UK Tight Labor-Market Data Hints Interest Rates Won't Fall in 2023
1338 GMT - U.K. policymakers might be feeling a little less optimistic after the publication of labor-market data on Tuesday, with the Bank of England still likely to crank rates higher, Oanda senior market analyst Craig Erlam says in a note. The print showed persistent tightness in the market, with wages excluding bonuses jumping 6.7% in October to December, above expectations of 6.5%, and far from falling back any time soon. Including bonuses, wages rose 5.9%, still high but at least a deceleration on the month before, he says. U.K. yields nudged higher after publication, lifting the pound in the process on expectations that interest rates will head toward a peak of 4.5% and not fall this year, Erlam says. (edward.frankl@wsj.com)
Companies News:
Braemar Seeks Capital Reduction to Increase Capacity For Future Dividends Payment
Braemar PLC said Tuesday it will propose a capital reduction process to shareholders and that this was intended to increase its distributable reserves and capacity to pay future dividends, and provide enough distributable reserves to cover all historic dividends paid.
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Tullow Oil's Ghana Unit Files Arbitration Request Over Tax Dispute
Tullow Oil PLC said Tuesday that its Ghana subsidiary has filed requests for arbitration with the International Chamber of Commerce in London over two disputed tax assessments from the Ghana Revenue Authority.
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Gfinity to Raise GBP2 Mln; Misses Original GBP2.7 Mln Target
Gfinity PLC said Tuesday it conditionally raised 2 million pounds ($2.4 million) via a share placing and subscription and that this was below its original GBP2.7 million target.
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Up Global Sourcing 1H Revenue Rose as Macroeconomic Conditions Improve
Up Global Sourcing Holdings PLC said Tuesday that revenue for the first half of fiscal 2023 rose 2% as macroeconomic conditions began to normalize, and it expects to meet full-year market expectations.
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B.P. Marsh & Partners Positive on Insurance Market Outlook After Net Asset Value Rose
B.P. Marsh & Partners PLC said Tuesday that its net asset value rose, and that it remained positive regarding its performance and outlook for the insurance market.
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Facilities by ADF Sees 2022 Revenue, Earnings Rising on Robust Demand
Facilities By ADF PLC said Tuesday that it expects 2022 revenue and adjusted Ebitda to rise in line with market views following a strong performance.
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Bluejay Mining Pulls Disko Exploration Spinoff Plan; to Raise $6 Mln
Bluejay Mining PLC said Tuesday that a spinoff of its battery and critical metals exploration subsidiary Disko Exploration Ltd. is no longer the right strategy as it believes that it is best to utilise the company's existing platform and expertise in both Greenland and Finland.
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Plus500 Outlines Share Buybacks, Dividends For 2022
Plus500 Ltd. on Tuesday said it expects its performance for 2023 to be in line with current market expectations but weaker than the previous year as it declared special and final dividends and buybacks for 2022.
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Aurrigo 2022 Revenue, Losses Met Market Views
Aurrigo International PLC said Tuesday that it delivered a strong operational and financial performance in 2022, in-line with market expectations.
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Altitude Group Shares Rise on Higher FY 2023 Revenue Expectations
Shares in Altitude Group PLC rose Tuesday after the company said it expects revenue and adjusted Ebitda for fiscal 2023 to be ahead of market expectations as it has continued to perform strongly into 2023.
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Glantus Holdings Shares Fall on Expected Swing to 2022 Loss, Equity Subscription
Glantus Holdings PLC shares fell Tuesday after it said it expects an adjusted loss in 2022 and it was planning a premium equity subscription to shore up low cash resources.
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Strip Tinning Shares Fall on 2022 Results Below Initial Company Views
Shares in Strip Tinning Holdings PLC fell 15% on Tuesday after the company said its 2022 results weren't what it had initially set out to achieve but are in line with views and that it sees a return to core earnings breakeven in 2023.
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Norcros Chair Gary Kennedy Dies
Norcros PLC said Tuesday that Chair Gary Kennedy has died, and Senior Independent Director David McKeith will continue in the role of acting chair.
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Emmerson Hires Banks to Lead $310 Mln Debt Financing
Emmerson PLC said Tuesday that it has hired banks to lead $310 million of debt facilities that will be used toward the development of its Khemisset potash project in Morocco.
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RC365 Holding Shares Rise on Hatcher Group R&D Agreement
Shares in RC365 Holding PLC rose Tuesday after the company said it has reached a preliminary agreement with Hatcher Group Ltd. regarding a collaboration on the research and development of smart algorithm technology, among other things.
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Celsius Resources Names David James Way as COO of Philippines Operations
Celsius Resources Ltd. said Tuesday that it has appointed David James Way as chief operating officer of its Philippines operations.
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Coro Energy Starts EUR7.3M Legal Claim Against Bezzecca Field Contractor
Coro Energy PLC said Tuesday that it has launched legal proceedings against an Italian contractor for damages after it stopped gas production at the Bezzecca field for safety and environmental reasons in March 2020.
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Polar Capital Global Financials Names Simon Cordery as Incoming Chairman
Polar Capital Global Financials Trust PLC said Tuesday that it has appointed Nonexecutive Director Simon Cordery as chairman, effective from March 30 and taking over from outgoing Chairman Robert Kyprianou.
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Harvest Minerals Shares Rise on Positive Court Ruling
Shares in Harvest Minerals Ltd. jumped by as much as around 20% on Tuesday after the company said a court had ruled in its favor against Agrocerrado Produtos Agrícolas e Assistencia Tecnica LTDA on the compliance of a sales order from 2018, and will receive 2.4 million Brazilian real ($466,598) from the Brazilian group.
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Harvest Minerals 2022 Fertilizer Sales Rose; Working Capital Position Improved
Harvest Minerals Ltd. said Tuesday that sales of its KP Fertil product continued to grow over 2022, and its cash and net working capital position improved.
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Softline Holding PLC Noventiq closes Seven Seas Technology acquisition
TIDMSFTL
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Hargreaves Lansdown Expected to Report Rise in 1H Revenue -- Earnings Preview
By Anthony O. Goriainoff
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Barclays 4Q Pretax Profit Set to Rise Slightly -- Earnings Preview
Barclays PLC is scheduled to report results for the fourth quarter of 2022 on Wednesday. Here is what you need to know:
Market Talk:
Flutter Entertainment's US Listing Plan Should Be Well Received
1041 GMT - Flutter Entertainment's announcement that it is considering a U.S. listing isn't a major surprise given the importance of the country and the news should be positively received by the market, Goodbody's David Brohan says in a research note. The Dublin-based gambling group is launching a shareholder consultation on the optimal listing structure and an additional U.S. listing should bring benefits such as profile enhancement, better talent recruitment, liquidity and access to much deeper capital markets, Brohan says. Goodbody has a buy recommendation on the stock. Shares trade up 1.7% at 12,760.00 pence. (kyle.morris@dowjones.com)
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UK Labor Market Data Supports BOE's Rate Increase in March
1114 GMT - U.K.'s regular pay growth in the three months to the end of December increased 6.7% on year, higher than the 6.5% consensus in a poll by The Wall Street Journal. The high pay growth is enough reason for the Bank of England to continue raising interest rates in March to tame the rising wage growth and high inflation in the U.K., says RBC Capital Markets European economist Cathal Kennedy in a note. "The labor market data is sufficient to keep a rate rise from the Bank of England at the March 23 meeting," Kennedy says. (miriam.mukuru@wsj.com)
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Flutter Entertainment's US Listing Plans Look Positive
1116 GMT - Flutter Entertainment's announcement that it is considering plans for a U.S. listing is a positive, Citi analysts say in a research note. The benefits of such a listing for the Dublin-based gambling group include better recruitment prospects for U.S. talent, greater liquidity, increased access to capital markets and the potential for a primary U.S. listing in the future, they say. If shareholder support is broad, the company will also withdraw the intention of listing a minority stake in FanDuel, they add. Citi has a neutral rating on the stock with a target price of 12,500.00 pence. Shares trade up 1.6% at 12,745.00 pence. (kyle.morris@dowjones.com)
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Investors Still Pessimistic in February But to Lesser Degree, BofA Survey Says
1146 GMT - Investors remain pessimistic in February but at a lesser degree than a month ago, according to Bank of America's latest global fund manager survey. All key measures of sentiment improved in February compared to January and a shift in investor positioning highlights stronger risk appetite, the survey showed. The average percentile rank of next 12-month growth expectations, cash allocation, and equity allocation improved in February to the highest level in a year. (renae.dyer@wsj.com)
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UK Labor Market Report Shows Signs of Loosening
1209 GMT - The latest U.K. labor market report points to a still-tight labor market but with signs of a gradual loosening, Barclays analyst Abbas Khan says in a note. Private sector pay growth rose to 7.3% year on year in 4Q 2022, although December pay growth weakened to 2.3% month on month from 8.2% the previous month. "The extent of the fall in December suggests signs of an easing in momentum in the private sector, though further prints will be required to establish a trend," Khan says. (miriam.mukuru@wsj.com)
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Mitchells & Butlers Proving Performance Remains Resilient Helps Investors
(MORE TO FOLLOW) Dow Jones Newswires
02-14-23 0920ET
