Latest news with #MikeKemp
Wales Online
4 days ago
- Business
- Wales Online
Nationwide sends email about £100 bonus to customers but not all will qualify for it
Nationwide sends email about £100 bonus to customers but not all will qualify for it Nationwide is set to pay out an additional £400 million to a further four million customers through its Fairer Share scheme - here's everything you need to know Nationwide is set to pay out an additional £400 million to a further four million customers (Image: Mike Kemp/Getty ) Nationwide has confirmed that millions of customers will receive another round of £100 bonus payments. The building society is set to distribute a total of £400million to four million customers. The bonus cash is part of its Fairer Share scheme, which allows Nationwide to share its profits with its customers. The money will be directly deposited into your Nationwide current account between 18 June and 4 July. For money-saving tips, sign up to our Money newsletter here . To qualify for the payment, you need to have a qualifying current account, as well as a savings account or mortgage with Nationwide. More detailed qualifying criteria for each type of Nationwide current account can be found below. Your current account must have been opened on or before March 31, 2025. For savings accounts, you must have had at least £100 saved at the end of any day in March 2025. If you have a mortgage, you must have had at least £100 left to pay off on March 31, 2025. Nationwide will contact you by email or letter by May 30, reports the Mirror. This comes after Nationwide reported a 30% increase in annual profits following its acquisition of Virgin Money. Pre-tax profits were £2.3billion for the year to 31 March, up from £1.8 billion the previous year. On an underlying basis, pre-tax profits fell to £1.9billion from £2billion as Nationwide stated it had prioritised offering competitive interest rates to customers. The group also paid out a record £2.8billion to members in rewards, including a separate £50 thank you bonus to its customers earlier this year following the Virgin Money takeover. The update today means Nationwide has now announced three Fairer Share payments. Last year, a total of £385million was paid out to 3.85 million customers after the building society announced profits of £2billion. In 2023, Nationwide distributed £340million to 3.4 million eligible members. Debbie Crosbie, Nationwide's Chief Executive, said: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." Nationwide Fairer Share - qualifying current accounts. Here is the additional qualifying criteria for each Nationwide current account: Article continues below
Wales Online
5 days ago
- Business
- Wales Online
Nationwide confirms that millions of customers will receive £100 into their accounts without doing anything
Nationwide confirms that millions of customers will receive £100 into their accounts without doing anything The building society will pay out a total of £400million to four million customers through its Fairer Share scheme - here's who will receive the bonus payment Nationwide Building Society are rewarding their customers. (Image: Mike Kemp/Getty ) Nationwide has revealed that millions of its customers are set to receive another round of £100 bonus payments. The building society is set to distribute a total of £400 million to four million customers. The bonus cash is part of Nationwide's Fairer Share scheme, which shares the company's profits with its customers. The money will be directly deposited into customers' Nationwide current accounts between 18 June and 4 July. To qualify for the payment, customers must have a current account with Nationwide, as well as either a savings account or mortgage. More detailed qualifying criteria for each type of Nationwide current account can be found below. For money-saving tips, sign up to our Money newsletter here . Customers' current accounts must have been opened on or before 31 March 2025. For savings accounts, customers must have had at least £100 saved at the end of any day in March 2025. For those with mortgages, there must have been at least £100 left to pay off on 31 March 2025. Nationwide will contact eligible customers by email or letter by 30 May, reports the Mirror. This announcement follows a 30% increase in annual profits for Nationwide after it took over Virgin Money. Pre-tax profits rose to £2.3 billion for the year ending 31 March, up from £1.8 billion the previous year. However, on an underlying basis, pre-tax profits fell to £1.9 billion from £2 billion, as Nationwide stated it had prioritised offering competitive interest rates to its customers. Britain's largest building society, Nationwide, today reported record-breaking profits of £3.1billion and further delighted members by declaring a third Fairer Share payout in as many years. This supplementary distribution comes on the heels of a milestone year that witnessed Nationwide reward its customers with a staggering £2.8billion in benefits. Members had already reaped a one-off £50 reward earlier this year, celebrating the successful integration of Virgin Money. Nationwide's prosperity has led to a succession of lucrative payouts for its customers. In the previous year, 3.85 million qualifying members shared £385million after the building society unveiled £2billion in profits. A similar £340million windfall was distributed to 3.4 million eligible account holders in 2023. Commenting on the company's remarkable performance, Nationwide's Chief Executive, Debbie Crosbie, stated: "Nationwide has had an outstanding twelve months. We returned a record £2.8billion in value to our members and recorded our highest ever year for growth in mortgage lending and retail deposit balances, and we remain first for customer service." They have said that the bonus will be payed between Wednesday, June 18 and Friday, July 4 to those eligible. Here is the additional qualifying criteria for each Nationwide current account: FlexOne, FlexStudent or FlexGraduate: You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. You must have received at least one payment in, or made one payment out of your account, during March 2025. This does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexAccount, FlexDirect or FlexBasic: In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. In two of the three months of January 2025, February 2025 and March 2025, you must have received at least £500 into your current account, not including transfers from other Nationwide accounts and have made at least two payments out of your current account, or you must have made at least ten payments out of your current account. Again, this does not count if you completed a switch to your account using the Current Account Switch Service between January 1, 2025 and March 31, 2025. FlexPlus: Pay the monthly fee for maintaining the account. Article continues below
Forbes
26-05-2025
- Business
- Forbes
Can Abercrombie & Fitch Deliver In Its Next Earnings Report?
Sign for the clothing brand Abercrombie & Fitch on 7th May 2025 in London, United Kingdom. (photo by ... More Mike Kemp/In Pictures via Getty Images) Abercrombie & Fitch (NYSE: ANF) is set to publish its fiscal first-quarter earnings on Wednesday, May 28, 2025, with analysts expecting earnings of $1.34 per share on revenue of $1.06 billion. This would indicate a 37% decrease in earnings year-over-year and a 4% increase in sales compared to the previous year's figures of $2.14 per share and $1.02 billion in revenue. Traditionally, ANF stock has dropped 60% of the time after earnings announcements, with a median one-day decrease of 1.9% and a maximum observed decline of 10%. Abercrombie recorded a remarkable full-year 2024 net sales of $4.95 billion, reflecting a 16% year-over-year increase, and its highest operating margin in over a decade at 15%. This robust performance highlights the company's operational strength and strong market position. However, growth is expected to slow down in 2025, with net sales projected to increase by only 3%–5% and operating margins expected to slightly decrease to 14%–15%, due to uncertainty surrounding trade tariffs. The company has a current market capitalization of $3.7 billion. Revenue over the past twelve months was $4.9 billion, and it was operationally profitable with $741 million in operating profits and net income of $566 million. For event-driven traders, analyzing historical patterns may provide an advantage, whether by positioning in advance of earnings or responding to post-release fluctuations. That said, if you are looking for upside with lower volatility than individual stocks, the Trefis High Quality portfolio offers an alternative, having outperformed the S&P 500 and delivered returns over 91% since its inception. See earnings reaction history of all stocks. Here are some insights on one-day (1D) post-earnings returns: Further information on observed 5-Day (5D) and 21-Day (21D) returns post earnings is summarized in the table below, alongside the statistics. ANF 1D, 5D, and 21D Post Earnings Return A relatively lower-risk approach (though not effective if the correlation is minimal) is to analyze the correlation between short-term and medium-term returns post earnings, identify a pair that shows the highest correlation, and execute the corresponding trade. For instance, if 1D and 5D exhibit the highest correlation, a trader could take a "long" position for the next 5 days if the 1D post-earnings return is positive. Here is some correlation data based on both a 5-year and a more recent 3-year history. Note that the correlation 1D_5D refers to the correlation between 1D post-earnings returns and the following 5D returns. ANF Correlation Between 1D, 5D, and 21D Historical Returns At times, the performance of peers can impact the post-earnings stock reaction. In fact, the price adjustment may begin prior to the earnings announcement. Here is some historical information regarding the past post-earnings performance of Abercrombie & Fitch stock compared with the stock performance of peers that reported earnings shortly before Abercrombie & Fitch. For a fair comparison, peer stock returns also represent post-earnings one-day (1D) returns. ANF Correlation With Peer Earnings Discover more about Trefis RV strategy that has outperformed its all-cap stocks benchmark (a combination of all three, the S&P 500, S&P mid-cap, and Russell 2000), generating strong returns for investors.
Business Mayor
29-04-2025
- Business
- Business Mayor
HSBC announces share buyback of up to $3 billion as first-quarter results top expectations
Branch of HSBC bank on 15th January 2024 in London, United Kingdom. HSBC Bank plc is a British multinational banking and financial services organisation. HSBCs international network comprises around 7,500 offices in over 80 countries globally. (photo by Mike Kemp/In Pictures via Getty Images) Mike Kemp | In Pictures | Getty Images Europe's largest lender HSBC's first-quarter results on Tuesday beat estimates on the back of robust performance of its wealth business as well as strength in its corporate and institutional banking segment. The bank also announced share buyback of up to $3 billion which it intends to complete before its 2025 interim results are announced. Here are HSBC's first-quarter 2025 results compared with consensus estimates compiled by the bank. Profit before tax: $9.48 billion vs. $7.83 billion $9.48 billion vs. $7.83 billion Revenue: $17.65 billion vs. $16.67 billion The bank's profit before tax declined 25% on a year-on-year basis, while Revenue fell 15% from last year. Profit, however, soared nearly 317% from the previous quarter. 'Our strong results this quarter demonstrate momentum in our earnings, discipline in the execution of our strategy and confidence in our ability to deliver our targets. We continue to support our customers through this period of economic uncertainty and market unpredictability, which we enter from a position of financial strength,' Group CEO Georges Elhedery said. The bank, however, warned of heightened uncertainty in the macroeconomic climate, highlighting that protectionist trade policies were adversely affecting consumer and business sentiment. Last October, HSBC announced a restructuring plan to split its operations into four divisions, creating separate 'Eastern markets' and 'Western markets' sectors. HSBC had said the reorganization will bring about $300 million in cost reductions this year. 'Despite uncertainties on global trade, HSBC's restructuring progress should continue to bring positive impacts on cost-saving,' said Manyi Lu, DBS Bank's equity research analyst. There might be some headwinds from tariff and concerns on global recession, but the effect will be more prominent in the following quarters, Lu told CNBC. The earnings do not reflect the full impact of U.S. President Donald Trump's tariffs, with 'reciprocal' levies announced in April having been suspended. However, tariffs on steel, aluminum and autos that have been in place since March. HSBC CEO Georges Elhedery was among four United Kingdom bank CEOs who recently urged the Chancellor of the Exchequer to scrap the country's ring-fencing rules, Sky News reported. The move was reportedly aimed at boosting the UK economy. Ring-fencing involves isolating a bank's consumer banking business from its riskier investment banking activities.
Yahoo
20-03-2025
- Business
- Yahoo
What's Going on at Ben & Jerry's?
Sign for the ice cream brand Ben & Jerry's. Credit - Mike Kemp—Ben & Jerry's has accused its parent company Unilever of removing its CEO because of his support of the company's political activism, according to a late Tuesday federal court filing. The ice cream company, known for its liberal and pro-Palestinian stances, claimed that Unilever informed the Board on March 3 that it planned to remove and replace chief executive David Stever without the approval of the advisory board. The act, Ben & Jerry's claims, goes against the acquisition deal signed in 2000. 'Unilever has repeatedly threatened Ben & Jerry's personnel, including CEO David Stever, should they fail to comply with Unilever's efforts to silence the social mission," the court filing said. Ben & Jerry's did not respond to TIME's request for comment. The ice cream company first filed a lawsuit against Unilever in November related to Unilever's alleged censorship of their political values. 'In line with the terms of the acquisition agreement, decisions on the appointment, compensation and removal of the Ben & Jerry's CEO will be made by Unilever after good faith consultation and discussion with the B&J's Independent Board,' Unilever told TIME in an emailed statement. 'Regrettably, despite repeated attempts to engage the Board and follow the correct process, we are disappointed that the confidentiality of an employee career conversation has been made public. We hope that the B&J Independent Board will engage as per the original, agreed process.' Here's what to know. Since the company's start in 1978, Ben & Jerry's has been a staunch advocate for social justice initiatives, standing in favor of LGBTQ+ rights, fair trade practices, and against racism. One of the company's first forays into political activism came when the company issued a statement in 1989 against recombinant bovine growth hormone (rBGH), due to its potential impact on family farming and 'public confidence in the wholesomeness of dairy products,' the ice cream company says in its about page. The ice cream giant has also participated in different campaigns, advocating for the reauthorization of the Voting Rights Act, campaign finance reform policies, and Black Lives Matter. Still, the brand has continuously called itself nonpartisan. 'We don't support candidates or political parties nor do we make contributions to candidates, parties, or super PACS, and we never have. It is clear to us that elected representatives in government are supposed to represent people, not corporations,' their website reads. In 2000, Ben & Jerry's became a subsidiary of Unilever, which owns other well-known ice cream companies such as Wall's and Magnum. Under the acquisition, the food company maintains an independent board of directors with the intention of maintaining their own product quality and social mission. While Ben & Jerry's has made headlines for their support of Palestinians following the start of the Israel-Hamas War, the brand had already expressed such beliefs. In 2021, the company announced in a statement that it would no longer sell ice cream in 'occupied Palestinian territory,' Doing so, they said, would be inconsistent with their values. 'We have a longstanding partnership with our licensee, who manufactures Ben & Jerry's ice cream in Israel and distributes it in the region. We have been working to change this, and so we have informed our licensee that we will not renew the license agreement when it expires at the end of next year,' the statement reads. 'Although Ben & Jerry's will no longer be sold in the OPT, we will stay in Israel through a different arrangement. We will share an update on this as soon as we're ready.' The decision to release a statement that mentioned continued sales of the product in Israel went against the board's wishes, NBC News previously reported. 'I am saddened by the deceit of it,' Anuradha Mittal, chair of the company's independent board, told NBC. "This is not about Israel. It is about the violation of the acquisition agreement that maintained the soul of the company. I can't stop thinking that this is what happens when you have a board with all women and people of color who have been pushing to do the right thing." In November 2024, Ben & Jerry's filed a lawsuit against Unilever due to their alleged threats of censorship. The initial complaint alleges that Unilever tried to dismantle the board and prevent it from calling for a ceasefire in Gaza, or the end of U.S. military assistance to Israel. More recently, the amended complaint claims that Unilever refused to allow Ben & Jerry's to post their support for Mahmoud Khalil, the green card holder and pro-Palestinian activist who is currently being detained by ICE. Unilever has filed a motion to dismiss the complaint, saying that it does not want to appear to 'be taking sides on the Gaza conflict and/or associating itself with organizations that supported Hamas's attack on Israel and its abduction of hundreds of hostages and made highly divisive comments about Israel.' It is unclear what effect the ongoing lawsuit will have on the company, but Unilever announced in May 2024 that it would be spinning off its ice cream businesses by the end of 2025. A court date for a hearing about the complaint has not yet been set. Contact us at letters@
