Universal Music confidentially files for US IPO
The terms of the offering were not disclosed.
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Daily Mail
4 minutes ago
- Daily Mail
Barclays sees profits soar thanks to Trump tariffs trading frenzy
Barclays' profits beat expectations in the first half of the year as the banking giant's markets business was boosted by a surge in trading activity in the wake of US tariff announcements. The FTSE 100 lender saw pre-tax profits rocket 23 per cent to £5.2billion for the six months to 30 June, surpassing analyst forecasts of £4.96billion. Total income within its global markets business soared 21 per cent to just under £5billion over the period, with strong demand within equities, and its fixed income, commodity and currency unit. Net interest income – the difference between what a bank pays and receives in interest – also beat forecasts after jumping to more than £7billion from £6.1billion last year. In the UK, income jumped 12 per cent in the second quarter thanks to higher structural hedge income and the Tesco Bank acquisition earlier in the year. However, the takeover combined with 'elevated US macroeconomic uncertainty' contributed to impairments rising to around £1.1billion for the first half. Tariff trading frenzy: Barclays' global markets business was boosted by higher trading activity in the second quarter In addition, Barclays told shareholders the appreciation of sterling against the US dollar since the start of the year had 'negatively impacted income and profits'. Strong profit growth was also achieved despite group operating costs increasing by 5 per cent to £8.4billion, partially offset by roughly £350million of efficiency savings. Barclays chief executive C.S. Venkatakrishnan said: 'We remain on track to achieve the objectives of our three-year plan, delivering structurally higher and more stable returns for our investors.' The result follows forecast-beating performance figures published by London-listed rivals Lloyds and NatWest last week, as well as a strong US earnings season. Barclays on Tuesday also announced a £1billion share buyback and a half year dividend of 3p per share, equating to £1.4billion of payouts for the first half of 2025 - a 21 per cent increase year-on-year. Barclays shares were up 0.5 per cent to 363p in early trading, having added 35 per cent since the start of the year. Victoria Scholar, head of investment at Interactive Investor, said: 'Like its Wall Street counterparts, Barclays' investment banking division saw income increase by 10 per cent in the second quarter, thanks to the tariff frenzy with volatile market conditions boosting trading activity 'However unlike in the US where dealmaking made a comeback, Barclays' investment banking income suffered on the back of a slowdown in the M&A and IPO space.'
Reuters
6 minutes ago
- Reuters
AstraZeneca beats profit expectations on robust drug sales, U.S. demand
July 29 (Reuters) - AstraZeneca (AZN.L), opens new tab beat second-quarter profit forecasts on robust sales of cancer, heart and kidney disease drugs and strong demand in the U.S., where it has invested $50 billion to expand amid tariff threats from President Donald Trump. The beat is a boost for the drugmaker as the wider sector braces for U.S. tariffs on pharmaceutical imports and navigates pricing challenges after Trump's order pushing for prices in the U.S. to fall to what other countries pay. The firm's shares rose around 1% in early trading on Tuesday. AstraZeneca, the UK's largest-listed company by market value, in April had forecast only a limited impact from potential U.S. tariffs on pharmaceutical imports, and said it would be able to meet its annual outlook if the levies on European imports were similar to those in other industries. A European Union-U.S. trade deal over the weekend will result in a 15% tariff on pharmaceuticals from the region. The Anglo-Swedish drugmaker, which is targeting $80 billion in annual revenue by 2030, maintained its annual outlook and increased its interim dividend by 3%. "Our strong momentum in revenue growth continued through the first half of the year and the delivery from our broad and diverse pipeline has been excellent," CEO Pascal Soriot said in a statement. Sales of AstraZeneca's oncology drugs, which make up nearly half of its revenue and are being weighed down by changes in U.S. Medicare price negotiations, were up 18% at $6.31 billion at constant currency rates for the three-month period ended June 30. Analysts at Jefferies said sales of key cancer drugs such as Tagrisso, Lynparza, Calquence, and Truqap and Imfinzi were ahead of expectations. Total revenue grew 11% to $14.46 billion, with core earnings of $2.17 per share, with double-digit growth in the U.S., which makes up more than 40% of sales. That compares with analysts' expectations of $14.15 billion and $2.16, respectively, according to a company-provided consensus. AstraZeneca, which is hoping to move on from scandals in its second-biggest market, China, where it also faces minor fines related to cancer drugs, said it was also fighting several patent challenges from an individual against Tagrisso.
Reuters
36 minutes ago
- Reuters
India's April-June finished steel imports fall nearly 30% as China, Japan shipments slow
NEW DELHI, July 29 (Reuters) - India's finished steel imports dropped nearly 30% in the first three months of the financial year that started in April, due to a persistent fall in shipments from China and Japan, according to provisional government data reviewed by Reuters on Tuesday. The world's second-biggest crude steel producer imported 1.4 million metric tons of finished steel during April-June, down 28.8% from a year earlier, the data showed. Shipments from China fell 45.8%, while those from Japan declined 65.2%. China shipped 0.3 million tons of finished steel into India during the period, while Japan exported 0.2 million tons, the data showed. In April, India imposed a 12% temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. South Korea was the biggest exporter to India, with shipments reaching 0.5 million tons, down 6.5%. India remained a net importer during the period, with exports easing 5.1%. Belgium was the top destination for finished steel exports from India, with shipments rising 40.8%. Shipments to the United States, Spain and Nepal climbed, while exports to Italy dropped. Volume-wise, galvanised plain or corrugated sheets or coils were India's biggest exports. Domestically, crude steel production was at 40.6 million tons, up 11.2%. Finished steel consumption was at 38.3 million tons, up 7.9%. Indian domestic rebar prices edged lower as underlying market sentiment remained weak amid sluggish demand and the onset of monsoon, the government said in its report.
