Oil Extends Gains For Fourth Day As Americans Brace For Winter Storm

Clear Channel To Sell Its Swiss Business To Goldbach Group For CHF 86 Mln

Clear Channel Outdoor Holdings, Inc. (CCO), an outdoor media advertising firm, said on Thursday that it has inked a definitive deal to sell its Swiss business to Goldbach Group AG, an affiliate of TX Group AG, for CHF 86 million, or $ 92.7 million in cash.

The transaction is expected to conclude in the second or third quarter of 2023.

Scott Wells, CEO of Clear Channel, said: “The sale of our business in Switzerland is the result of our ongoing review of strategic alternatives for our European businesses and moves toward our goal of optimizing our portfolio in the best interests of our shareholders…”

Clear Channel expects to use proceeds from the sale to improve its liquidity position and raise financial flexibility.

For the full-year to December 31, Clear Channel’s business in Switzerland is expected to contribute around $9.7 million to its Europe Segment’s adjusted EBITDA.

Moelis & Company LLC and Deutsche Bank Securities Inc. are serving as financial advisers to Clear Channel Outdoor Holdings, Inc., whereas Kirkland & Ellis LLP and Homburger AG are working as legal counsel.

UK tumbles deeper into recession as economy shrinks more than expected

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The UK economy has contracted more than expected in the third quarter, new data has shown.

Figures from the Office for National Statistics found that the country’s GDP fell another point than first recorded.

The ONS initially posted a contraction rate of 0.2 percent, but today revised this figure to 0.3 percent. 

Additional figures have revealed the recession could last well into 2023.

More to follow…

Hornbach Holding Q3 Profit Down, Sales Rise; Backs FY23 Outlook

Hornbach Holding AG & Co. KGaA (HBAPF.PK), a German DIY-store chain operator, reported Thursday that its third-quarter consolidated net income declined 29.2 percent to 26.7 million euros from last year’s 37.7 million euros.

Earnings per shares fell 13.8 percent to 1.71 euros from 1.98 euros a year ago.

Net sales, however, grew 10.4 percent to 1.55 billion euros from last year’s 1.40 billion euros. Like-for-like sales growth was 7.2%.

Looking ahead for fiscal 2023, the company continues to expect a slight sales growth and the adjusted EBIT level to decline around a low double digit percentage range versus previous year.

In fiscal 2022, net sales were 5.88 billion euros, and adjusted EBIT was 362.6 million euros.

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600 Group Slips To Loss In H1, Despite Higher Revenues – Quick Facts

600 Group plc (SIXH.L), an industrial laser systems business, reported Thursday that its first-half Group pre-tax loss was $1.45 million, compared to profit of $72 thousand last year.

Loss after tax was $463 thousand, compared to profit of $1.78 million last year. Loss per share was 0.39 cents, compared to profit of 1.49 cents a year earlier.

Underlying loss before tax was $817 thousand, compared to profit of $109 thousand last year. Adjusted loss per share was 0.70 cents, compared to prior year’s profit of 0.45 cents.

Revenue, however, went up 12 percent to $17.04 million from last year’s $15.20 million.

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Castellum Sells New Production In Jönköping For SEK 510 Mln

Swedish real estate company Castellum AB (CWQXF.PK) Thursday said it is divesting a soon-to-be-completed property with the Swedish National Courts Administration as the sole tenant. The underlying property value, in line with book to value, amounts to 510 million Swedish kronor with a market-based deduction for deferred taxes.

Closing will take place following the completion of construction.

The company said the building will house the Göta Court of Appeal and the Administrative Court of Appeal in Jönköping with planned occupancy in spring 2023.

The property encompasses 9,200 sq. m.. The building is designed to obtain certification under Miljöbyggnad level Gold, and features a rooftop solar cell installation, among others.

Oil Extends Gains For Fourth Day As Americans Brace For Winter Storm

Oil prices rose for a fourth day running on Thursday, as the dollar edged lower on improved risk sentiment and the United States braced for extreme cold weather in what has been described as a once-in-a-generation storm.

Benchmark Brent crude futures climbed 1 percent to $83.03 a barrel, while WTI crude futures were up 1.2 percent at $79.20.

A weaker dollar supported prices after China said it would implement policies to support growth in 2023.

A powerful winter storm will bring “dangerous cold,” heavy snow and flash freezing across the central and eastern U.S. through the rest of the week, forecasters warned today as the country heads into the Christmas holiday season.

“A strong winter storm will form on this front with blizzard conditions,” the National Weather Service tweeted. The severe weather might cause travel chaos and power outages across the U.S.

The latest weekly petroleum report of the U.S. Energy Information Administration showing a larger-than-expected inventory draw also contributed to the oil price rise.

Data from Energy Information Administration (EIA) showed crude inventories in the U.S. fell by 5.89 million barrels last week, more than 3.5 times the estimated decline of 1.66 million barrels.