Apple Settles Developer Lawsuit Over App Store Rejections

Ashmore Group Annual Earnings Fall

Ashmore Group Plc (ASHM.L), a British investment manager, on Friday posted a decline in earnings for the fiscal 2022, reflecting a fall in revenues, and market weakness which resulted in a 49.9 million pounds unrealized mark-to-market loss on seed capital investments.

For the 12-month period to June, the London-headquartered firm posted a pre-tax profit of 118.4 million pounds, compared with 282.5 million pounds a year ago.

Net profit was at 91.9 million pounds or 12.61 pence per share, less than last year’s 241.8 million pounds or 34.23 pence per share.

Operating income stood at 119.2 million pounds as against 258.3 million pounds posted for 2021.

Consistent with the lower revenue base but also lower operating costs, adjusted EBITDA for 2022 fell to 164.3 million pounds from 195.7 million pounds a year ago.

The seed capital investments segment generated a total mark-to-market loss of 49.9 million pounds, versus a gain of 92.5 million pounds in 2021.

Net revenues fell to 262.5 million pounds from 291.7 million pounds of previous fiscal.

The company has recommended a final dividend of 12.1 pence per share. If approved, the dividend will be paid on December 9, to all shareholders of record on November 4.

Ted Baker 14-week Sales Rise

Ted Baker Plc (TED.L), a British high-street clothing retail firm, said on Friday that it has posted a rise in sales for the 14-week period to July, supported by stronger in-store performance across both Ted Baker and its partners.

For the second-quarter, the retailer reported a revenue growth of 3.4 percent, compared with the second quarter of the fiscal 2022. Stores revenues were also up by 20.4 percent, backed by a rise in footfall to Ted Baker sites signaling consumers return to the high street.

In addition, the clothing company recommended that its shareholders vote in favor of its proposed acquisition by Authentic Brands Group LLC.

On August 8, the luxury fashion firm had accepted a 211 million pounds final cash acquisition offer from Juicy Couture, Reebok and David Beckham brand owner Authentic Brands.

As per the terms of the deal, Ted Baker shareholders will be entitled to receive 110 pence in cash for each Ted Baker Share. The offer price represents a premium of about 11.4 per cent to Ted Baker’s share price of 98.75 pence at close of business on March 17.

European Shares Narrowly Mixed As Investors Look To Powell For Guidance

European stocks were little changed in cautious trade on Friday after a survey showed Germany’s consumer confidence declined further to a new record low in September.

Market research group GfK’s forward-looking consumer sentiment index fell to -36.5 in September from -30.9 in August as households started to build reserves to meet future energy bills, thus dampening the propensity to buy. The reading was forecast to fall moderately to -31.8.

The pan European Stoxx 600 slipped 0.1 percent to 432.84 after closing 0.3 percent higher on Thursday.

The German DAX was marginally higher, while France’s CAC 40 and the U.K.’s FTSE 100 were little changed with a positive bias.

Danish brewer Carlsberg dipped half a percent after saying it may need to “significantly reduce” or halt beer production in Poland.

Energy and services firm Centrica climbed 1.2 percent after Britain’s energy regulator Ofgem raised its cap on domestic energy bills to a record 3,549 pounds ($4,189) from Oct. 1.

Anglo American added 1.3 percent after major copper producing country Peru abandoned a plan to hike taxes on the mining industry amid falling metal prices, high inflation and slowing growth.

Micro Focus International shares jumped 92 percent to hit more than one-year highs after Canada’s OpenText struck a deal to buy the U.K. software firm in an all-cash deal of $6 billion including debt.

Gold Edges Higher As Dollar Softens Ahead Of US Jobs Data

Gold prices rose slightly on Friday but were on track for a third weekly fall on worries about a hawkish Fed.

Spot gold rose 0.6 percent to $1,707.07 per ounce but was on track for a weekly decline of nearly 2 percent. U.S. gold futures were up half a percent at $1,717.95.

The dollar dipped but hovered near 20-year highs, as investors awaited the release of all-important U.S. jobs data for August later in the day for clues on the size of the Federal Reserve’s next interest-rate hike.

investors also await speeches by ECB Governing Council members as well as U.S. factory orders data for additional clues about inflation and the path ahead for interest rates.

Eurostat data showed earlier today that Eurozone industrial producer price growth accelerated to 37.9 percent in July from 36 percent a month earlier amid a continued surge in energy costs.

Apple Settles Developer Lawsuit Over App Store Rejections

Apple Inc. has settled a lawsuit with an app developer over App Store review actions, rejections and scams, reports said citing court filings.

The lawsuit was filed in March 2021 by app developer Kosta Eleftheriou in California’s Superior Court in Santa Clara County. In the filing, he had accused the company of unfairly rejecting his own app from the App Store that was later targeted by scammers, resulting in revenue loss.

In his complaint, he alleged that Apple rejected his FlickType Apple Watch keyboard app from the App Store, but later approved other keyboard apps that copied the same technology of his app to publish to the App Store.

According to him, Apple’s move seemingly contradicted its claim that the FlickType keyboard offered a poor user experience.

Later, when his keyboard app was allowed to reenter the App Store, consumers went for the better-rated alternatives due to which FlickType’s revenue declined sharply.

The parties were engaged in court calls, and the court filings reportedly showed a request to dismiss the suit after they came to an agreement.