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☆ UK-based IT firm Noventiq to list in U.S. through SPAC deal
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - London-listed IT company Noventiq (SFTLq.L) said on Thursday it will combine with California-based blank-check firm Corner Growth Acquisition Corp for a Nasdaq listing. Noventiq said the current price of its listed global depository receipts (GDRs) was not a fair reflection of the value of the group and there continued to be very limited trading volume of its GDRs on the London Stock Exchange. Special purpose acquisition companies, or SPACs, are listed but have no business operations, except hunting for a private company to take public and allowing it to bypass the scrutiny that comes with a traditional IPO. Noventiq, which provides digital solutions, hardware and cloud services, said the parties expected to finalise the agreement in the coming weeks. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Britain says Microsoft's 'Call of Duty' deal could harm gamers
▼ + stars: | 2023-02-08 | by ( Paul Sandle | ) www.reuters.com time to read: +3 min

[1/2] Activision games "Call of Duty" are pictured in a store in the Manhattan borough of New York City, New York, U.S., January 18, 2022. REUTERS/Carlo Allegri/File PhotoSummarySummary Companies Deal raises concerns- regulatorAcquisition threatens Xbox and PlayStation rivalryMicrosoft says committed to addressing concernsLONDON, Feb 8 (Reuters) - Britain's antitrust regulator said Microsoft's (MSFT.O) $69-billion purchase of "Call of Duty" maker Activision Blizzard (ATVI.O) could harm gamers by weakening the rivalry between Xbox and Sony's PlayStation. The Competition and Markets Authority (CMA) said the deal could result in higher prices, fewer choices and less innovation for millions of gamers, as well as stifling competition in the growing cloud gaming market. In December, the United States moved to block the deal, citing Microsoft's record of hoarding valuable gaming content. Microsoft, which has pledged to keep "Call of Duty" on PlayStation, said it would address the CMA's concerns.

☆ Britain says Microsoft's Activision deal could harm gamers
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

LONDON, Feb 8 (Reuters) - Britain's antitrust regulator said on Wednesday its in-depth probe had found that Xbox maker Microsoft's (MSFT.O) $69-billion purchase of "Call of Duty" maker Activision Blizzard (ATVI.O) raised competition concerns about cloud and console gaming. Reporting by Paul Sandle and Aby Jose Koilparambil; editing by Michael HoldenOur Standards: The Thomson Reuters Trust Principles.

☆ LockBit ransomware group threatens to publish stolen Royal Mail data - TechCrunch
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: 1 min

Feb 7 (Reuters) - UK's Royal Mail, which has been grappling with a cyberattack for about a month now, was added to ransomware group LockBit's dark web leak site this week, TechCrunch reported on Tuesday. LockBit was threatening to publish "all available (Royal Mail) data" on Thursday, according to the report. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Johnson Matthey joins hands with Plug Power for hydrogen tech partnership
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - British chemicals firm Johnson Matthey (JMAT.L) said it had entered into a long-term supply and joint development agreement with Plug Power for hydrogen technology-related products. Johnson Matthey, which makes catalytic converters for vehicles and refines platinum group of metals (PGMs) used chiefly by automakers, said on Tuesday that the group would supply a substantial portion of U.S.-based Plug's demand for components of fuel cells and electrolysers. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Shell CEO in first changes combines LNG, upstream operations
▼ + stars: | 2023-01-30 | by ( Ron Bousso | ) www.reuters.com time to read: +2 min

SummarySummary Companies New CEO took office Jan. 1Upstream boss to oversee expanded unitExecutive committee to shrink to seven from nine membersLONDON, Jan 30 (Reuters) - Shell (SHEL.L) will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of CEO Wael Sawan's first changes since taking charge of the energy giant earlier this month. The new division, which combines Shell's most profitable operations, will be headed by current upstream director Zoe Yujnovich, Shell said in a statement on Monday. Sawan took office on Jan. 1 after heading Shell's integrated gas division, which included Shell's LNG and renewables businesses, with a vow to simplify and improve the company's operations. Under the internal restructure, renewables operations will be combined with Shell's oil refining and marketing operations led by current downstream director Huibert Vigeveno, the company said. Reporting by Aby Jose Koilparambil in Bengaluru; editing by Rashmi Aich and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

☆ UK's JD Sports says some customer data compromised for online orders
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - UK's JD Sports Fashion Plc (JD.L) said on Monday it had been the target of a cyber incident, resulting in unauthorised access to customer data relating to some online orders placed between November 2018 and October 2020. The company said the affected JD Sports group brands are JD, Size?, Millets, Blacks, Scotts and MilletSport. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ British motor insurer Direct Line's CEO Penny James steps down
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +1 min

Jan 27 (Reuters) - Direct Line Insurance Group's (DLGD.L) chief executive of nearly four years, Penny James, will step down with immediate effect after the British motor and home insurer faced "significant headwinds" in recent months, the company said on Friday. James, who joined Direct Line as finance chief in late 2017, took over as CEO in May 2019 and steered the company through the COVID-19 pandemic, when motor insurers performed well as restrictions limited the number of drivers on the road, leading to fewer accidents. The appointment of a new CEO will allow the company to "reset and rebuild" after a "tumultuous time", JPMorgan analysts wrote in a note. The company appointed Chief Commercial Officer Jon Greenwood as acting CEO, with Chair Danuta Gray saying Greenwood would focus on driving performance and restoring the balance sheet. Spells of extreme weather in Britain over the past year have also led to more claims for subsidence and burst pipes.

☆ UK competition watchdog probes $61 bln Broadcom-VMware deal
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +1 min

Jan 25 (Reuters) - Britain's competition regulator said on Wednesday it had started the first phase of an investigation into U.S. chipmaker Broadcom Inc's (AVGO.O) $61 billion acquisition of cloud-computing firm VMware Inc (VMW.N). The Competition and Markets Authority (CMA) said in November it was investigating whether the deal between the two U.S.-listed companies could substantially hurt competition in Britain, adding that it had until March 22 to decide. The Broadcom-VMware deal was one of the biggest announcements globally in 2022, marking the chipmaker's attempt to diversify into the enterprise software segment. Broadcom and VMware did not immediately respond to Reuters' requests for comment. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Dhanya Ann Thoppil and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ UK funeral service provider Dignity agrees to $349 mln takeover
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Shares of FTSE Small Cap firm hit over 9-month highCo agrees to sweetened 550 pence/share offerJan 23 (Reuters) - Funeral services provider Dignity Plc (DTY.L) has agreed to a sweetened 281 million pound ($349 million) takeover by a consortium backed by investment firms SPWOne V Ltd, Castelnau Group (CGL.L) and Phoenix Asset Management Partners. Dignity's shares climbed more than 8% to a more than nine-month high of 547 pence by 0918 GMT on Monday. The stock, which fell about 30% in 2022, has rebounded after disclosing the buyout talks. Dignity, which owns 725 funeral locations and 46 crematoria in Britain, has faced pricing pressures and regulatory requirements from Britain's competition watchdog. ($1 = 0.8052 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Jane MerrimanOur Standards: The Thomson Reuters Trust Principles.

☆ UK power firm SSE ups profit outlook on strong market conditions
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Jan 20 (Reuters) - British power firm SSE Plc (SSE.L) on Friday raised its annual earnings forecast helped by strong market conditions, and said it would invest any additional profit it makes into low-carbon electricity infrastructure. The company said it now expects adjusted earnings per share of more than 150 pence for fiscal year 2023 ending March 31, up from the previous outlook of at least 120 pence. The group's finance director Gregor Alexander said in a trading statement that its 12.5 billion pound ($15.45 billion)net-zero acceleration programme was progressing "at pace". In November, National Grid (NG.L) and British Gas-owner Centrica too had raised their annual earnings expectations as power companies benefit from persistently high energy prices caused by the Russia-Ukraine conflict. ($1 = 0.8090 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Dr Martens warns on profit after U.S distribution centre issues
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: 1 min

Jan 19 (Reuters) - Dr Martens Plc (DOCS.L) on Thursday warned on annual profit and revenue after the British bootmaker faced operational issues at its new distribution centre in the United States. The company said it now expected a revenue growth of 11%-13% on an actually currency basis for the year ending March, lower than the previous forecast of a jump in high-teens. Dr Martens said its third quarter was weaker than expected as operational issues at its new Los Angeles distribution centre led to lost wholesale revenue and additional costs, reducing its 2023 core profit by 16 million pounds to 25 million pounds ($19.7 million-$30.8 million). ($1 = 0.8108 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Wafer maker IQE flags potential demand hit in first half of 2023 fiscal
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: 1 min

Jan 16 (Reuters) - IQE Plc (IQE.L) said on Monday it expected destocking in the wider industry to weigh on demand from its existing customers in the first half of the current fiscal year, after the chip components supplier forecast an 8% revenue growth in 2022. The company, which makes semiconductor wafers for chips used in Apple (AAPL.O) products, said 2022 trading was boosted by revenue from its photonics division in the second-half period, partially offsetting softness in its wireless markets. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Taylor Wimpey to build fewer homes in 2023 as weak demand weighs
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Jan 13 (Reuters) - British housebuilder Taylor Wimpey Plc (TW.L) on Friday forecast that it will construct fewer homes in 2023 than in the previous year as affordability concerns and economic uncertainty kept homebuyers on tenterhooks. Taylor Wimpey expects its annual operating profit to come in line with company-compiled consensus of about 921 million pounds ($1.12 billion), almost similar to market estimates from November. The FTSE 100 company, which also has a minor presence in Spain, said it built 14,154 homes in the UK including joint ventures in 2022, in line with its production outlook "broadly similar" to 14,087 units a year ago. The High Wycombe-based company said year-end order book - a key measure in gauging sales performance in the short term - excluding joint ventures stood at 1.94 billion pounds, compared with 2.55 billion pounds a year earlier. ($1 = 0.8201 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Morgan Advanced Materials reports cyber security incident on its network
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: 1 min

Jan 10 (Reuters) - British industrial firm Morgan Advanced Materials Plc (MGAMM.L) said on Tuesday it was assessing a cyber security incident after detecting unauthorised activity on its network. The company, which makes a wide range of heat-resistant and other industrial materials, said it had launched an investigation and was taking steps to ensure that its businesses could continue to trade with its customers and suppliers. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: UK housebuilders may cut dividends as surging rates deter buyers
▼ + stars: | 2023-01-09 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +5 min

The big, listed UK housebuilders have paid dividends worth 2.2 billion pounds ($2.6 billion) for their respective last financial years. Potential cuts in dividends would weigh down on shares of housebuilders, after the sector index (.FTNMX402020) slumped more than 44% in 2022. Among the FTSE 100 builders, analysts are now forecasting dividend cuts from many firms, particularly those whose payouts are linked to earnings growth. High-end housebuilder Berkeley (BKGH.L) stuck to its cash-return plans, but cut its earnings estimates for the 2024 and 2025 fiscal years. Barratt, Persimmon and Berkeley have said they would be more cautious with land purchases, in a bid to reduce outgoings as falling property prices squeeze margins.

Bloomberg had earlier reported that FAB had been exploring an offer for Standard Chartered as part of a plan aimed at building an emerging markets bank, driving StanChart shares up as much as 20%. The Abu Dhabi lender said it had been in "the very early stages of evaluating a possible offer" for the emerging markets-focused bank. Furthermore, the mooted combination of FAB and StanChart would have been subjected to more onerous capital requirements that would burden the resulting lender, a banking source said. FAB was created via a merger between National Bank of Abu Dhabi and First Gulf Bank in 2016. The lender sources around half its deposits from the Abu Dhabi government and reported total assets of 1.15 trillion AED ($313.1 billion) as of end-September 2022.

☆ UK's Cineworld to not sell assets individually, denies talks with AMC
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 3 (Reuters) - Cineworld (CINE.L), the British cinema operator in bankruptcy proceedings, said on Tuesday it would not sell any of its assets individually, and that it had not held discussions with AMC Entertainment (AMC.N) about the sale of any of its theatres. Cineworld said on Tuesday it had not held discussions with AMC about the sale of any of its cinema assets, in response to media reports, and that talks about a reorganisation of its U.S. operations were ongoing. In October, Cineworld, the world's second-largest cinema chain operator, announced a bankruptcy settlement with its landlords and lenders, clearing the way for the company to borrow funds and make a $1 billion debt repayment. AMC last month said it was no longer in talks to buy some theatres owned by Cineworld following initial talks with some lenders. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Saumyadeb Chakrabarty and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ UK's Superdry positive on second half as jacket sales surge to record
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +1 min

Dec 22 (Reuters) - Britain's Superdry (SDRY.L) on Thursday signalled a strong start to the second half as online jacket sales hit a record high amid the Black Friday shopping spree and a recent spell of colder weather, sending its shares about 17% higher. The fashion retailer also reported first-half revenue growth of 3.6%, but struck a cautious note on outlook as the sector steers through rising expenses and a worsening cost-of-living crisis in the UK. "We are under no illusions that consumer confidence is fragile and that the picture is unlikely to change quickly," said Superdry Chief Executive Officer Julian Dunkerton. Superdry, best known for its sweatshirts, hoodies and jackets, said margin dilution stood at more than 200 basis points during the first half. The company also said it had agreed to a loan facility of up to 80 million pounds ($96.14 million) for three years with lender Bantry Bay Capital Ltd.($1 = 0.8321 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Brexit deal a 'nightmare' for small businesses - survey
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

The survey of more than 1,168 businesses, which was published on Wednesday, showed significant challenges for UK firms trying to use the Trade and Co-operation Agreement (TCA) that was signed in 2020 to allow tariff-free trade with the European Union once Brexit took effect. About 56% of firms face difficulties adapting to the new rules for trading goods, the survey found, while around 44% of businesses also reported challenges in getting visas for their staff. About 92% of the businesses surveyed were small and medium enterprises. Simple importing of parts to fix broken machines or raw materials from the EU have become a major time-consuming nightmare for small businesses," a manufacturer in the East Midlands was quoted as saying in the BCC survey report. Britain formally withdrew from the European Union on Jan. 31, 2020.

☆ UK's ADVFN extends closing date of open offer, AGM amid postal strikes
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - Global stocks and crypto information website ADVFN Plc (AFN.L) said on Tuesday it extended the closing date of an open offer and postponed its annual general meeting (AGM) amid ongoing strikes in the UK, including by postal firms. British workers across various key sectors including transportation, health and postal department have intensified strikes this month over pay, causing country-wide disruptions amid a deepening cost-of-living crisis. ADVFN said it was extending the closing date to Jan. 5 from Dec. 21 as a number of shareholders were concerned about their participation in the open offer due to the postal disruption, while the AGM has been pushed back to Jan. 13 from Dec. 29. The UK-based company said some of the eligible shareholders for the open offer were worried that due to the delays in receiving the necessary documents either directly or from nominees, they might not be able to submit applications by the originally-planned closing date. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ BP to expand EV charging network at M&S stores
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

Dec 8 (Reuters) - BP Plc (BP.L) on Thursday said its British electric vehicle charging business bp pulse will install high-speed charge points at around 70 Marks & Spencer (MKS.L) retail outlets. The first pilot charging sites are open at M&S Maidstone Eclipse and Southgate stores, with an initial target to install around 900 points, adding up to 40,000 kilowatt-hours of charging capacity within the next two years. Meanwhile, BP plans to invest up to 1 billion pounds ($1.22 billion) in UK EV charging infrastructure by 2030. BP and M&S first teamed up in 2005 to introduce M&S Food stores at bp retail sites. More than 250 bp pulse charge points are already available at over 60 bp-operated forecourts, which also offer M&S Food.

☆ UK new car sales up more than 20% in November - SMMT
▼ + stars: | 2022-12-05 | by ( ) www.reuters.com time to read: 1 min

Dec 5 (Reuters) - British new car registrations rose for the fourth consecutive month in November, with a more than 20% jump, according to preliminary industry data released on Monday. The Society of Motor Manufacturers and Traders (SMMT) said plug-ins accounted for more than one in four new registrations in November. The SMMT will provide the final figures for the month at 0900 GMT. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ UK regulator says Baker Hughes-Altus deal could reduce competition
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: 1 min

Nov 22 (Reuters) - Britain's competition watchdog said on Tuesday U.S.-listed oilfield services firm Baker Hughes Co's acquisition of Altus Intervention could result in reduced competition among UK oil and gas operators. The Competition and Markets Authority (CMA) said it was concerned that the loss of rivalry between the merging companies could lead to higher prices, reduced choice and lower quality services for businesses in the UK that purchase coiled tubing and pumping services. Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Taylor Wimpey scales back home building plans due to cost-of-living crisis
▼ + stars: | 2022-11-09 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +1 min

The company joined bigger rival Persimmon (PSN.L) in flagging increasing stress in the housing market. Taylor Wimpey said it now expects 2022 volumes to be broadly similar to the previous year. For the second half of the year to date, Taylor Wimpey said its sales rate had dropped to 0.51 homes per outlet per week and its cancellation rate had risen to 24%. That compares with a sales rate of 0.95 homes and a cancellation rate of 14% for the same period a year ago. ($1 = 0.8662 pounds)Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

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