Paddy Power Betfair Share News (PPB)

LONDON (Alliance News) - Stock prices in London were seen opening higher, rebounding from sharp losses on Thursday, as Royal Bank of Scotland said it will pay its first dividend since being bailed out by the UK government. IG futures indicate the FTSE 100 index is to open up 41.57 points at 7,617.50. The blue chip index closed down 1.0% at 7,575.93 on Thursday.In early UK corporate news, RBS said half-year earnings were hit by litigation costs as the state-backed lender signalled its intent to resume its dividend payout for the first time since the financial crisis a decade ago. For the half year ended June 30, total income was down 3.2% at GBP6.70 billion from GBP6.92 billion last year. Operating profit was down 6.1% at GBP1.83 billion from GBP1.95 billion last year and profit attributable to shareholders was down 5.4% to GBP888 million compared to GBP939 million the year before. The bank's earnings were hit by GBP801 million of litigation and conduct costs relating to the GBP1.04 billion charge for its settlement in principle with the US Department of Justice over selling financial products linked to residential mortgage backed securities.However, RBS said it intends to declare an interim dividend of 2.0p - the timing of which is subject to the finalisation its settlement with the US DoJ. RBS also maintained the full-year guidance provided with its most recent annual results. British Airways-parent International Consolidated Airlines Group reported a surge in half-year earnings, but noted that French air traffic control strikes continued to hinder its operations, causing disruption to customers.For the six months that ended June 30, total revenue rose 3.1% at EUR11.21 billion compared to EUR10.87 billion last year and passenger revenue was up 3.6% at EUR9.94 billion from EUR9.59 billion the year before. Operating profit before exceptional items rose 17% to EUR1.11 billion from EUR950 million last year, while pretax profit rose 25% to EUR835 million against EUR669 million last year. "At current fuel prices and exchange rates, IAG still expects its operating profit for 2018 to show an increase year-on-year. Both passenger unit revenue and non-fuel unit costs are expected to improve at constant currency," the company said. Anglo-South African paper and packaging company Mondi said revenue and profit rose over the first half of 2018, prompting a higher interim payout.Revenue for the first half of 2018 rose 4.0% to EUR3.73 billion from EUR3.58 billion a year before, as pretax profit grew 6.3% to EUR490 million from EUR461 million.Sales were up 4% on a like-for-like basis in the period, supported by higher average selling prices and volume growth in Containerboard and Industrial Bags.Bookmaker Paddy Power Betfair said its US subsidiary FanDuel Group has entered into an agreement with Boyd Gaming to co-operate in the sport betting and online casino markets.On Friday, the US Labor Department is scheduled to release its more closely watched report on the employment situation in the month of July at 1330 BST.Employment is expected to increase by 190,000 jobs in July after jumping by 213,000 jobs in June, while the unemployment rate is expected to dip to 3.9% after rising to 4.0% in the previous month.Wall Street ended broadly higher, with the Dow Jones Industrial Average flat, S&P 500 up 0.5% Nasdaq Composite ending up 1.2%.There was positive sentiment on tech stocks after iPhone maker Apple topped the USD1 trillion market cap, but these were offset by worries about trade tensions between the US and China.Apple shares closed up 2.9% in New York on Thursday.Ahead in the US earnings calendar tomato ketchup maker Kraft-Heinz will report earnings before the market open and Warren Buffet's Berkshire Hathaway is set to report after the market close.The economic events calendar has services PMI readings from Italy, France, Germany, eurozone and UK at 0845 BST, 0850 BST, 0855 BST, 0900 BST and 0930 BST respectively.The Japanese Nikkei 225 index closed up flat. In China, the Shanghai Composite is down 0.3%, while the Hang Seng index in Hong Kong is down 0.1%.In early economic news, the services sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin showed, with a PMI score of 52.8.That is down from 53.9, although it remains above the boom-or-bust line of 50 that separates expansion from contraction. Individually, service sector new orders expanded at their weakest rate in more than two and a half years.In addition, members of the Bank of Japan's monetary policy board said that the country's economy continues to expand at a moderate pace, minutes from the bank's June 14 and 15 meeting revealed on Friday.The members added that the expansion is expected to continue, the minutes showed - although they pointed out that downside risks include erratic US policy and the UK's withdrawal from the EU.