Tullow Oil cuts production guidance

Tullow Oil PLC (TLW.LN) on Wednesday reported a 91% rise in net profit for the first half of the year but reduced its production guidance for the full year as a result of mechanical issues.

The energy company made a profit of $103.2 million in the six months ended June 30, compared with a profit of $53.9 million in the year-earlier period.

Revenue was down at $872.3 million, compared with $905.1 million in the year-earlier period, Tullow Oil said.

Tullow has cut its full-year 2019 working-interest oil production guidance to a range of 89,000 to 93,000 barrels per day, citing mechanical issues at one of its wells. Combined with gas output, the company now sees its full-year production guidance in a range of 90,000 to 94,000 barrels of oil equivalent a day.

The company also reported that a proposed farm-down in Uganda continues to make limited progress, though it added that discussions with joint venture partners and the government of Uganda continue.

Tullow declared an interim dividend of 2.35 cents a share.

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Peugeot reports first-half profit rise

Peugeot SA (UG.FR) said Wednesday that first-half net profit rose as it reported a slight decline in revenue and lowered its outlook for automotive markets.

Net profit for the year increased to 1.83 billion euros ($2.04 billion), compared with EUR1.48 billion a year ago, the company, also known as Groupe PSA, said. Revenue fell to EUR38.34 billion from EUR38.60 billion.

Analysts had expected net profit of EUR1.71 billion and revenue of EUR38.18 billion, according to a consensus forecast provided by FactSet.

Peugeot lowered its full-year market outlook, and is now expecting a 1% decline for the automotive market in Europe, compared with expectations of a stable market previously. The company now forecasts a 7% decline for the Chinese market and a 4% decline in Latin America, compared with previous expectations for a decline of 3% and 2% respectively. Russia is expected to grow 3%, compared with a forecast for 5% growth before.

Vodafone, Telefonica’s O2 to share UK 5G equipment

Vodafone Group PLC (VOD.LN) said Wednesday that it has agreed to share 5G active equipment with Telefonica SA’s (TEF.MC) O2 in the U.K. and that their Cornerstone joint venture will explore monetization options.

The U.K. telecommunications group said network sharing reaps the benefits of 5G and at the same time lowers roll-out costs.

Under the agreement, Vodafone and O2’s 50/50 joint venture Cornerstone, which owns and manages the companies’ passive tower infrastructure, will take an additional role in the deployment of both networks and look to capture further operational efficiencies, Vodafone said.

Rathbone Brothers H1 Pretax Profit Declines – Quick Facts

Rathbone Brothers plc (RAT.L) reported profit before tax of 20.0 million pounds for the six months ended 30 June 2019 compared to 43.7 million pounds, previous year. Earnings per share was 25.0 pence compared to 67.6 pence.

Underlying profit before tax totalled 46.6 million pounds compared to 48.3 million pounds, previous year. Underlying earnings per share was 69.3 pence compared to 75.3 pence.

First-half net interest income increased to 7.65 million pounds from 6.90 million pounds, prior year.

Total funds under management and administration reached a record 49.2 billion pounds at 30 June 2019, up 11.6% from 44.1 billion pounds at 31 December 2018.

The Group increased its interim dividend in line with its progressive dividend policy by 4.2% to 25 pence. The record date will be 6 September 2019 and the dividend will be paid on 1 October 2019.

Snap revenue boosted by gender-bending photo filter

Shares of Snapchat parent company Snap Inc. soared more than 10 percent in extended trading Tuesday — thanks in part to a viral face filter that can turn a woman into a man and vice versa.

The Los Angeles-based Snap handily beat Wall Street’s expectations for the second quarter, including a revenue jump of 50 percent.

Much of the growth, Snap said, could be attributed to the launch of new augmented reality photo lenses, as well as an improved Android version of its app.

One popular lens, which went viral as soon as it was rolled out, allows users to reverse their gender in photos — giving women short hair and a five-o-clock shadow, while showing men what they would look like with shoulder-length hair and a face full of makeup.

“The popularity of these lenses drew millions of people into our rebuilt Android application, where they experienced the new and improved Snapchat that led to increased engagement,” chief executive Evan Spiegel said in a conference call following the report.

Snap’s revenue, which it earns from selling advertising on the app, jumped nearly 50 percent to $388 million, beating analyst estimates of $359.7 million. The company still lost $255 million, but the loss was down 28 percent over this time last year.

The company said the number of daily active users rose to 203 million in the quarter ended June 30, up from 190 million in the prior quarter.

Shares of Snap jumped 11 percent in extended trading, to $16.52.

Iraq fears US sanctions on Iran will affect imports

Iran and Iraq discuss ways to continue trading as US waiver which allows Iraq to import Iranian goods draws near.

Iraq and Iran are neighbours: Around $25m worth of Iranian goods enter Iraq every day.

But it is not clear what will happen when a three-month US waiver that allows Baghdad to trade with Tehran expires.

Iraqi traders are worried, as Iranian goods are much cheaper than those from other countries.

Al Jazeera’s Osama Bin Javaid has this report from Baghdad.

Britain has not sent any mediators to Iran – British source says

LONDON, July 24 (Reuters) – Britain has not sent any representatives as mediators to Iran, a British source said after the semi-official Tasnim news site reported that a mediator had been sent to discuss the freeing of a British-flagged tanker seized by the Islamic Republic.

“We are not aware of any representatives being sent as mediators to Iran,” a British diplomatic source said. (Reporting by Guy Faulconbridge; editing by Kate Holton)