Ifa News Round-Up
NCC slumps on profit warning as US markets hit by volatility
Shares in cyber security company NCC Group slumped by more than a third on Friday after a profits warning, due to deteriorating market conditions in the US, including the collapse of Silicon Valley Bank and its impact on customer confidence.
Rio Tinto joins forces with First Quantum on Peru copper project
Rio Tinto has agreed to sell a majority stake in its La Granja copper project in Peru to Canada’s First Quantum Minerals for $105m.
Ithaca Energy slams UK windfall tax as output, capex targets cut
North Sea oil and gas producer Ithaca Energy on Thursday lowered annual production and capital expenditure guidance, citing the UK government’s windfall tax, operational delays and lower volumes despite almost trebling profits in 2022.
Sam Bankman-Fried charged by US with bribing China officials
Disgraced FTX cryptocurrency exchange founder Sam Bankman-Fried has been charged by US authorities with bribing Chinese officials with payments of $40m (£32. 4m).
French prosecutors raid French banks in tax fraud probe
French authorities on Tuesday have searched the Paris offices of five major banks on suspicion of fiscal fraud, as part of a European investigation into the dodging of dividend tax payments.
Bellway launches £100m share buyback as H1 profits fall
Bellway on Tuesday reported a fall in half-year profits against a tough economic backdrop and announced a £100m share buyback as customer demand improved in the current calendar year, helped by a seasonal uplift and a fall in mortgage rates.
Unbound shares surge after bid approach from WoolOvers
Shares in Hotter Shoes owner Unbound Group surged on Tuesday after the company said it was minded to accept a bid approach from WoolOvers Group valuing the business £6. 8m.
Wetherspoon shares surge as pub chain swings to H1 profit
JD Wetherspoon shares surged as the pub chain said sales for the last seven weeks were 14. 9% higher than the same period last year as it also swung to a half-year profit despite "ferocious" inflationary pressures.
UK CMA says Microsoft Activision deal won't harm console gaming market
Britain’s competition regulator has narrowed the scope of its probe into Microsoft’s $69bn takeover of video game maker Activision, saying it no longer believes the deal would damage the UK console gaming market.
Inchcape shares tank despite higher FY profits, upbeat outlook
Shares in Inchcape fell sharply on Thursday, despite the automotive distributor reporting a rise in annual earnings driven by growth in new and used vehicle sales and higher prices.
Vistry sees better housing market as profits surge
UK house builder Vistry on reported better-than-expected full-year profits and said market conditions were improving.
RMT signals, maintenance members accept new pay offer
Rail signal workers and maintenance staff in the RMT union have voted to accept a pay offer from Network Rail.
FirstGroup's Avanti gets West Coast contract extension despite poor services
FirstGroup's troubled Avanti West Coast rail contract has been controversially extended to October despite calls for it to be stripped of the franchise for unreliable services and cancellations.
UK house prices up 0.8% in March
UK property asking prices rose by 0. 8% in March from the prior month and showed signs of stabilising after last year's ‘mini-budget’ that created severe market volatility, according to a survey released on Monday.
Credit Suisse shares plunge again as US investors file lawsuit
Shares in crisis-hit lender Credit Suisse plunged again on Friday after the bank was slapped with a lawsuit by US investors alleging it overstated its financial prospects to shareholders.
Wood Group grants Apollo extension on bid deadline
Private equity firm Apollo has been given an extension on whether it will formally bid for Wood Group after three prior approaches were rebuffed.
UK faces higher taxes, lower living standards after Budget, say think tanks
Britons face a decade of lower living standards and poorer public services while paying higher taxes, leading think tanks warned on Thursday after the government’s spring Budget.
John Lewis warns on jobs as staff lose bonus, profits slump
UK retailer John Lewis on Thursday warned it may have to cut jobs as it slumped to a full-year loss and told staff it will not hand out a bonus for only the second time since 1953.
UK avoids recession, but living standards plunge, taxes rise - OBR
Britain's economy is forecast to avoid a recession in 2023, but living standards are still set to record their biggest two-year fall in seven decades, while the tax burden also increases for millions of people, the Office for Budgetary Responsibility said on Wednesday.
Currys replaces Nordics CEO, sees FY profit at lower end of guidance
Electricals retailer Currys has replaced the chief executive of its troubled Nordics division and warned that group profits will be at the lower end of expectations.