Published: Sept. 26, 2023 at 3:03 a.m. ET
Airbus named Christian Scherer to lead its core commercial aircraft business as chief executive, adding a leadership role that has so far fallen under the remit of group Chief Executive Guillaume Faury.
The European plane maker said Tuesday that Scherer’s appointment would bring renewed focus to the commercial aircraft business at a time when airlines are putting in more orders for planes as they seek to meet increasing demand for air travel from passengers.
“Empowering…
By Mauro Orru
Airbus named Christian Scherer to lead its core commercial aircraft business as chief executive, adding a leadership role that has so far fallen under the remit of group Chief Executive Guillaume Faury.
The European plane maker said Tuesday that Scherer’s appointment would bring renewed focus to the commercial aircraft business at a time when airlines are putting in more orders for planes as they seek to meet increasing demand for air travel from passengers.
“Empowering Christian in the Commercial Aircraft CEO role will enable us to reinforce focus on the success of our Commercial Aircraft business while allowing me to dedicate my time to steering Airbus in a complex and fast-evolving global environment,” said Faury.
Airbus and the wider aviation industry are grappling with supply-chain snags that are making it harder to procure some spare parts and materials for aircraft production.
The new organizational setup will be established in the next few months, Airbus said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
Published: Sept. 25, 2023 at 6:52 p.m. ET
By Rhiannon Hoyle
Sev.en Global Investments, a Czech investment group owned by billionaire Pavel Tykac, has agreed to buy a 51% interest in coal miner Coronado Global Resources, the companies said in separate statements.
Sev.en will acquire the majority stake in the Australia-listed company from the Energy & Minerals Group, a private equity…
By Rhiannon Hoyle
Sev.en Global Investments, a Czech investment group owned by billionaire Pavel Tykac, has agreed to buy a 51% interest in coal miner Coronado Global Resources, the companies said in separate statements.
Sev.en will acquire the majority stake in the Australia-listed company from the Energy & Minerals Group, a private equity firm that co-founded Coronado in 2011.
“We believe that Coronado has established a successful business strategy and we will support the company in continuation of its business strategy to grow and strengthen its position both in the U.S. and Australia,” said Alan Svoboda, the Czech investment group’s chief executive. Svoboda said the deal aligns with the group’s strategy to expand in those two countries.
Sev.en has a “history as a long-term investor in the energy and mining industries and their focus on sustainable growth,” said Coronado Executive Chair Gerry Spindler.
Coronado said the deal is subject to usual closing conditions, including regulatory approvals in the U.S. and Australia, where the coal company runs mines producing mostly steelmaking coal. The financial terms were not disclosed.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
Published: Sept. 21, 2023 at 6:32 a.m. ET
Shares of Tata Consultancy Services Ltd. 532540 inched down 0.63% to 3,583.95 Indian rupees Thursday, on what proved to be an all-around dismal trading session for the stock market, with the S&P BSE Sensex Index 1 falling 0.85% to 66,230.24.
Tata Consultancy Services Ltd. closed 41.05 rupees below its 52-week high (3,625.00 rupees), which…
Shares of Tata Consultancy Services Ltd.
532540
inched down 0.63% to 3,583.95 Indian rupees Thursday, on what proved to be an all-around dismal trading session for the stock market, with the S&P BSE Sensex Index
1
falling 0.85% to 66,230.24.
Tata Consultancy Services Ltd. closed 41.05 rupees below its 52-week high (3,625.00 rupees), which the company reached on September 20.
The stock underperformed when compared to some of its competitors Thursday, as MphasiS Ltd.
MPHASIS
rose 0.22% to 2,488.10 rupees and Wipro Ltd.
WIPRO
fell 0.27% to 428.95 rupees.
Trading volume (103,196) eclipsed its 50-day average volume of 89,978.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Published: Sept. 19, 2023 at 1:31 a.m. ET
By Adria Calatayud
Banco Santander said it is consolidating its retail-and-commercial and consumer activities in all its markets under two new global businesses, a move aimed at aligning these operations with the model of the rest of the group.
The Spanish bank said late Monday that its retail-and-commercial and consumer operations will be…
By Adria Calatayud
Banco Santander said it is consolidating its retail-and-commercial and consumer activities in all its markets under two new global businesses, a move aimed at aligning these operations with the model of the rest of the group.
The Spanish bank said late Monday that its retail-and-commercial and consumer operations will be housed under two new global businesses–retail and commercial and digital consumer bank. These new business segments add to the group’s payments, corporate-and-investment banking, and wealth management-and-insurance businesses.
Santander said these five areas will become its primary reporting segments from January 2024. Country and region-specific data will become secondary segments in the bank’s reporting going forward, it said.
Daniel Barriuso will head Santander’s retail-and-commercial business, which combines all its retail and business banking globally, while Jose Luis de Mora will lead the digital consumer bank that houses all the group’s consumer-finance activities worldwide, Santander said.
The bank said its financial targets outlined in February remain unchanged.
Write to Adria Calatayud at adria.calatayud@dowjones.com
Published: Sept. 13, 2023 at 2:48 a.m. ET
By Ian Walker
Redrow has reported a 60.6% rise in fiscal 2023 pretax profit as the average home selling price rose over the period, and re-introduced year-ahead guidance that is much lower.
The London-listed home builder made a pretax profit for the year ended July 2 of 395 million pounds ($493.5 million) compared with GBP246 million for the…
By Ian Walker
Redrow has reported a 60.6% rise in fiscal 2023 pretax profit as the average home selling price rose over the period, and re-introduced year-ahead guidance that is much lower.
The London-listed home builder made a pretax profit for the year ended July 2 of 395 million pounds ($493.5 million) compared with GBP246 million for the comparable period a year earlier.
Revenue for the period was GBP2.13 billion compared with GBP2.14 billion.
The company said that it expects to report pretax profit for fiscal 2024 of between GBP180 million and GBP200 million, and for revenue to be between GBP1.65 billion and GBP1.7 billion.
It sold 5,436 homes in the year compared with 5,715 for the comparable period. The average selling price of private home completions increased by 8% and that of affordable homes by 5% on those in 2022 due to house price inflation and product mix.
The average private reservation rate per week for the year was 0.46 compared to 0.68 in 2022 and 0.34. Sales per outlet per week for the first 10 weeks of the new financial year were 0.34 compared with 0.61 for the same period a year ago.
The total order book at the year end stood at GBP850 million.
“Following the macroeconomic volatility of the last financial year, as we go into 2024 the market remains challenging and uncertain. However, we believe we are well positioned to respond to the market as it develops,” Nonexecutive Chairman Richard Akers said.
The board has declared a final dividend of 20.0 pence a share taking the total payout for the year to 30.0 pence compared with 32.0 pence, in line with the board’s policy of three times dividend cover.
Write to Ian Walker at ian.walker@wsj.com
Published: Sept. 11, 2023 at 3:40 a.m. ET
By Christian Moess Laursen
Shares in Bushveld Minerals rose as much as 21% after the company said investment fund Southern Point Resources will invest up to $77.5 million in the company.
At 0723 GMT, shares were up 0.23 pence at 2.25 pence.
The…
By Christian Moess Laursen
Shares in Bushveld Minerals rose as much as 21% after the company said investment fund Southern Point Resources will invest up to $77.5 million in the company.
At 0723 GMT, shares were up 0.23 pence at 2.25 pence.
The South Africa-focused vanadium miner said Monday that the two parties have signed a binding term sheet for a cumulative investment of $69.5 million to $77.5 million.
Under the terms, Bushveld will receive an interim working capital facility of 150 million South African rand ($7.8 million) to expand production at its Vanchem vanadium processing plant.
Additionally, the investment fund will buy a 50% stake in Bushveld’s subsidiary that owns Vanchem as well as its 64% equity interest in the subsidiary that owns the Mokopane project for a total of around $25 million.
Southern Point Resources will buy up to $12.5 million worth of equity in Bushveld, although the number of shares to be subscribed for won’t exceed 29.9%, Bushveld said.
The rest of the investment is in relation to a three-year marketing and sales appointment of SPR, as well as a potential future investment into Vanchem by SPR.
Write to Christian Moess Laursen at christian.moess@wsj.com
Published: Sept. 8, 2023 at 2:48 a.m. ET
By Christian Moess Laursen
Atlantic Lithium said the Minerals Income Investment Fund of Ghana will invest $32.9 million in the company and its Ghanaian subsidiaries.
The Africa-focussed lithium explorer said Friday that it has agreed to initial terms of the investment, which will support the development of its flagship Ewoyaa project and its…
By Christian Moess Laursen
Atlantic Lithium said the Minerals Income Investment Fund of Ghana will invest $32.9 million in the company and its Ghanaian subsidiaries.
The Africa-focussed lithium explorer said Friday that it has agreed to initial terms of the investment, which will support the development of its flagship Ewoyaa project and its broader Ghana portfolio toward production.
MIIF will invest $27.9 million in Atlantic Lithium’s Ghanaian subsidiaries to acquire 6% interest in the Ghana portfolio as well as subscribe in 19.25 million shares for a value of $5 million, representing 3.05% of the total equity.
“We strongly welcome MIIF’s ongoing support as a key shareholder,” Executive Chairman Neil Herbert said.
Write to Christian Moess Laursen at christian.moess@wsj.com
Published: Sept. 7, 2023 at 1:52 p.m. ET
By Josh Beckerman
Shares of Sigma Additive Solutions rose 32% Thursday after it reported letters of intent to buy travel technology company NextTrip Holdings and sell intellectual property assets related to its quality assurance software for 3-D printing to an unnamed strategic buyer.
The stock recently traded at 29 cents and is down 28% for…
By Josh Beckerman
Shares of Sigma Additive Solutions rose 32% Thursday after it reported letters of intent to buy travel technology company NextTrip Holdings and sell intellectual property assets related to its quality assurance software for 3-D printing to an unnamed strategic buyer.
The stock recently traded at 29 cents and is down 28% for the year to date.
Sigma said it will buy 100% of NextTrip in exchange for shares constituting 19.99% of its outstanding common stock plus additional shares upon the achievement of post-closing milestone earnouts. It said the total transaction will have a starting valuation of about $48 million if all milestones are earned.
The transactions are expected to be completed in the fourth quarter, subject to conditions including negotiation and execution of a definitive NextTrip acquisition agreement. Sigma is expected to change its name to NextTrip.
Write to Josh Beckerman at josh.beckerman@wsj.com
Published: Sept. 6, 2023 at 6:32 a.m. ET
Shares of Tata Consultancy Services Ltd. 532540 inched up 0.06% to 3,429.85 Indian rupees Wednesday, on what proved to be an all-around great trading session for the stock market, with the S&P BSE Sensex Index 1 rising 0.15% to 65,880.52.
Tata Consultancy Services Ltd. closed 145.15 rupees short of its 52-week high (3,575.00 rupees), which…
Shares of Tata Consultancy Services Ltd.
532540
inched up 0.06% to 3,429.85 Indian rupees Wednesday, on what proved to be an all-around great trading session for the stock market, with the S&P BSE Sensex Index
1
rising 0.15% to 65,880.52.
Tata Consultancy Services Ltd. closed 145.15 rupees short of its 52-week high (3,575.00 rupees), which the company achieved on February 16.
The stock outperformed some of its competitors Wednesday, as MphasiS Ltd.
MPHASIS
fell 1.83% to 2,475.75 rupees and Wipro Ltd.
WIPRO
fell 0.59% to 429.30 rupees.
Trading volume (36,225) remained 52,511 below its 50-day average volume of 88,736.
Editor’s Note: This story was auto-generated by Automated Insights, an automation technology provider, using data from Dow Jones and FactSet. See our market data terms of use.
Published: Aug. 31, 2023 at 8:01 p.m. ET
By James Glynn
SYDNEY–Australian house prices posted a sixth consecutive monthly rise in August despite a record surge in interest rates over the last year, with the latest data showing further acceleration in prices growth.
The national home value index was up 0.8% in August from July, according to property research group CoreLogic.
The…
By James Glynn
SYDNEY–Australian house prices posted a sixth consecutive monthly rise in August despite a record surge in interest rates over the last year, with the latest data showing further acceleration in prices growth.
The national home value index was up 0.8% in August from July, according to property research group CoreLogic.
The monthly gain was a slight acceleration from the 0.7% increase in July, interrupting a two-month trend of slowing capital gains. Since bottoming out in February, the index is up 4.9%.
Surging migration in the wake of the Covid-19 pandemic and fall supply in new houses are helping to fuel demand for housing.
The strength in house prices will concern the Reserve Bank of Australia, which has raised official interest rates by 400 basis points in just over a year to cool inflation. The RBA has been sidelined for a few months now, but continues to warn further hikes may be required if inflation remains sticky.
For now, it appears as if price pressures are easing across the economy.
Data showed the monthly consumer price index rose 4.9% in the 12 months to July, well below the expected rise of 5.2%, and compares with an increase of 5.4% over the year to June, the Australian Bureau of Statistics said Wednesday.
The stellar July inflation result compares with a peak in December of an 8.4% increase.
The upward trend in house prices remains broad-based, with every capital city except Hobart recording a rise in dwelling values over the month, according to CoreLogic.
The gains were led by a 1.5% increase across Brisbane, followed by Sydney and Adelaide where home values were up 1.1%, the data showed.
Sydney has led the recovery trend to date with a gain of 8.8% since values found a floor in January. Brisbane has also posted a strong recovery with values up 6.2% since bottoming out in February.
Write to James Glynn at James.Glynn@wsj.com