Bank Solvency Fears Seem Overdone, But Some Might Need Support

Bank Solvency Fears Seem Overdone, But Some Might Need Support

1203 GMT - Fears about bank solvency are overdone, but a small number of individual banks might require liquidity support from central banks if funding conditions remain challenging for an extended period, UBS strategists say in a research note. European bank stocks sold off Wednesday after investor concerns over the health of the global banking system rippled through asset classes, UBS says. Most banks have strong liquidity positions and depositors in the vast majority of financial institutions remain well protected, the Swiss bank says. However, lack of confidence from depositors or wholesale lenders over a prolonged period can still trigger liquidity crises, which might require a lender of last resort to step in, UBS says. (adria.calatayud@dowjones.com)

COMPANIES NEWS:

Vodafone Business CEO Vinod Kumar to Retire

Vodafone Group PLC on Thursday said that the chief executive officer of Vodafone Business, Vinod Kumar, will retire on Dec. 31 to pursue a portfolio career.

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Halma Sees FY 2023 Adjusted Profit Rising In-Line With Market Views

Halma PLC said Thursday that fiscal 2023 adjusted pretax profit is expected to be in line with market expectations as it has enjoyed organic, constant-currency revenue growth in all areas in the year-to-date.

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Deliveroo 2022 Revenue Rose as Pretax Loss Narrowed Amid Efficiency Gains

Deliveroo PLC on Thursday said that its revenue rose and its pretax loss narrowed in 2023 as the company optimized consumer fees, made efficiency gains in the rider network and efficiently targeted marketing spend.

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Rentokil Initial Upgrades Midterm Views on Back of Terminix Acquisition

Rentokil Initial PLC upgraded its medium-term guidance on Thursday on the back of the acquisition and integration of Terminix, after reporting a worse-than-expected pretax profit fall in 2022.

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Polymetal International Swung to 2022 Net Loss; Won't Declare Dividend

Polymetal International PLC said Thursday that it swung to a net loss in 2022 and won't declare a dividend, as sanctions on Russia for invading Ukraine caused costs to rise and metal prices to fall.

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Helios Towers 2022 Pretax Loss Widened as Expenses Rose

Helios Towers PLC said Thursday that its pretax loss for 2022 widened as revenue rose, driven by an increase in expenses.

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DFS Furniture Narrows FY 2023 Guidance Toward Lower End After 1H Pretax Profit Fell

DFS Furniture PLC said Thursday that pretax profit fell in the first half of fiscal 2023, and revised its full-year guidance for pretax profit excluding brand amortization toward the lower end of its previous view.

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Savills 2022 Pretax Profit Slipped on Higher Costs; Chairman to Step Down

Savills PLC said Thursday that 2022 pretax profit fell despite a rise in revenue, driven by increased operating expenses, and Chairman Nicholas Ferguson said he plans to retire toward the end of the year.

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National World 2022 Pretax Profit Rose as Costs Fell

National World PLC said Thursday that pretax profit rose in 2022 as costs fell.

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Pineapple Power to Raise GBP350,000 for Future Acquisitions

Pineapple Power Corp. said Thursday that it has secured 350,000 pounds ($421,995) of new funds via a share placing and subscription and will use the money toward any future acquisition costs and for general working capital needs.

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Empiric Student's 2022 Profits, Revenue Rose on Record Occupancy

Empiric Student Property PLC said Thursday that pretax profit and revenue significantly rose in 2022 on record occupancy levels and pricing, and the values of its properties being revised up.

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Investec Sees FY 2023 Earnings Increase on Client Acquisition, Rising Rates

Investec PLC said Thursday that it expects fiscal 2023 earnings to increase following a robust performance and increasing interest rates despite the macroeconomic backdrop.

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F.W. Thorpe 1H Pretax Profit Rose on Strong Sales; Declares Increased Dividend

F.W. Thorpe PLC said Thursday that its pretax profit for the first half of fiscal 2023 rose on strong sales, especially in its Thorlux segment, and that it has declared an increased interim dividend.

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Eurowag Backs Mid-Term Guidance After 2022 Pretax Profit Boost

W.A.G Payment Solutions PLC on Thursday posted a rise in pretax profit for 2022 and said it entered 2023 in a strong position as it reiterated its mid-term guidance.

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Restore 2022 Revenue, Profit Rose; 2023 Performance in Line

Restore PLC said Thursday that pretax profit for 2022 rose slightly as revenue increased and that 2023 has started in line with its expectations.

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Centamin 2H Pretax Profit Rose on Cost Savings, Higher Production

Centamin PLC said Thursday that pretax profit for the second half of 2022 rose, as cost savings helped its bottom line and revenue grew thanks to higher production.

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Gym Group 2022 Loss Narrowed as Revenue Rose; Warns of Uneven 2023 Start

Gym Group PLC said Thursday that its pretax loss for 2022 narrowed as revenue rose on a higher number of business days and a post Covid-19 recovery, but that its start to 2023 has been uneven.

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OSB Group 2022 Pretax Profit Rose on Loan Book Growth; To Buyback Shares

OSB Group PLC said Thursday that pretax profit for 2022 rose, driven by loan book growth and improved net interest margin, and launched a share buyback program and a special dividend.

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Hurricane Energy Shares Jump After Board Agrees to GBP249M Takeover

Shares of Hurricane Energy PLC rose 16% on Thursday after the company said that it has agreed to a 249.0 million pound ($300.2 million) takeover by Prax Exploration & Production PLC.

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Union Jack Oil Wressle Well Beating Production Expectations

Union Jack Oil PLC said Thursday that production from the Wressle hydrocarbon development in England is exceeding expectations, with total production now exceeding 390,000 barrels of oil.

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PensionBee Confident of Hitting Profitability Target By End of Year

PensionBee Group PLC on Thursday said it is on track to meet its profitability target by the end of 2023 as it posted a narrower pretax loss for 2022.

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Home REIT Gets Deadline Extension for Bluestar Group Takeover Bid

Home REIT PLC said Thursday that the deadline for Bluestar Group Ltd. to make a firm intention of an offer for the company or walk away has been extended to April 13.

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Deliveroo 2022 Revenue Rose as Pretax Loss Narrowed Amid Efficiency Gains -- Update

Deliveroo PLC on Thursday said that its revenue rose and pretax loss narrowed in 2023 as the company optimized consumer fees, made efficiency gains in the rider network and efficiently targeted marketing spend.

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Eurocell 2022 Pretax Profit Fell on Restructuring Cost; Proposes Increased Dividend

Eurocell PLC said Thursday that its pretax profit for 2022 fell on restructuring costs and a market slowdown in the second half-year, but that revenue rose on price increases, and that it proposed an increased dividend.

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Bridgepoint 2022 Pretax Profit Doubled on Higher Fees

Bridgepoint Group PLC on Thursday said pretax profit more than doubled in 2022 as it increased management fees in its private equity and credit strategies and saw resilient investment returns despite volatile markets.

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John Lewis Partnership FY 2023 Pretax Loss Widened on Property Write Downs

John Lewis Partnership PLC said Thursday that pretax loss for fiscal 2023 widened mainly due to the property write downs.

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Sosandar Appoints Nick Mustoe as Interim Nonexecutive Chairman

Sosandar PLC said Thursday that it has appointed nonexecutive director Nick Mustoe as interim nonexecutive chairman with immediate effect.

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CloudCoCo 2022 Pretax Loss Widens on Higher Costs

CloudCoCo Group PLC on Thursday said its pretax loss widened in fiscal 2022, while its revenue tripled as it integrated the four business it bought the previous year.

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Ediston Property Investment Launches Strategic Review, Mulls Merger or Sale

Ediston Property Investment Co. said Thursday that it is undertaking a strategic review of options available to maximize shareholder value, including a preference for a merger with one or more other real estate investment trusts.

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Kazera Global FY 2022 Pretax Loss Widened; Gets New Investor

Kazera Global PLC on Thursday reported a much widened pretax loss for fiscal 2022 as cost of sales wiped out its revenue and after booking higher costs.

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Burford Capital Shares Fall After Fair Value Approach Change, Delayed Results

Shares in Burford Capital Ltd. fell on Thursday after the company said it is modifying its fair value approach and doesn't know if there will be a material change in its asset values, delaying the publication of its 2022 results.

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John Lewis Partnership Won't Pay Bonus Due to FY 2023 Pretax Loss -- Update

John Lewis Partnership PLC said Thursday that it won't be paying out a bonus to partners this year as it reported a widened pretax loss for fiscal 2023 after writing down the value of Waitrose stores.

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Currys Cuts FY 2023 Guidance After Weak Nordics Performance; Names New Nordics CEO

Currys PLC on Thursday lowered its fiscal 2023 adjusted pretax profit guidance, blaming a weaker Nordics performance due to a tough consumer environment, high cost inflation and competitive intensity.

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Abrdn, Ares, Sequoia among over 5,900 private funds that used Silicon Valley Bank as a custodian -- Financial News

Major names used SVB as a custodian for private funds as leading firms now explore alternatives

MARKET TALK:

Halma Posts Impressive FY 2023 Update, Looks Well Underpinned

(MORE TO FOLLOW) Dow Jones Newswires

March 16, 2023 08:48 ET (12:48 GMT)

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