Friday, 13 Dec 2019

Prudential Plc H1 Profit From Cont. Ops. Declines – Quick Facts

Glencore loses bid to bar use of Paradise Papers

SYDNEY–Glencore PLC (GLEN.LN) has lost a bid to stop Australia’s tax office from using documents that detail some of its offshore financial arrangements, as its case was dismissed by the country’s high court on Wednesday.

Glencore sought an injunction to keep Australia’s top tax officials from using documents stolen from Bermuda law-firm Appleby and provided to the International Consortium of Investigative Journalists. The documents were released as part of the so-called Paradise Papers, a collection of more than 13.4 million documents that detail the ways giant corporations, billionaires and celebrities move money through offshore tax havens to reduce their taxes.

"Glencore respects today’s High Court decision," a spokesman for the company said in an emailed statement.

— Write to Rhiannon Hoyle at [email protected]

Danish police arrest one Swedish man and issues warrant for another after explosion

COPENHAGEN (Reuters) – Danish police said on Wednesday they had arrested a 22-year old Swedish man and issued an international warrant for a 23-year old Swede, both suspected of being behind an explosion outside the Danish Tax Agency’s office in Copenhagen last week.

One person was lightly injured in the explosion which shattered glass doors and windows and scorched metal cladding at the main entrance of the building in what the police said was a deliberate attack.

British CPI grows faster-than-forecast 2.1% in July

U.K. consumer prices in July rose to 2.1% year-over-year from 2% in June, and above the economist forecast of 1.9% growth. Core CPI also rose more quickly than forecast, rising a tick to 1.9%. The Office for National Statistics cited rising prices in games, toys and hobbies, and accommodation services, as well as clothing and footwear and "other" financial services, which offset declines from transportation services and electricity and gas.

Balfour Beatty HY Pre-tax Profit Rises – Quick Facts

Balfour Beatty Plc (BBY.L) reported that its profit before taxation for the first six-month of the year rose to 63 million pounds from last year’s 50 million pounds in the prior year.

But, profit attributable to equity holders declined to 46 million pounds or 6.6 pence per share from 69 million pounds or 10.0 pence per share last year.

Underlying profit from operations increased to 72 million pounds from 66 million million pounds last year.

Underlying revenue was broadly flat at 3.881 billion pounds. Statutory revenue, which excludes joint ventures and associates, was 3.397 billion pounds, up from 3.220 billion pounds in the prior year.

The company declared an interim dividend of 2.1 pence per share, a 31% increase on the 2018 interim dividend of 1.6 pence per share.

The company said it remains confident that the Group will perform in line with market expectations in 2019, with all earnings-based businesses expected to achieve industry standard margins for the full year.

The Board declared an interim dividend of 2.1 pence per share, a 31% increase on the 2018 interim dividend of 1.6 pence per share.

Wholesale inflation in July falls to multi-year low of 1.08%

Inflation in food articles, fuel and power contracted in July.

Illustration: Uttam Ghosh/Rediff.com

Wholesale price-based inflation in July fell to a multi-year low of 1.08 per cent mainly on account of cheaper fuel and food items, government data showed on Wednesday.

Inflation based on Wholesale Price Index (WPI) was at 2.02 per cent in June this year and 5.27 per cent in July 2018.

The government data said inflation in food articles was 6.15 per cent in July as against 6.98 per cent in the previous month.

Similarly, wholesale inflation in fuel and power segment contracted further to (-) 3.64 per cent as against (-) 2.2 per cent in June.

The retail inflation in July too had eased to 3.15 per cent over the previous month when it was 3.18 per cent.

Daqo New Energy Backs FY19 Production Outlook – Quick Facts

While reporting financial results for the second quarter, Daqo New Energy Corp. (DQ), a manufacturer of high-purity polysilicon for the global solar PV industry, on Wednesday announced polysilicon production and sales guidance for the third quarter and reiterated full-year 2019 polysilicon production guidance.

The company expects to produce about 9,200 MT to 9,500 MT of polysilicon and sell about 9,000 MT to 9,300 MT of polysilicon to external customers during the third quarter of 2019.

The company also reiterated its full year 2019 polysilicon production guidance range of 37,000 MT to 40,000 MT, which takes into account the impact of annual facility maintenance.

US-China trade war: US agriculture faces challenges

President of American Farm Bureau Federation described trade war as ‘body blow’ to thousands of farmers.

    Farmers in the United States are facing their biggest challenge in decades as the trade war between the US and China continues.

    Unions say prices are falling and demand for goods from China has dropped.

    Al Jazeera’s Andy Gallacher reports from the US state of Iowa where the dispute has already cost the state an estimated $2bn.

    Prudential Plc H1 Profit From Cont. Ops. Declines – Quick Facts

    Prudential plc (PRU.L,PUK) said the Group has delivered a positive performance in the first half of 2019. The Group’s operating profit from continuing operations increased by 14 percent during the period. Also, Prudential plc said M&GPrudential intends to list its shares under the name M&G plc when it demerges later in the current year.

    For the first-half, profit to shareholders from continuing operations declined to 890 million pounds or 34.4 pence per share from 1.27 billion pounds or 49.4 pence per share, previous year. Group operating profit from continuing operations (excluding M&GPrudential) was 2.02 billion pounds, up 14 percent on CER basis, year-on-year. On European Embedded Value (EEV) basis, operating profit from continuing operations increased 1 percent to 2.64 billion pounds. EEV basis basic earnings per share was 115.3 pence compared to 103.0 pence.

    First-half total revenue, net of reinsurance, was 40.60 billion pounds compared to 16.02 billion pounds, prior year. Earned premiums, net of reinsurance, increased to 15.77 billion pounds from 14.42 billion pounds.

    Mike Wells, Group Chief Executive, said: “We expect to complete the demerger of M&GPrudential in the fourth quarter of 2019, and preparations are complete for Prudential plc’s move to Group-wide supervision by the Hong Kong Insurance Authority.”

    The 2019 first interim dividend of 16.45 pence per ordinary share will be paid on 26 September 2019 in sterling to shareholders in the UK, and in Hong Kong dollars to shareholders on the Hong Kong branch on 26 September 2019.

    Related Posts