Serco Buys Immigration Services Company ORS For Up To 39 Mln Pounds

Serco Group plc (SRP), an international supplier of services to governments, on Thursday announced the acquisition of ORS, a specialist provider of immigration services to public sector customers in Switzerland, Germany, Austria and Italy for up to CHF44 million or 39 million pounds.

ORS’s revenue for the year ended 31 December 2021 was CHF110 million or 97 million pounds.

ORS is a Swiss-based provider of immigration services in several European countries, with a 30-year track record across the asylum and immigration process from initial country reception to orientation, care, community integration and repatriation.

Shares of Serco closed Wednesday’s trading at 175.10 pence, down 1.20 pence or 0.68 percent from the previous close.

PPHE Hotel Posts Decreased Loss For H1 As Sales Surge

PPHE Hotel Group Limited (PPH.L), a Dutch hospitality real estate major, on Thursday posted a decreased loss for the first-half, amidst a surge in revenues, driven by both strong rate growth as well as a good recovery in occupancy rates.

For the six-months to June, the company posted a pre-tax loss of 26.10 million pounds, compared with 50.33 million pounds loss a year ago.

Net loss was at 25.95 million pounds or 0.52 pound per share, less than 50.27 million pounds or 1.05 pounds per share loss reported for the same period of 2021.

EBIT was a loss of 2.46 million pounds, versus 33.05 million pounds loss of previous fiscal.

EBITDA has been registered at 17.02 million pounds as against a loss of 14.00 million pounds of last year’s first-half.

PPHE Hotel recorded a surge in revenues at 113.19 million pounds, higher than last year’s 25.75 million pounds, on year-on-year basis.

For the first-half, the Board has declared an interim dividend of 3 pence per share. The dividend will be paid on October 14, to the shareholders of the record on September 16.

Hello Group Q2 Profit Falls

Hello Group Inc. (MOMO), a Chinese online social and entertainment platform, on Thursday posted a decrease in earnings for the second quarter, amidst a fall in sales and the impact of resurgence of Covid-19 pandemic.

For the second quarter ended in June, the online firm posted a net income of RMB 345.6 million or RMB 0.84 per share, compared with RMB 464.2 million or RMB 1.07 per share a year ago. Net income per ADS was at RMB 1.68, less than RMB 2.15 in the same period of 2021.

Adjusted income decreased to RMB 463.5 million from RMB 551.0 million. Excluding items, earnings per ADS stood at RMB 2.22, versus RMB 2.54, on year-on-year basis.

Income from operations moved down to RMB 346.2 million from RMB 686.3 million, reported for the previous year.

Total net revenues fell to RMB 3.11 billion from last year’s RMB 3.67 billion.

Looking ahead, for the third-quarter, Hello Group expects total net revenues to be in the range of RMB 3.1 billion – RMB 3.2 billion, representing a year-over-year decrease of 17.5 percent to 14.9 percent.

Build-A-Bear Workshop Reaffirms FY22 Revenue, EBITDA Outlook – Update

While reporting financial results for the second quarter on Thursday, brick-and-mortar retailer Build-A-Bear Workshop, Inc. (BBW) reaffirmed its revenue and EBITDA guidance for the full-year 2022.

For fiscal 2022, the company continues to project total revenues in the range of $440 million to $460 million and EBITDA in the range of $65 million to $75 million.

The Company said its guidance for growth in profitability takes into account anticipated ongoing inflationary pressures as well as its plans to mitigate the impact on its margins.

The Company’s Board of Directors also authorized a new share repurchase program of up to $50.0 million effective through August 31, 2025.

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Gold Edges Lower On Dollar Strength

Gold prices edged lower on Thursday to hover near six-week lows after marking a fifth monthly drop in August.

Spot gold dipped 0.4 percent to $1,703.80 per barrel, while U.S. gold futures were down 0.7 percent at $1,714.50.

A firmer dollar and higher Treasury yields weighed on the precious metal after several Fed officials reiterated their support for further interest-rate hikes to combat inflation.

Cleveland Fed President Loretta Mester said Wednesday that policy makers should raise rates beyond 4 percent and deliver no rate cuts in 2023.

Markets currently are pricing in only a 1-in-3 chance of the funds rate climbing above 4 percent next year.

Elsewhere in Europe, French central bank chief Francois Villeroy de Galhau said on Wednesday the European Central Bank should show determination with interest-rate increases while also acting in an orderly and predictable way.

Investors are betting that the U.S. Federal Reserve and the ECB will both raise their key borrowing costs by 75 basis points when they meet later this month.

Oil Extends Losses On Rate-hike Worries

Oil prices fell sharply on Thursday to extend recent losses on worries that aggressive interest-rate hikes by major central banks may lead to a global economic slowdown and dent fuel demand.

Bearish oil demand signals from OPEC+ as well as increased restrictions to curb COVID-19 in China also weighed on prices and offset data showing a sizable draw in U.S. crude stockpiles.

Brent crude futures for November delivery fell 1.6 percent to $94.15 a barrel, while WTI crude futures for October settlement were down 1.5 percent at $88.25.

A slew of surveys showed today that global factory activity slumped in August- raising concerns over a possible global recession.

As inflation worries mount, both the U.S. Federal Reserve and the European Central Bank are expected to raise borrowing costs aggressively later this month.

On the positive side, a report from the Energy Information Administration showed U.S. crude oil inventories fell by more than expected in the week ended August 26th.

The report showed crude oil inventories slid by 3.3 million barrels versus expectations for a decrease of about 1.5 million barrels.

Gasoline inventories declined by 1.2 million barrels, while distillate fuel inventories inched up by 0.1 million barrels.