Latest news with #buyback
Bloomberg
a day ago
- Business
- Bloomberg
Barclays Launches £1 Billion Buyback After Traders Lift Earnings
Barclays Plc is buying back a further £1 billion ($1.3 billion) worth of shares after its traders turned in a better-than-expected quarter. The fixed-income desk brought in £1.45 billion, a rise of 26% compared with a year ago, while the equities desk made £870 million, an increase of 25% year-on-year. Both were ahead of analyst estimates compiled by Bloomberg.
Reuters
5 days ago
- Business
- Reuters
Italy's Eni considers increasing share buyback, CEO says
MILAN, July 25 (Reuters) - Italian energy group Eni ( opens new tab may increase its share buyback programme later this year if positive trends in the first half continue, Chief Executive Claudio Descalzi said while discussing second-quarter earnings results. The company reported a 25% year-on-year drop in its second-quarter adjusted net profit, as lower oil prices and a weaker dollar outweighed a better-than-expected performance at its gas business. The results were better than analysts had expected. Net debt fell and the company improved its full-year target for its gas and LNG division and cost-saving measures. "We can consider improving our buyback and we will be clearer in the next months," Descalzi said on a conference call with analysts, adding that the current 1.5 billion euro programme was considered a floor. Shares in the group ended up 1.8%, outperforming a 0.3% rise in Milan blue-chip (.FTMIB), opens new tab index. April-June adjusted net profit came in at 1.13 billion euros ($1.33 billion), down from 1.52 billion euros in the same period of last year, but above a consensus of 0.93 billion euros. The state-controlled group was able to cut its leverage before lease liabilities - a measure of total debt in relation to equity - to 19% from 22% in the same period last year. Descalzi became the longest-serving CEO in Eni's history last year, having taken the top position in 2014. Asked about succession plans, Descalzi, whose term expires in May next year, said the group could count on a strong group of managers. "The strength of Eni is not its CEO, it is the team. Inside we have a clear succession plan," he said. The group is expected to accelerate hydrocarbon production and sign a final agreement for combining gas assets in Asia with Malaysia's Petronas by year-end. "It will be a transformational deal," Descalzi said. Next year will also bring clear benefits from the overhaul of Eni's chemical division. Eni has decided to bring forward the closure of two steam cracking plants in Italy to the end of June responding to challenges the sector is experiencing all over Europe. ($1 = 0.8517 euros)
Reuters
6 days ago
- Business
- Reuters
UK's IG Group beats annual profit estimates, launches $170 million buyback
July 24 (Reuters) - British online trading platform IG Group (IGG.L), opens new tab beat full-year pre-tax profit expectations and launched a 125-million-pound ($169.56 million) share buyback programme on Thursday, driven by a surge in trading volumes amid recent market turbulence. The company's adjusted pre-tax profit came in at 535.8 million pounds ($726.81 million) for the year ended May 31, compared with analysts' expectations of 523.5 million pounds, according to a company-compiled poll. ($1 = 0.7372 pounds)
Yahoo
7 days ago
- Business
- Yahoo
MakeMyTrip Raises $3.1 Billion to Shrink Trip.com Group's Stake
MakeMyTrip on Tuesday said it raised around $3.1 billion as part of its plans to repurchase shares from China's Group, which at one point owned more than 45% of the company. MakeMyTrip said in a stock exchange filing last month that it was raising money to buy back shares, and after several repurchases during the quarter, stake is down to 16.9%. MakeMyTrip said it is open to doing more buybacks later this year. 'We'll remain open to kind of dipping into further buyback even in the rest of year because we haven't really deployed directly from the balance sheet through the quarter,' MakeMyTrip Chief Financial Officer Mohit Kabra said during an earnings call Tuesday. Following the announcement, Skift accessed the company's 6-K filing with the U.S. SEC, which also revealed a board overhaul. right to nominate directors on MakeMyTrip's board dropped from five to two. Shortly after the share repurchases, three directors — James Liang, Moshe Rafiah, and Paul Halpin — resigned. Their departures were 'not due to any disagreement,' the company said. MakeMyTrip added three new independent directors, including Kabra. The compensation committee now includes venture capitalist Aditya Tim Guleri, Shanghai Sunnyview Eldercare Company Co-Founder May Yihong Wu, and Group CEO Jane Jie Sun. 'The interests of and its affiliates may be different from or conflict with the interests of our other shareholders,' MakeMyTrip had said last month in a stock exchange filing announcing the buyback. Quarter in Review Even as April was a typical high season with bookings up in the mid‑20% range. The terrorist attack near Pahalgam on April 22 disrupted travel, closed several airports until May 10. The Air India plane crash in Ahmedabad in June dented confidence further. As a result, flight and leisure package bookings in May and June slipped below last year's levels. However MakeMyTrip's diversified mix of business and variety of travel and ancillary services helped the company to deliver a strong performance. The quarter ending June 30 looked solid for MakeMyTrip: Revenue rose 5.6% year‑on‑year to $268.8 million. Gross bookings (the total travel spend on the platform) climbed 12.4% to $2.61 billion. Adjusted operating profit improved by $8.2 million to $47.3 million. Adjusted net profit grew by $4.9 million to $49.4 million. 'While domestic demand for leisure travel was particularly weak for domestic leisure destinations for air travel and holiday packages, being a one-stop shop on travel allowed us to drive growth from other travel services, other modes of transport as well as ancillary travel services catering to non-leisure travel use cases,' Group CEO Rajesh Magow said during the earnings call. 'We also continue to drive growth in international travel, where online booking wherever is growing and the overall demand was relatively less impacted… We managed to continue the growth momentum in our corporate offerings.' MakeMyTrip Will Continue to Invest in AI MakeMyTrip said it is also betting on artificial intelligence to stand out. 'We've seen a lot of promise coming out of Gen AI, and we've been investing significantly behind that, and we will continue to keep investing,' Magow said. 'We see it more as sort of leading the innovation through Gen AI, rather than overtly getting paranoid about potential disruption.' The logic is simple. Over nearly two decades, MakeMyTrip has gathered data from 83 million customers across its brands. Every day brings huge web traffic, booking details, supply‑side signals and more. All that information becomes fuel for AI models. In turn, those models power features that make it easier for travelers to find, compare and book exactly what they want. But AI isn't just about customer experience. It's also about working smarter. Wherever a process can be faster, cheaper or more accurate, be it handling support tickets, pricing cabins, or matching hotels to guest tastes, MakeMyTrip looks to AI for gains. MakeMyTrip calls this an evolving space and admits it's learning as it goes. 'But we will continue to keep investing behind it. And we do believe we are in a better position given all the strengths,' Magow said. Get breaking travel news and exclusive hotel, airline, and tourism research and insights at 登入存取你的投資組合
Yahoo
7 days ago
- Business
- Yahoo
Report – Inter Milan & Club Brugge Have Signed Contracts For Young Serbia Midfielder
Serbian starlet Aleksandar Stankovic is on the verge of swapping Inter Milan for Club Brugge. According to FCInterNews, the clubs have signed all the documents for the transfer. Club Brugge have agreed to pay Inter around €10 million for the deal. Meanwhile, Inter have included a buyback clause, giving them the option to re-sign the player within the next two years. However, the clause will vary. Contracts Signed for Aleksandar Stankovic Transfer from Inter Milan to Club Brugge OSAKA, JAPAN – JULY 27: Aleksandar Stankovic of FC Internazionale in action during the pre-season friendly match between FC Internazionale and Al-Nassr at Yanmar Stadium Nagai on July 27, 2023 in Osaka, Japan. (Photo by) The buyback option enables Inter to re-sign 19-year-old Aleksandar Stankovic next summer for a reported fee of €23 million. Yet, if they don't, the Nerazzurri will need to pay €25m to recapture Stankovic's signature in 2027. Furthermore, Inter will receive a percentage from any future transfer. It's uncertain whether it will be 12% or 15%. Meanwhile, Inter can use the money from the sale to fund the arrival of Ademola Lookman.
