to ride out market uncertainty amid a tough economic outlook. PageGroup's gross profit in permanent recruitment fell 7.2% in the first quarter on constant currency terms, while temporary jobs jumped about 15%. It now expects annual operating profit to be in line with a company-compiled consensus of 140 million pounds ($173.9 million), way below the 196.1 million pounds it reported for fiscal year 2022. The FTSE midcap (.FTMC) firm also posted a 2.4% decline in gross profit at 262.7 million pounds for the three months to March 31.

☆ 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.

☆ Factbox: Virgin Orbit bankruptcy echoes Branson's past troubled ventures
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

April 4 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure long-term funding following a January rocket failure. VIRGIN AUSTRALIAAustralia's second largest airline filed for bankruptcy in April 2020 also battered by the pandemic before exiting voluntary administration in November that year. VIRGIN ACTIVEThe health club firm, in which Branson is still a shareholder, was forced to restructure in the UK after the pandemic hurt the business. VIRGIN CARSStarted in 2000, the Virgin brand's only foray into the online auto retail business lasted five years. VIRGIN VODKAAfter a high-profile launch in the early 1990s, Virgin Vodka was discontinued and Virgin Drinks closed in 2007.

☆ UK's Cineworld to terminate sale process for US, UK businesses
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +1 min

April 3 (Reuters) - Movie chain operator Cineworld Group (CINE.L) said on Monday it will terminate the sale process for its U.S., UK and Ireland businesses after failing to find an all-cash buyer, while also reaching a conditional deal with lenders to exit bankruptcy. The global company, which is under Chapter 11 bankruptcy protection, said it will continue to consider proposals for the sale of its 'Rest of World' business, comprising its operations outside the U.S., UK and Ireland. A court filing on Sunday showed Cineworld plans to raise $2.26 billion to exit bankruptcy proceedings in the first half of 2023. "This agreement with our lenders represents a 'vote-of-confidence' in our business and significantly advances Cineworld towards achieving its long-term strategy in a changing entertainment environment," CEO Mooky Greidinger said in a statement. Reporting by Aby Jose Koilparambil and Yadarisa Shabong in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Cineworld lenders looking to oust CEO in management shake-up - FT
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - The ex-CFO of Regal Cinemas is the leading candidate to replace Cineworld Group Plc (CINE.L) CEO Mooky Greidinger as lenders of the ailing cinema chain plot a management shake-up following bankruptcy proceedings, the Financial Times reported on Friday. A potential management reshuffle would probably mean Greidinger, Cineworld's CEO since 2014, would be forced to relinquish control of his third-generation family business, the report said, citing several people close to the company's top management. David Ownby was Regal's CFO for nine years until 2018 when the company was bought by Cineworld. He has been serving as an adviser to Cineworld's highest priority creditors, which are steering the bankruptcy process, the report said. Reporting by Aby Jose Koilparambil and Anchal Rana in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Bellway to buy back shares, hike social housing output
▼ + stars: | 2023-03-28 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +2 min

Chief Executive Jason Honeyman told Reuters the company started hastening construction in its social housing programme in October after a demand slump. Honeyman said homes built in the programme would make up more than quarter of overall output in the fiscal year ending on July 31. Bellway, which builds everything from one-bedroom apartments to six-bedroom family homes and luxury penthouses, said there was a moderate improvement in bookings since January. Bellway shares edged up about 1% in morning trade. ($1=0.8121 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

The trial will be the first test of how Zantac cancer claims will fare before a jury. GSK said in a statement it disagreed with the ruling and would defend the case at trial. Originally marketed by a forerunner of GSK, it was later sold successively to Pfizer (PFE.N), Boehringer Ingelheim and finally Sanofi (SASY.PA). While NDMA is found in low levels in food and water, it is known to cause cancer in larger amounts. Analysts said it was not surprising that Grillo ruled differently from the federal court because California's courts are known to be friendlier to plaintiffs.

☆ Factbox: Global firms with exposure to collapsed SVB
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +7 min

March 13 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis last week, sending shockwaves across global markets as billions of dollars belonging to companies and investors were left stranded. The collapse raised concerns that the end of decades-long era of cheap money would reveal cracks in the global financial system as climbing interest rates expose vulnerabilities in the economy. HSBC (HSBA.L) said on Monday it is acquiring the UK subsidiary of SVB for 1 pound, rescuing a key lender for technology start-ups in Britain. Below is a list of companies across the globe that have revealed their exposure to SVB:EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States. Moonpig adds that SVB UK is one of ten lenders that provide senior debt facilities to the group as part of a strong banking syndicateASIA-PACIFICNITRO SOFTWARE (NTO.AX)Australia's productivity software maker Nitro Software Ltd (NTO.AX) said it had about $12.18 million of its global cash reserves held on deposit at SVB.

☆ Factbox: Which companies are affected by SVB collapse?
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +6 min

ROKU (ROKU.O)Streaming devices maker says it has about $487 million, or 26% of its cash and cash equivalents, held in deposits with SVB. CIRCLEUS cryptocurrency firm Circle says $3.3 billion of its $40 billion of USD Coin reserves are at SVB. BLOCKFIBankrupt crypto lender BlockFi Inc has roughly $227 million in unprotected funds at SVB, the Wall Street Journal reported on Friday. VIR BIOTECHNOLOGY (VIR.O)Biotech firm says it maintains operating accounts at SVB with about $220 million as of Friday. EUROPEAround 16 tech and life sciences companies in Europe have disclosed about $190 million in exposure to SVB in the UK and the United States.

☆ UK's Home REIT says two tenant firms enter voluntary liquidation
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +2 min

March 6 (Reuters) - UK housing provider Home REIT Plc (HOMEH.L) said on Monday two of its tenants have entered into creditors' voluntary liquidation, adding to worries for the firm as tries to fend off a short-seller attack and reviews a sale. The housing provider for the homeless said Gen Liv UK CIC and Lotus Sanctuary CIC have entered into voluntary liquidation and the company was in talks with prospective tenants to take on new leases for the two portfolios. It said Lotus Sanctuary CIC accounted for 12.5% of its annual rent roll while Gen Liv UK CIC accounted for 5.7%Lotus Sanctuary and Gen Liv did not immediately respond to Reuters requests for comment. The company has missed a deadline to publish its annual results and trading in the firm's shares has been suspended since Jan. 3. Reporting by Aby Jose Koilparambil in Bengaluru; editing by Rashmi Aich and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Britain's housing market has slowed markedly in recent months as higher mortgage rates and broader economic concerns deter buyers. The FTSE 100 (.FTSE) company proposed a final dividend of 60 pence per share for fiscal 2022 as per its new capital allocation policy. Persimmon has paid an annual dividend of 235 pence per share for the last five fiscal years except one, when pandemic lockdowns disrupted operations. Analysts had said in January that British housebuilders might cut dividends to preserve cash and ride out the property downturn. Persimmon stock slid as much as 10% to a near seven-week low of 1,310 pence and was the top percentage loser on the blue-chip FTSE 100 (.FTSE) index.

Feb 28 (Reuters) - British housebuilders Persimmon (PSN.L) and Taylor Wimpey (TW.L) publish full-year earnings this week with analysts seeking to establish whether a protracted sector downturn is on the cards. Analysts, therefore, will be focusing on sales updates within Persimmon and Taylor Wimpey's annual results statements on Wednesday and Thursday respectively. The two companies are expected to report a slight improvement to full-year earnings, but trading statements last month said their order books were down year on year. The focus in this week's earnings statements will be sales trends and pricing, said Aynsley Lammin, equity research analyst at Investec Bank. Barratt (BDEV.L), meanwhile, has cut its mid-year dividend by 9% as housebuilders increasingly look to preserve cash.

☆ 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.

☆ Online betting firm Flutter to start shareholder consultation on U.S. listing
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - World's top online betting firm Flutter Entertainment Plc (FLTRF.L) said on Tuesday it would start consulting shareholders for a U.S. listing. The London-listed company's plan for a listing in the United States comes at a time when its market-leading U.S. FanDuel business has become the group's largest in revenue terms. "The board has reached a preliminary view that an additionalU.S. listing of Flutter's ordinary shares will yield a number of long-term strategic and capital market benefits," the company said in a statement. Flutter said the benefits of the additional listing include access to much deeper capital markets and important U.S. indices. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita Bhattacharjee and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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