Latest news with #ShashwatAwasthi
Business of Fashion
21-05-2025
- Business
- Business of Fashion
Revolution Beauty Puts Itself Up For Sale
British makeup and skin care retailer Revolution Beauty said on Wednesday it was exploring a sale after it received a preliminary takeover approach. The move comes days after the company said it was reviewing its funding structure and mulling a fundraise from key shareholders after its annual sales slumped by more than a quarter. The company did not disclose the identity of the potential bidder. Revolution Beauty had a market capitalisation of £16.6 million ($22.3 million) as of Tuesday's close. By Shashwat Awasthi; Editor: Nivedita Bhattacharjee ADVERTISEMENT Learn more: The End of the Lipstick Index After years of double-digit growth and a perception of being impervious to wider economic downturns, the beauty industry is finding that cash-strapped customers aren't interested in 'little luxuries.'
Yahoo
01-05-2025
- Business
- Yahoo
Lloyds first-quarter profit drops, sets aside $133 million for tariff impact
By Shashwat Awasthi (Reuters) -Lloyds Banking Group's (LLOY.L) profits fell 7% in the first-quarter, hit by higher costs and impairment charges, and it set aside 100 million pounds ($133 million) for the impact of trade tariffs imposed by U.S. President Donald Trump. The broad economic outlook has become much more unpredictable as a result of the tariffs, prompting other major banks to warn about the fallout, including in terms of credit quality and loan demand. Lloyds, Britain's biggest mortgage lender, took an impairment charge of 309 million pounds, which included 35 million pounds for "changes in economic outlook". "Initial non-UK tariffs announced in the first few days of April and the immediate market response were larger than expected," Lloyds said in a statement. The bank's pre-tax profit was 1.52 billion pounds for the three months ended March 31, down from 1.63 billion pounds a year earlier, just shy of a company-compiled consensus estimate of 1.53 billion pounds. The FTSE 100 company's shares fell 2.4% to 71.5 pence in early trading and were 1% lower by 0745 GMT. LENDING GROWTH Lloyds, seen as a bellwether for the UK economy, said UK home loans rose by 4.8 billion pounds in the first quarter compared with the first quarter of last year. CFO William Chalmers credited the growth to lower interest rates and loans completed before a tax break for home buyers came to an end in April. "It is likely that in the remainder of this year we will see some continued impact of mortgage completion getting brought forward... I'd be surprised if mortgage growth is quite as strong, certainly going into Q2 as it was in Q1," Chalmers said. Lloyds confirmed its financial forecast for 2025 and 2026, and said it did not record further charges to cover the costs of a potential customer redress scheme linked to the sector-wide review into the potential mis-selling of car loans. It has so far set aside 1.15 billion pounds for redresses. ($1 = 0.7526 pounds) Sign in to access your portfolio
Zawya
15-04-2025
- Business
- Zawya
UK's Tullow Oil to sell Kenya assets for at least $120mln
West Africa-focused oil and gas explorer Tullow Oil said on Tuesday it would sell its assets in Kenya to Gulf Energy Ltd for at least $120 million as it works to reduce its debt. Tullow will get three $40 million payments, be entitled to royalty payments and have the right to 30% participation in potential future development phases at no cost, it said in a statement. The company's Kenyan oilfields have not been brought into full production as any export route would require building hundreds of miles of a heated pipeline to the coast. It recorded a $145 million write-off on these operations last year. In May 2023, the UK-listed company became the sole owner of the Lokichar oilfield after its license partners TotalEnergies and Africa Oil Corp withdrew and sale talks with Indian state-run companies did not result in a deal. Last month, Tullow agreed to sell its working interests in Gabon for $300 million in cash. It had net debt of around $1.5 billion at the end of last year. The company had a market capitalisation of around $255 million as of Tuesday. (Reporting by Shashwat Awasthi in Bengaluru and Shadia Nasralla in London; Editing by Mrigank Dhaniwala and Savio D'Souza)
Yahoo
31-03-2025
- Automotive
- Yahoo
Aston Martin gets $162 million funding boost to counter losses, Trump tariffs
By Shashwat Awasthi (Reuters) - Aston Martin will raise more than 125 million pounds ($161.9 million) through funding from its chairman and the sale of its stake in his Formula One team as it battles ballooning losses and tariffs imposed by U.S. President Donald Trump. Shares of the company famous for being fictional secret agent James Bond's car of choice had surged 11.8% to 72.95 pence by 0930 GMT on Monday. The equity raise is Aston Martin's seventh since the arrival in 2020 of Chairman Lawrence Stroll, who has pumped around 600 million pounds into the luxury carmaker. Delivery delays and depressed demand in China have plagued the company in recent years, forcing it to cut 5% of its workforce last month. Stroll's Yew Tree Consortium will invest a further 52.5 million pounds by purchasing 75 million shares at 70 pence per share. His stake will rise to about 33% from 27.7%, with the possibility of increasing further to up to 35%. Yew Tree will seek a waiver from a rule that requires an entity owning more than 30% of a UK-listed company to make an offer to buy out the remaining shareholders. "Exemptions have been granted in the past, yet it feels like a takeover would be a better outcome as it would mean the car company would be free to pursue a turnaround strategy out of the public spotlight," said Russ Mould, investment director at AJ Bell. The sale of a stake in the Aston Martin Aramco Formula One team will help the company realise a premium to the current book value of about 74 million pounds, but will not affect an existing long-term sponsorship deal, the carmaker said. The Trump administration's tariff on imported vehicles forced the company to now forecast "modest growth" in annual car volumes, compared with mid-single digit percentage growth earlier. The U.S. contributed more than a third of Aston Martin's revenue last year. Further impact from the levy was being reviewed, the company said, but it backed its target of positive operating earnings in 2025 and being free cash flow positive in the second half. ($1 = 0.7723 pounds)
Yahoo
31-03-2025
- Automotive
- Yahoo
Aston Martin gets $162 million funding boost to counter losses, Trump tariffs
By Shashwat Awasthi (Reuters) - Aston Martin will raise more than 125 million pounds ($161.9 million) through funding from its chairman and the sale of its stake in his Formula One team as it battles ballooning losses and tariffs imposed by U.S. President Donald Trump. Shares of the company famous for being fictional secret agent James Bond's car of choice had surged 11.8% to 72.95 pence by 0930 GMT on Monday. The equity raise is Aston Martin's seventh since the arrival in 2020 of Chairman Lawrence Stroll, who has pumped around 600 million pounds into the luxury carmaker. Delivery delays and depressed demand in China have plagued the company in recent years, forcing it to cut 5% of its workforce last month. Stroll's Yew Tree Consortium will invest a further 52.5 million pounds by purchasing 75 million shares at 70 pence per share. His stake will rise to about 33% from 27.7%, with the possibility of increasing further to up to 35%. Yew Tree will seek a waiver from a rule that requires an entity owning more than 30% of a UK-listed company to make an offer to buy out the remaining shareholders. "Exemptions have been granted in the past, yet it feels like a takeover would be a better outcome as it would mean the car company would be free to pursue a turnaround strategy out of the public spotlight," said Russ Mould, investment director at AJ Bell. The sale of a stake in the Aston Martin Aramco Formula One team will help the company realise a premium to the current book value of about 74 million pounds, but will not affect an existing long-term sponsorship deal, the carmaker said. The Trump administration's tariff on imported vehicles forced the company to now forecast "modest growth" in annual car volumes, compared with mid-single digit percentage growth earlier. The U.S. contributed more than a third of Aston Martin's revenue last year. Further impact from the levy was being reviewed, the company said, but it backed its target of positive operating earnings in 2025 and being free cash flow positive in the second half. ($1 = 0.7723 pounds) Sign in to access your portfolio
