Trump takes to twitter to defend trade tariffs ahead of Juncker meeting

Nicole Jeary
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Trump takes to twitter to defend trade tariffs ahead of Juncker meeting
Donald Trump took to twitter once more to defend trade tariffs, ahead of the President’s meeting with EU commissioner, Jean-Claude Juncker. The 45th President of the United States took to the social media platform to praise the high tariffs he had recently imposed as “the greatest”. He tweeted: https://platform.twitter.com/widgets.js A few hours later, Trump once again alluded to the impending meeting over trade with the EU, which is set to take place in Washington today. https://platform.twitter.com/widgets.js The US administration has already introduced high tariffs to EU steel and aluminium exports, and is also currently embroiled in a trade war with China. This latest series of tweets from Trump revealed that there is no sign of the US administration relenting on trade just yet. Another tweet from the billionaire President read: https://platform.twitter.com/widgets.js Aside from an ongoing trade war and increasing pressure from EU nations, Trump is also facing mounting scrutiny domestically. His recent summit with Russian President Putin, where he repeatedly denied Russian interference in the 2016 election despite unanimous agreement among the US intelligence agencies, prompted outrage from Democrats and Republicans unlike. Moreover, the recent release of a recording in which Trump can be heard discussing with his lawyer a payout to Playboy model Karen McDougal two months prior to the election, despite having vehemently denied the allegations, has prompted further media controversy. Whilst famously President Clinton was impeached for lying about an affair in 1998, Trump’s ability to get away with seemingly anything has led him to be named ‘Teflon Trump’, because nothing seems to stick. Ultimately however, gaging whether Trump’s popularity remains resilient will be best tested by the performance of Republicans in the upcoming mid-term elections.  

Catena Media acquires Forex news website LeapRate.com

Nicole Jeary
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Catena Media acquires Forex news website LeapRate.com
Catena Media has taken steps to solidify its financial vertical lead by acquiring news website LeapRate.com, a Forex Exchange news portal. Specifically, LeapRate.com specialises in providing news and information on the global Forex sector. The site’s covers stories on companies providing retail and institutional FX, CFDs and cryptocurrency trading, alongside those providing technology and services to the industry. According to a statement from the company, the initial purchase consideration, which is payable on the completion of the transaction, totals an up-front payment of $4 million (USD). $2 million of which will be paid through the medium of newly issued shares in Catena Media and the remainder in cash. The shares will be issued at market value, calculated as the volume-weighted average price for Catena Media’s shares on the Nasdaq Stockholm exchange during a period of 30 trading days measured in connection with the date of signing. In addition to this, the seller may receive an earn-out payment based on the performance of the acquired business over a period of 12 months. Catena Media may choose to pay 50 percent of the earn-out in cash or in newly issued shares. Chief Executive, Per Hellberg commented on the deal: “This acquisition is in line with our strategy for growth and further establishes our position as lead generator in the financial vertical. We are very pleased to welcome LeapRate.com into the Catena Media family and look forward to helping the company realize its full potential.” This latest acquisition comes after a series of purchases in the area, including US-based premium equity service, The Hammerstone back in June. Hammerstone is an online news platform that gives subscribers real-time updates and analytics on stocks. Catena Media has around 300 employees in various locations including the US, Australia, Japan, Serbia, the UK, Sweden and Malta, where the company is headquartered. The company is currently listed on Nasdaq Stockholm Mid Cap. The company’s total sales for 2017 came in at €67.6 million. Shares in Catena Media are currently trading -0.40 percent as of 11.07AM (GMT).  

Joules boosted by jump in revenue and profit

Miranda Wadham
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Joules boosted by jump in revenue and profit
Shares in clothing brand Joules (LON:JOUL) jumped at market open on Wednesday, after the group reported strong growth across both retail and wholesale. Joules reported an 18.4 percent jump in revenue, with underlying annual pre-tax profit up 28.5 percent to £13.0 million in the year to May. Underlying earnings (EBITDA) rose 24.4 percent to £21.1 million. “It has been another strong year of growth for the Joules brand, with our continued expansion within the UK and international markets enabling the Group to a profit performance ahead of initial expectations,” the company said. A final dividend of 1.3p per share was proposed, which if approved at the AGM, would take the total dividend for the full year to 2.0p per share, up from 1.8p. Earlier this morning Peel Hunt reaffirmed its buy investment rating on Joules Group and raised its price target to 400 pence, up from 380 pence. Shares in Joules Ltd (LON:JOUL) are currently trading down 1.45 percent at 341.00 (1012GMT).

Sales marginally up at Marston’s, boosted by good weather

Miranda Wadham
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0
Sales marginally up at Marston’s, boosted by good weather
Like-for-like sales rose slightly at pub chain Marston’s (LON:MARS), boosted by World Cup beer sales and good weather. Like-for-like sales rose 0.9 percent over the past 16 weeks, with total revenue up 5.2 percent over the period. Total volumes in the first 42 weeks of the financial year were up 61 percent year-on-year, total managed and franchised pub sales were up 5.2 percent year-on-year in the 42-week period, with like-for-like sales up 0.3 percent. The group said it had been “helped by good weather and the football, but with some offset from poor weather in April”, but found that the increase in demand for booze had been largely offset by a decline in demand for food. T”he recent hot spell has been most welcome after trading in the first half of the year was hit by poor weather, and with about 10 weeks of the trading year to go Marston’s is confident it will deliver underlying earnings in line with market expectations”, the group said. “We are encouraged by our stronger trading performance in the second half-year, including the benefit of recent good weather and the impact of the World Cup in our Taverns estate and in Marston’s Beer Company,” said Ralph Findlay, the chief executive officer of Marston’s. “Our strategic objectives and progressive dividend policy remain appropriate for current market conditions and we remain confident of delivering underlying earnings in line with expectations for the full year,” he added. Shares in Marston’s (LON:MARS) are currently trading down 1.86 percent at 96.00 (0950GMT).

Santander warns of challenging UK market

Miranda Wadham
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1
Santander warns of challenging UK market
International bank Santander (BME:SAN) warned of a ‘challenging’ environment in the UK, reporting a 16 percent fall in earnings in the region. The bank said it earned €3.75 billion in the January-to-June period, increasing its customer base by three million to 140 million. Global profits were up by 4 percent after strong growth in the US and Brazil. However, earnings in the UK fell took a 16 percent hit on the back of higher investment costs and weaker revenues. The UK is one of the banks biggest markets, accounting for a fifth of the bank’s profits, in which earnings fell to €692 million. Santander executive chair Ana Botin said the bank had delivered “strong growth in underlying revenue and improving credit quality, despite strong currency headwinds”. Shares in Santander are currently trading up 0.73 percent at 4.78 (0928GMT).

Indivior shares plummet on release of generic competitor

Miranda Wadham
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1
Indivior shares plummet on release of generic competitor
Pharmaceutical company Indivior (LON:INDV) warned that the release of a generic version of one of its best-selling drugs will likely have a “materially higher” impact on profits than first anticipated. First-half net profit fell by 6 percent to $162 million from $153 million year earlier, and net revenue fell by 5 percent to $524 million from $553 million. The company blamed the fall in revenue on tactical rebating and unfavourable mix due to increased growth in its most price sensitive channel, Medicaid. This more than offset both strong US market growth, largely driven by the Medicaid channel, and rest of world growth. The company had previously warned on the potential impact of the release of a generic version of its Suboxone Film, saying that it was likely to hit profits by about $25 million. They have now said it may well be “materially higher”. “Our primary focus is to ensure the successful progression of Sublocade as it begins its transformation of the treatment of opioid use disorder,” said Shaun Thaxter, CEO of Indivior. Shares in Indivior are currently down 20.33 percent at 265.70 (0914GMT).

Antofagasta shares sink as half year performance weighs

Miranda Wadham
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0
Antofagasta shares sink as half year performance weighs
Antofagasta (LON:ANTO) shares dropped on Wednesday morning, despite a rise in both copper and gold production in the second quarter. Copper production rose by 6.1 percent in the second quarter to hit 163,200 tonnes, with output rising across all operations. However, the news was weighed by an 8.5 percent fall in copper output on a half year basis, due to the lower grades of the metal mined. Gold production also saw a hefty increase of 22.9% to 39,700 in Q2, but again saw a weaker performance on a half year basis. First half output fell by 35.8 percent to 72,000 ounces. Molybdenum production fell by 9.7% to 2,800 tonnes for the quarter. Despite the weak half-yearly performance, guidance for the full year remained unchanged. Group copper production for the full year is expected to be between 705,000 tonnes and 740,000 tonnes. Cost guidance for the full year remained unchanged with net cash costs expected to come in at $1.35 per lb. Shares in Antofagasta (LON:ANTO) fell by 1.40 percent to 960.80 in early trading (0857GMT).

Wizz Air shares sink 6pc as industrial action weighs

Miranda Wadham
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1
Wizz Air shares sink 6pc as industrial action weighs
Shares in budget airline Wizz Air (LON:WIZZ) tumbled over 6 percent on Wednesday morning, after industrial action from air traffic controllers impacted quarterly results. Profit for the three months through June fell to €50 million, despite recording an 18 percent rise in revenue to €553.4 million. The group blamed the fall in profits on air traffic strikes, saying an ‘unprecedented number of disruptions’ caused mainly by European air traffic control issues led to a five-fold increase in cancellations to 145 by Wizz Air. Passenger delay and compensation costs tripled to €9.1 million. Operating expenses also increased by 23 per cent to €499 million, with both staff and fuel costs up by around a third. Chief executive Jozsef Varadi said: “This was a very solid performance given the absence of high yielding Easter traffic which fell into the end of the last financial year as well as a backdrop of significant challenges caused by European air traffic control issues. “With these disruptions likely to continue into autumn and on the back of a continued rise in fuel prices in the first quarter the company took the decision to trim its full year growth target from 20 percent to 18 percent.’ “Wizz is well positioned to deliver in 2019 and beyond and we remain confident in our full-year guidance of €310-to-€340 million net profit for the year.” Shares in Wizz Air are currently down 6.13 percent at 3,340.00 (0841GMT).

Vodafone revenue hit by weak performance in Italy

Miranda Wadham
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1
Vodafone revenue hit by weak performance in Italy
Vodafone (LON:VOD) reported falling revenue growth in the first quarter on the back of a weak performance in Italy and Spain, but reiterated its full-year annual earnings guidance. Revenue dropped by 4.9 percent in the first quarter of the year, led by a 1.3 percent decline in organic sales revenue in Europe and a 22.3 percent decline in India. Revenue in Italy alone dropped by 6.7 percent. However, this was largely offset by a 7 percent growth in Africa, the Middle East and Asia Pacific. Vodafone stuck to its annual guidance for underlying organic adjusted Ebitda growth of 1-5%, and free cash flow pre-spectrum of at least €5.2 billion. “The group’s organic service revenue growth slowed during the first quarter, in line with expectations,” chief executive Vittorio Colao said. “The majority of our operations performed well, with ongoing momentum in Germany, further underlying recovery in the UK and continued good growth in AMAP, all of which helped to offset increased competition in Italy and Spain.” Colao said Vodafone’s commercial performance was solid, marked by further broadband market share gains in Europe. “In India, where competition remains intense, we have now received conditional approval from the Department of Telecoms for the merger of Vodafone India and Idea Cellular, which we aim to close before the end of August, allowing us to unlock substantial synergies.” Shares in Vodafone are currently trading largely flat on the news, down 0.28 percent at 177.16 (0825GMT).

ITV report mixed results ahead of new growth strategy

Miranda Wadham
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0
ITV report mixed results ahead of new growth strategy
Shares in ITV (LON:ITV) fell in early morning trading on Wednesday, after a mixed set of third quarter results and the announcement of a new growth strategy. First-half adjusted profit fell by 7 percent, but revenue rose by 8 percent. Total EBITA was down 7 percent to £375 million, but broadcast and online revenues rose 3 percent to £1.05 billion. The group benefitted from revenue growth across all areas, with first-half total advertising revenue up 2 percent as expected and total non-advertising revenue growth of 14 percent to £958 million. The group announced its new strategy for growth, ‘More than TV’, focusing on strengthening the integrated producer broadcaster (IPB), Growing UK and Global production and creating a scaled direct to consumer business, the company said. It will cut costs and make the company more competitive in the internet age, generating double digit online revenue growth per year and growing direct to consumer revenues to at least £100 million by 2021. “These revenue benefits will more than cover the net impact, but will be back end loaded,” the company said. Shares in ITV are currently down 0.26 percent at 170.00 (0815GMT).
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