The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Gate13boy
"Lloyds work in a totally different market to HSBC. Drawing comparisons is futile"
3 billion impairment charge has dragged HSBC down 7% today, Lloyds expecting a bill up to £2.4 billion for mis-selling motor finance this might drag Lloyds down tomorrow
R1234
"They have doubled their dividend! let's hope Lloyds do the same"
Can't see Lloyds doing this as HSBC top execs were calling for a breakup after british regulators prevented banks from handing out dividends during the pandemic
Mining giant Rio Tinto has announced another bumper payout for investors despite falling profit.
The world’s largest iron ore producer reported underlying earnings of $11.8bn (£9.4bn) for 2023, down from $13.4bn (£10.6bn) a year earlier – in line with LSEG estimates – due to lower commodity prices.
Rio Tinto also booked a net impairment charge of $0.7bn (£0.6bn) after tax. The charge was related to its alumina refineries in Queensland.
The company reported earnings before interest, taxes, depreciation and amortisation (EBITDA) $23.9bn (£19bn), slightly ahead of forecasts.
https://www.cityam.com/rio-tinto-announces-another-bumper-diviend-for-investors-despite-profit-slump-as-focus-on-cash-flow-pays-off/
Europe’s largest airport reported an adjusted profit £38m last year, up from a loss of £685m in 2022. Pre-tax profits came in at £701m, up 314 per cent.
https://www.cityam.com/heathrow-turns-first-profit-since-pandemic-amid-middle-east-takeover-speculation/
Wonder what's going to happen with this AML agreement with Lucid costing £182 million now the EV market has gone south
https://www.dailymail.co.uk/sciencetech/article-13100353/Slipping-EV-demand-forces-lithium-facilities-pause-production.html#amp_tf=From%20%251%24s&aoh=17084396385654&csi=0&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Fwww.dailymail.co.uk%2Fsciencetech%2Farticle-13100353%2FSlipping-EV-demand-forces-lithium-facilities-pause-production.html
Bank of England governor Andrew Bailey raised hopes after telling MPs that the UK is suffering a "very small reccession" that is already showing "signs of an upturn".
Speaking to the Treasury committee, Bailey said: "We’ve had this period of rapid disinflation, we’ve had restrictive monetary policy but in all the measures we use the economy appears to be at full employment.
“That is a very good story. We don’t want unemployment rising rapidly. It has happened in the past when we’ve taken these sorts of actions.
“So I would just say against a lot of talk of what we think is going to be a very small recession, we think the economy is already actually showing distinct signs of an upturn."
Bailey added that the central bank is looking for signs of improvement in services prices, wage increases and the labour market before bringing through any interest rate cuts.
The FTSE 100 is up around 3.5 points at 7,731.
China’s central bank slashed the benchmark mortgage interest rate on Tuesday in a bid to jumpstart the country’s sluggish property market and boost its struggling economy.
The People’s Bank of China announced a reduction in the five-year loan prime rate from 4.20% to 3.90%
The Aussie mining giant announced an interim dividend payment of US$0.72 against US$0.90 a year ago, but this was higher than most forecasts beforehand.
Investors should take this as “a reflection of BHP’s improving confidence regarding the outlook on commodity demand/prices," US bank Citi commented.
Earlier this week, BHP warned that the future of the Australian nickel industry was at risk due to the slump in the price of the metal
“China demand [for iron ore and copper] is healthy despite weakness in housing and India remains a bright spot," he said
“In Australia, the mining industry is facing near-term headwinds in developing resources.
"It’s essential that the right industrial relations and fiscal settings are in place to support the sector’s ability to compete and win in global markets.
"Long term, the mega-trends playing out in the world around us continue to underline our confidence in future demand for steel, non-ferrous metals and fertilisers.“
https://www.proactiveinvestors.co.uk/companies/news/1041294/bhp-hit-by-big-impairments-after-flat-half-1041294.html