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McBride Plc FY Adjusted Operating Profit Declines; Revenues At Constant Currency Down 4%

Tributes to Michael K. Williams, Actor Who Gave ‘Voice to the Human Condition’

From co-stars of “The Wire” to musicians and authors, many took to social media on Monday to share their thoughts about the actor.


By Jesus Jiménez

China August meat imports fall 9% on year – customs

BEIJING, Sept 7 (Reuters) – China imported 758,000 tonnes of meat in August, down 8.9% from the same month a year ago, customs data showed on Tuesday, as weak domestic pork prices weighed on demand for imports.

China has imported 6.69 million tonnes of meat for the first eight months of the year, up 1.7% on last year’s volumes, according to the General Administration of Customs.

Standard Chartered strikes deal to launch digital-only bank in Singapore

  • Standard Chartered has agreed a joint venture deal to launch a digital-only bank in Singapore with the country's National Trades Union Congress (NTUC).
  • A Standard Chartered vehicle will take a 60% stake in the venture, worth 144 million Singapore dollars ($107.28 million), with the NTUC's enterprise arm taking the remaining 40% stake, worth S$96 million, Standard Chartered said on Monday.

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  • STAN-GB

Standard Chartered has agreed a joint venture deal to launch a digital-only bank in Singapore with the country's National Trades Union Congress (NTUC).

A Standard Chartered vehicle will take a 60% stake in the venture, worth 144 million Singapore dollars ($107.28 million), with the NTUC's enterprise arm taking the remaining 40% stake, worth S$96 million, the London-listed bank said on Monday.

The planned venture comes after StanChart launched its digital-only Mox Bank brand in Hong Kong last year and amid a boom in fintech investments in Southeast Asia.

A decision on the Singaporean venture's branding has yet to be decided, a Standard Chartered spokesperson said.

The Standard Chartered vehicle involved in the transaction obtained a full Singaporean banking license in December last year, the company said. 

UK Mortgage Approvals At 1-Year Low

The UK mortgage approvals declined to one-year low in July following the initial tapering off of the stamp duty holiday, figures from the Bank of England showed on Tuesday.

Approvals for house purchases, an indicator of future borrowing, decreased further in July to 75,152 from 80,272 in June. This was the lowest since July 2020, but remained above pre-February 2020 levels. The expected level was 78,600.

Timely indicators suggest that demand will be resilient even when the tax break ends altogether in October, although a lack of stock for sale could constrain sales volumes, Andrew Wishart, an economist at Capital Economics, said.

Individuals repaid GBP 1.36 billion of mortgage debt in July, following a record borrowing of GBP 17.7 billion in June. Gross lending fell to its lowest since June 2020, at GBP 16.5 billion.

Further, data showed that individuals borrowed no additional consumer credit in July. The annual growth rate for all consumer credit remained weak, decreasing slightly to -2.7 percent in July from -2.2 percent in June.

Non-financial businesses borrowed GBP 3.7 billion from banks in July, an increase from GBP 1.5 billion in June. The annual growth rate of borrowing by all large businesses remained weak, at -3.1 percent.

The net repayment by SMEs of GBP 1.2 billion was the largest on record, and follows average net borrowing of GBP 2.7 billion per month since March 2020.

M4 money supply grew 0.1 percent on month in July and advanced 6 percent from the same period last year.

Australia's central bank holds cash rate, continues with tapering

SYDNEY, Sept 7 (Reuters) – Australia’s central bank left its cash rate at a record low of 0.1% as expected on Tuesday, while confirming plans to taper its massive bond buying programme from this month.

The Reserve Bank of Australia (RBA) said it would trim purchases of bonds to A$4 billion ($2.98 billion) a week and continue at this rate until at least mid-February next year.

A Reuters poll found all but one of 37 analysts saw a steady outcome on rates this week, while 10 thought the RBA would delay the taper and 15 expected it to press ahead.

McBride Plc FY Adjusted Operating Profit Declines; Revenues At Constant Currency Down 4%

McBride plc (MCB.L) reported lower adjusted operating profit for the year ended 30 June 2021, with adjusted operating profit margin reducing to 3.5% from 4.0%, last year. Full-year Group revenues were 4.0% lower than the prior year at constant currency. Looking forward, the Group continues to anticipate a weak first half year, especially when compared to strong first half last year, with profits therefore heavily weighted to the second half of the year.

Fiscal year reported profit before taxation from continuing operations was 11.3 million pounds compared to 11.2 million pounds, last year. Earnings per share from continuing operations was 7.8 pence compared to 3.7 pence.

Adjusted profit before taxation from continuing operations declined to 19.9 million pounds from 24.2 million pounds. On an adjusted basis, earnings per share from continuing operations was 11.7 pence compared to 9.5 pence.

Group revenues were 682.3 million pounds, compared to 706.2 million pounds, last year.

“Our balance sheet remains robust and we expect current market conditions to create opportunities for selected in-fill acquisitions at attractive valuations,” said Chris Smith, CEO.

The Board is not recommending a final dividend in 2021.