Connect with us

Business

Wetherspoon shares higher after raising cash at top end of expectations

Published

on

Wetherspoon shares higher after raising cash at top end of expectations 1

(Reuters) – Britain’s Wetherspoon priced its sale of 93.7 million pounds ($127.92 million) worth of new shares at the top end of its expected range on Wednesday, a signal of confidence from investors that pushed the pub operator’s shares 3% higher in morning trade.

The cheap beer specialist said 8.4 million new shares had been placed at 1,120 pence per share – a discount of over 5% to Tuesday’s closing price, but the proceeds raised were at the top of the range it had given when announcing the offer a day earlier.

“We like Wetherspoon’s relentless consumer focus, employee engagement, largely freehold estate and history of evolution. This profile should allow JDW to fast return to its former profitability,” Jefferies analysts said.

Following strict COVID-19 led curbs in December, England went into its third national lockdown earlier this month.

The pandemic-hit hospitality industry has laid off thousands of workers, with Wetherspoon cutting jobs at its head office and airport pubs.

The company said on Tuesday it expects pubs to remain shut until March and that the fresh funds would provide enough liquidity to deal with very low sales after reopening.

It is also considering buying properties in central London, freehold reversions of pubs of where it is currently the tenant, and properties close to successful pubs in an effort to cash in on declining property prices.

“It has a young customer base who have been less fearful of venturing out when restrictions do ease, which does bode well for recovery unless there is another twist in the trajectory of the virus,” Hargreaves Lansdown analyst Susannah Streeter said.

Wetherspoon, which has seen no sales since shutting all its pubs from Dec. 31, had expected the placing to raise between 92.1 million pounds and 93.7 million pounds.

($1 = 0.7325 pounds)

(Reporting by Tanishaa Nadkar in Bengaluru; Editing by Subhranshu Sahu and Shailesh Kuber)

Business

Thomson Reuters fourth-quarter revenue, adjusted earnings rise

Published

on

Thomson Reuters fourth-quarter revenue, adjusted earnings rise 2

NEW YORK (Reuters) – Thomson Reuters Corp reported higher fourth-quarter revenue on Tuesday and said it would start a two-year program that will change it from a holding company to an operating company.

The news and information company, which owns Reuters News, said revenues rose 2% to $1.62 billion, while its operating profit jumped more than 300% to $956 million, reflecting the sale of an investment, a gain from an amendment to pension plan and lower costs.

Its three main divisions, Legal Professionals, Tax & Accounting Professionals and Corporates, all showed higher organic quarterly sales and adjusted profit.

It was not immediately clear if adjusted earnings per share of 54 cents were directly comparable to the 46 cents expected.

Thomson Reuters’ markets are healthy and evolving, making this a good time to transition the company from a content provider to a “content-driven technology company,” Chief Executive Steve Hasker said in a statement.

Workplaces have been transformed by the COVID-19 pandemic and artificial intelligence has a larger role in professional markets, he said.

(Writing by Nick Zieminski in New York, editing by Louise Heavens and Jane Merriman)

Continue Reading

Business

Tesla shares set to skid into the red for the year

Published

on

Tesla shares set to skid into the red for the year 3

LONDON (Reuters) – Shares in Tesla were set to plunge into the red for the year on Tuesday, hit by a broad selloff of high-flying technology stocks and the fall of bitcoin, in which the electric carmaker recently invested $1.5 billion.

By 1029 GMT, Tesla was down over 8% in U.S. premarket deals after a similar drop during the previous session. The firm led by Elon Musk has had a stellar ride since 2020, which it began at about $85 per share, before reaching the $900 mark on January 25.

Currently trading at about $657 in pre market transactions, the stock has lost 27% from its peak, which is above the 20% level which technically defines a bear market.

Bitcoin has also swung into a bear market, falling from a peak of $58,354 on February 21 to a low of $45,000 earlier on Tuesday.

A Germany-based trader said he was “taking chips off the table” on Tesla as its 1.5 billion investment in the cryptocurrency could “backfire now”.

Analysts at Barclays noted that there has been a drop of conversations about the electric car makers in the Reddit’s WallStreetBets forum, which could explain some of the loss of appetite for the stock.

“With only 2-3 total submissions on each of the past several days, we remain below the trend in attention that has come along with big returns jumps in the past”, the analysts said in note.

Other analysts have also cautioned against investing in the stock which remains one of the most expensive on the S&P 500 index at 163 times its 12 month forward earnings.

Graphic: Tesla shares selloff after multi-fold gains

Tesla shares set to skid into the red for the year 4

(Reporting by Julien Ponthus and Thyagaraju Adinarayan)

Continue Reading

Business

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant

Published

on

H&M, IKEA and Stora Enso backed TreeToTextile builds sustainable fibre demo plant 5

STOCKHOLM (Reuters) – A venture part-owned by Finnish forestry group Stora Enso, Sweden’s H&M and IKEA said on Tuesday it was set to build a demonstration plant in Sweden for a new, more sustainable wood-based textile fibre after years of research.

To markedly reduce their climate footprint and pollution, large apparel and furniture brands are in dire need of affordable greener alternatives to cotton, traditional viscose and polyester. Several Nordic pulp makers are part of projects developing new clean ways https://www.reuters.com/article/us-nordics-forestry-idCAKCN0WF076 to turn trees into textile fibre.

TreeToTextile said in a statement its plant would have a production capacity of 1,500 tonnes and its owners would fund the bulk of the 35 million euro ($42.6 million) investment.

“The novel process is deliberately designed to have low energy demand and low chemical need. It is engineered to suit large scale production and includes a recovery systemfor reusing chemicals,” it said.

“By investing in a demonstration plant, we are finally on the go. With it we are turning years of R&D into reality to increase the biobased share on the textile market to support climate action.”

TreeToTextile, whose fourth part-owner is innovator Lars Stigsson, said the plant would be located at Stora Enso’s Nymolla mill in Sweden, and its construction would start in the near future.

Viscose is the main existing textile fibre from wood pulp – followed by the newer lyocell which has a cleaner manufacturing method. Production is dominated by Austria’s Lenzing, India’s Aditya Birla and China’s Sateri.

($1 = 0.82 euros)

(Reporting by Anna Ringstrom; Editing by Angus MacSwan)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Global Demand for Weight Loss & Obesity Management Receiving Strong Impetus from Spectacular Expansion of Medical Tourism Sector across Asia 6 Global Demand for Weight Loss & Obesity Management Receiving Strong Impetus from Spectacular Expansion of Medical Tourism Sector across Asia 7
Research Reports23 seconds ago

Global Demand for Weight Loss & Obesity Management Receiving Strong Impetus from Spectacular Expansion of Medical Tourism Sector across Asia

The growth of weight loss and obesity management market is attributed to the rising epidemic of obesity across the globe....

FMI’s Study on Benign Prostatic Hyperplasia Prostate Treatment Market: Least Invasive Alternatives in Trend 8 FMI’s Study on Benign Prostatic Hyperplasia Prostate Treatment Market: Least Invasive Alternatives in Trend 9
Research Reports1 min ago

FMI’s Study on Benign Prostatic Hyperplasia Prostate Treatment Market: Least Invasive Alternatives in Trend

The approximately US$ 25 Bn market for benign prostatic hyperplasia prostate treatment is likely to expand at 4.6% CAGR during...

Global Motorcycle Start Stop Systems Market 2021 Growth, COVID Impact, Trends Analysis Report 2027 10 Global Motorcycle Start Stop Systems Market 2021 Growth, COVID Impact, Trends Analysis Report 2027 11
Research Reports2 mins ago

Global Motorcycle Start Stop Systems Market 2021 Growth, COVID Impact, Trends Analysis Report 2027

Future Market Insights has adopted multi-disciplinary approach to shed light on the evolution of the Motorcycle Start Stop Systems Market during the...

Urology Imaging Systems Market to Record an Exponential CAGR of 3.8% by 2028- Future Market Insights 12 Urology Imaging Systems Market to Record an Exponential CAGR of 3.8% by 2028- Future Market Insights 13
Research Reports3 mins ago

Urology Imaging Systems Market to Record an Exponential CAGR of 3.8% by 2028- Future Market Insights

According to the latest research by the FMI, the global urology imaging systems market is expected to account for over US$ 486.4...

Marine Ventilation Systems Market Share, Global Industry Size, Growth, SWOT Analysis, Top Companies, Competitor Landscape, Regional Outlook 2027 14 Marine Ventilation Systems Market Share, Global Industry Size, Growth, SWOT Analysis, Top Companies, Competitor Landscape, Regional Outlook 2027 15
Research Reports4 mins ago

Marine Ventilation Systems Market Share, Global Industry Size, Growth, SWOT Analysis, Top Companies, Competitor Landscape, Regional Outlook 2027

Future Market Insights has adopted multi-disciplinary approach to shed light on the evolution of the Marine Ventilation Systems Market during the historical...

Hematology Diagnostics Market Players Eye Strategic Partnerships to Vie with More Diverse Portfolios, finds FMI Study 16 Hematology Diagnostics Market Players Eye Strategic Partnerships to Vie with More Diverse Portfolios, finds FMI Study 17
Research Reports5 mins ago

Hematology Diagnostics Market Players Eye Strategic Partnerships to Vie with More Diverse Portfolios, finds FMI Study

The hematology diagnostics market has witnessed the advent of a wide range of hematology testing solutions that combine the attributes...

Global Marine Fasteners Market: Things to Focus on to Ensure Long-term Success| Key Players include Attwood Marine Products, SEASTAR SOLUTIONS, Marine Fasteners, Inc., Fasco Fasteners 18 Global Marine Fasteners Market: Things to Focus on to Ensure Long-term Success| Key Players include Attwood Marine Products, SEASTAR SOLUTIONS, Marine Fasteners, Inc., Fasco Fasteners 19
Research Reports6 mins ago

Global Marine Fasteners Market: Things to Focus on to Ensure Long-term Success| Key Players include Attwood Marine Products, SEASTAR SOLUTIONS, Marine Fasteners, Inc., Fasco Fasteners

Future Market Insights has adopted multi-disciplinary approach to shed light on the evolution of the Marine Fasteners Market during the historical period....

The US$ 85 million Market for Loop-mediated Isothermal Amplification (LAMP) to Shape the Future of Molecular Diagnostics – Future Market Insights 20 The US$ 85 million Market for Loop-mediated Isothermal Amplification (LAMP) to Shape the Future of Molecular Diagnostics – Future Market Insights 21
Research Reports7 mins ago

The US$ 85 million Market for Loop-mediated Isothermal Amplification (LAMP) to Shape the Future of Molecular Diagnostics – Future Market Insights

Global demand for loop-mediated isothermal amplification technology reached around US$ 85 million in 2018, as indicated by a new research...

Dry Vacuum Pumps Market is Poised to Exhibit a Moderate 6.2% CAGR Through 2028 – Future Market Insights 22 Dry Vacuum Pumps Market is Poised to Exhibit a Moderate 6.2% CAGR Through 2028 – Future Market Insights 23
Research Reports8 mins ago

Dry Vacuum Pumps Market is Poised to Exhibit a Moderate 6.2% CAGR Through 2028 – Future Market Insights

Global Dry Vacuum Pumps Market: Overview There is a continuous thrust on renewable power production across the globe, in the wake...

Sodium Metabisulphite Market Anticipated to Grow at a Significant Pace of US$ 266.5 Mn By 2028 24 Sodium Metabisulphite Market Anticipated to Grow at a Significant Pace of US$ 266.5 Mn By 2028 25
Research Reports9 mins ago

Sodium Metabisulphite Market Anticipated to Grow at a Significant Pace of US$ 266.5 Mn By 2028

A new decadal study presented by top research firm Future Market Insights studies the demand patterns, trends, and growth scenario...

Newsletters with Secrets & Analysis. Subscribe Now