Latest news with #SherryJacob-Phillips
Mint
5 days ago
- Business
- Mint
British digital bank Monzos annual profit surges, revenue tops $1.35 billion
(Reuters) -British digital bank Monzo reported revenue above 1 billion pounds ($1.35 billion) for the first time and a sharp rise in annual pretax profit on Monday, driven by strong growth in personal and business customer numbers. The fintech company, which is reportedly gearing up for an initial public offering, posted a pretax profit of 60.5 million pounds for the year ended March 31, 2025, compared with 13.9 million pounds a year earlier. Fiscal year 2024 marked the company's first profitable year. The mobile app-based bank, launched in 2015, is one of several digital banks that have emerged in Britain to challenge the dominance of HSBC, Lloyds, Barclays and NatWest - the country's Big Four. Monzo, which has more than 12 million customers, last year outlined plans to expand into Europe through Ireland and strengthen its presence in the United States. Customer deposits increased 48% to 16.6 billion pounds for the year, the lender said. Monzo has considered listing in either Britain or the United States but has not set a firm timeline or chosen a venue for an IPO, a person familiar with the company's plans told Reuters in March. Sky News reported earlier this month that the lender was preparing to appoint bankers to spearhead its planned stock market floatation. Last October, the British bank was valued at 4.5 billion pounds in an employee share sale to a group of investors, including Singapore's sovereign wealth fund. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Sherry Jacob-Phillips)
Mint
20-05-2025
- Business
- Mint
Miners, banks lead Australian shares higher ahead of RBA rate decision
May 20 (Reuters) - Australian shares climbed on Tuesday, driven by broad-based gains in mining stocks and banks, as investors awaited the Reserve Bank of Australia's policy decision later in the day. The S&P/ASX 200 index was up 0.7% at 8,356.7, as of 0033 GMT. The benchmark closed 0.6% lower on Monday. The Reserve Bank of Australia is set to deliver its closely watched interest rate decision later in the day. Economists surveyed by Reuters reckon the RBA will cut by 25 basis points, and market pricing indicates a 99.8% probability. The financials sub-index gained 1.2%, with shares of National Australia Bank and Westpac up 1.7% and 1.6%, respectively. ANZ and Commonwealth Bank of Australia advanced 1.2% and 1.1%, respectively. The mining sector rose 0.6%, with shares of major miners BHP and Fortescue gaining 0.5% and 0.8%, respectively. Rio Tinto said Chile's state-owned copper producer Codelco on Monday has selected the global mining giant as a partner for its Maricunga lithium project. Shares of Rio were up 0.7%. Shares of gold miners St Barbara and Northern Star Resources were up 1.6% and 0.6%, respectively. Energy stocks rose 0.6%, supported by Woodside Energy and Santos, up 0.2% and 0.8% respectively, as oil prices climbed on concerns over a potential breakdown in U.S.-Iran nuclear talks, dimming prospects for increased Iranian oil supply. In company news, Australia-based enterprise software firm TechnologyOne surged 10%, becoming the benchmark's top gainer after reporting a 31% increase in first-half results and raising its fiscal 2025 profit outlook to 13% to 17%. New Zealand's benchmark S&P/NZX 50 index rose 0.6% to 12,702.42. Around the globe, Japan's Nikkei was up 0.85%. The U.S. S&P 500 index and the Nasdaq were mostly steady on Monday. (Reporting by Roshan Thomas in Bengaluru; Editing by Sherry Jacob-Phillips)
Zawya
03-04-2025
- Business
- Zawya
Asia seeks more fuel oil exports from Nigeria's Dangote refinery
SINGAPORE - Asia's oil hub of Singapore is set to receive more fuel oil from Nigeria's Dangote refinery in April, following a jump in arrival volumes last month, according to trade sources. The refinery has offered additional residual fuel for export in its latest tender this week, with the cargo set to load between April 17 and April 19, sources said. The combination cargo will comprise about 85,000 metric tons of low-sulphur straight-run fuel oil and 35,000 tons of slurry. The tender closes on Friday, sources said. Prior to this, the refiner had sold a cargo for loading scheduled between April 10 and April 12, based on tender records compiled by Reuters. Asia was the top destination for fuel oil exports from the Dangote refinery in 2024, based on data from shipping analytics firm Kpler. Dangote exports fuel oil on an occasional basis depending on refinery plant status, sources said. Asia received a record monthly high of Nigerian fuel oil arrivals in March totalling more than 300,000 tons, data from Kpler showed. Expectations of higher supplies are expected to cap fuel oil benchmarks in Asia, which have already softened in recent sessions. (Reporting by Jeslyn Lerh; Editing by Sherry Jacob-Phillips)
Zawya
21-03-2025
- Zawya
Meta's Instagram outage in US nearly resolved as reports drop, Downdetector shows
Reports of an Instagram outage in the U.S. on Thursday evening dropped significantly, according to outage tracking website indicating that the issue has largely been resolved for many users. As of 8:34 p.m. ET, there were only 429 incidents reported, down from 19,431 earlier, according to the website that tracks outages by aggregating status reports from multiple sources. Instagram owner Meta did not immediately respond to a Reuters' request for comment. Downdetector's numbers are based on user-submitted reports, so the actual number of affected users may differ. (Reporting by Pretish M J in Bengaluru; Editing by Sherry Jacob-Phillips)
Zawya
17-03-2025
- Business
- Zawya
Maynilad Water seeks to raise up to $858mln in Philippines IPO
Hong Kong's First Pacific said on Monday its Philippine affiliate, Maynilad Water Services, aims to raise up to 49.15 billion pesos ($857.75 million) through an initial public offering. Under the terms of the deal, Maynilad is offering up to 2.46 billion shares, with an expected offer price of up to 20 pesos each. The total number of shares being offered represented 30.45% of the company's total outstanding shares. If approved, First Pacific said the listing would take place on July 10, with the offer period running from June 25 to July 2. The company has enlisted banks, including Morgan Stanley and UBS, to assist with a more than $500 million initial public offering in the Philippines, Reuters reported in January. In December 2021, the Philippine government granted Maynilad a 25-year franchise to establish, operate and maintain a waterworks system, as well as sewerage and sanitation services in the west zone service area of Metro Manila and the province of Cavite, according to its website. Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. The planned listing adds to a growing pipeline of IPOs in the Philippines, where IPO proceeds surged sharply to $234.1 million last year, from $72.9 million in 2023, according to data compiled by LSEG. Maynilad is managed by Maynilad Water Holdings Company, a joint venture between infrastructure conglomerate Metro Pacific Investments Corp, construction-to-nickel mining group DMCI Holdings and Japanese trading company Marubeni Corp . ($1 = 57.3010 Philippine pesos) (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sherry Jacob-Phillips)
