BIZ – The News Desk

Britain’s Virgin Money full-year profit misses market view

23Nov

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Money

Britain’s Virgin Money full-year profit misses market view

People walk past a Virgin Money store in central London, Britain, July 27, 2021. REUTERS/Henry Nicholls/File Photo Acquire Licensing RightsNov 23 (Reuters) - Virgin Money UK (VMUK.L) on Thursday reported full-year profit below market estimates, pulled down by pressure on lending margins and stubborn inflation that squeezed British banks' returns.The British banking industry faces a tough economic outlook, higher risks of loan defaults amid a cost-of-living crisis, and margin pressure from fierce competition for savings and mortgage products.Virgin Money said its underlying profit before tax slumped 24% to 593 million pounds ($738.94 million) for the 12-month period, compared with a forecast of 625 million pounds by analysts in a company-compiled consensus.For the financial year 2024, Vir...

Israel launches diaspora bond push to raise money amidst war with Hamas

10Oct

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Money

Israel launches diaspora bond push to raise money amidst war with Hamas

Flame and smoke rise over Lebanon as seen from Israel's border with Lebanon, in northern Israel, October 10, 2023. REUTERS/Ammar Awad/ File Photo Acquire Licensing RightsLONDON, Oct 10 (Reuters) - Israel launched a diaspora bond campaign on Tuesday to raise money amidst a war with Hamas, according to posts on social media sites linked with Israel Bonds."Israel Bonds has launched an international campaign to raise funds for the Jewish state that is at war," posts on LinkedIn, Instagram and X, the social media site formerly known as Twitter. "Invest in Israel bonds to provide the nation with financial resources at its darkest hour."According to its website, Israel Bonds - the country's borrowing vehicle for diaspora bonds - had $5.4 billion worth of outstanding bonds as of December 31, rep...

Column: J&J wants Congress to halt litigation-funded mass torts ‘money play.’ Are lawmakers listening?

13Sep

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Money

Column: J&J wants Congress to halt litigation-funded mass torts ‘money play.’ Are lawmakers listening?

Sept 13 (Reuters) - A Johnson & Johnson attorney told the U.S. House Oversight and Accountability Committee on Wednesday that outside funding of mass torts personal injury claims has turned the civil justice system into “a money play: driven, funded and distorted by legal and financial entrepreneurs.”In written testimony, J&J assistant general counsel Aviva Wein urged Congress to enact laws (or endorse proposed changes to the federal rules for civil litigation) to require disclosure when outside financiers are backing plaintiffs. She also asked lawmakers to take on the job of regulating the litigation finance industry and to curb allegedly misleading advertisements designed to generate mass tort claims.A bevy of business groups, including the U.S. Chamber of Commerce, the National...

Plus500 returns money to shareholders, eyes expansion despite profit drop

14Aug

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Money

Plus500 returns money to shareholders, eyes expansion despite profit drop

Shareholder returns of $120 mlnHY core profit down 43% Y-O-YShares up as much as 6%Aug 14 (Reuters) - Online trading platform Plus500 (PLUSP.L) announced on Monday it would return $120 million to shareholders through dividends and share buybacks and said it was looking at further international expansion through acquisitions.The London-listed company posted a 43% slump in core profit in the first half as market volatility declined. However, earnings were up 17% sequentially from the second half of last year.Shares in the company rose by as much as 6%.Trading platforms are dealing with a slowdown in client activity, as market volatility eased from highs witnessed during Russia's invasion of Ukraine last year and the pandemic."We are very much positive about the future for the second half .....

Dutch lender De Volksbank faces fine over money laundering safeguards

11Aug

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Money

Dutch lender De Volksbank faces fine over money laundering safeguards

AMSTERDAM, Aug 11 (Reuters) - De Volksbank's systems to prevent money laundering have been deemed insufficient by the Dutch central bank (DNB) and it will likely face a fine, the Dutch state-owned bank said on Friday.The bank, which incorporates several smaller Dutch banks such as SNS and ASN, disclosed the findings along with its first-half results."We regret that we were not able to fulfil our gate watcher role with respect to client integrity and that we are at this moment in violation of certain legal obligations with respect to money laundering" laws, Chairman Martijn Gribnau said in a statement.The bank said it was working to make changes required by the DNB before April 1.In its earnings report, the bank said first-half net profit nearly tripled to 248 million euros ($273 million) ...

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

10Aug

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Money

India’s LIC posts higher first-quarter profit on transfer of money to shareholder fund

Life Insurance Corporation of India (LIC) logo is seen displayed behind figurines in this illustration taken February 20, 2022. REUTERS/Dado Ruvic/Illustration/File PhotoBENGALURU, Aug 10 (Reuters) - Life Insurance Corporation of India (LIFI.NS) reported a surge in first-quarter profit on Thursday as the company moved money to a shareholders' fund and income from its investments jumped.The life insurer posted a profit after tax of 95.44 billion Indian rupees ($1.16 billion) for the quarter ended June 30, compared with 6.83 billion rupees a year earlier.State-owned Life Insurance Corporation (LIC) has been transferring money from its non-participating fund to a shareholders' fund to boost its profitability.Reuters reported last year that the life insurer was planning to transfer 1.8 trilli...