Senegal flooding: Government criticised for slow response

Vistry Group Posts Pretax Loss In H1; Adj. Revenue Up 40% – Quick Facts

Vistry Group Plc reported a loss before tax of 12.2 million pounds for the six-month period ended 30 June 2020 compared to profit of 72.5 million pounds, previous year. Loss per share was 5.4 pence compared to profit of 41.9 pence. Adjusted profit before tax was 10.3 million pounds, down 86% from previous year. Before exceptional items and amortisation, earnings per share was 5.0 pence compared to 42.0 pence.

First half Group revenue was 606.4 million pounds, up 28% from last year. Adjusted revenue was 660.9 million pounds, an increase of 40%.

Vistry Group projects full year profit before tax to be in the range of 130 million pounds to 140 million pounds. The Group said it has the ability to deliver at least 310 million pounds of profit before tax in 2021.

The Board determined that no interim dividend was to be paid for the first half of 2020.

Genus FY Pre-tax Profit Rises – Quick Facts

Genus plc (GNS.L,GNS.L) reported that its profit before tax for the year ended 30 June 2020 significantly increased to 51.5 million pounds from last year’s 9.9 million pounds, reflecting the increase in the underlying trading performance and the uplift in the non-cash fair value net IAS 41 biological asset movement.

Profit attributable to owners of the company for the year rose to 40.5 million pounds or 61.9 pence per share from the previous year’s 7.8 million pounds or 11.9 pence per share.

Adjusted earnings per share increased to 84.7 pence from 70.7 pence in the previous year.

Annual revenue rose 13% in both constant and actual currencies to 551.4 million pounds.

The company anticipates further growth in constant currency across the business in the coming year and to perform in line with its expectations.

The Board has recommended a final dividend of 19.7 pence per ordinary share, an increase of 5% over the prior year final dividend. It is proposed that the final dividend will be paid on 11 December 2020 to the shareholders on the register at the close of business on 20 November 2020.

Indonesia reports 3,046 new coronavirus cases, 100 deaths

JAKARTA (REUTERS) – Indonesia reported 3,046 new coronavirus cases on Tuesday (Sept 8), bringing the national total to 200,035, data from the country’s Health Ministry website showed.

There were also 100 new deaths in Indonesia overnight, taking the total number to 8,230, the highest coronavirus death toll in South-east Asia.

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S.Korea to conduct 5 trln won outright treasury bond purchase

SEOUL, Sept 8 (Reuters) – South Korea’s central bank on Tuesday said it will conduct outright purchase of treasury bonds worth about 5 trillion won ($4.21 billion) until the end of 2020 to soak up the public debt issuance that is expected to increase in the months to come.

The Bank of Korea also said it will take steps to stabilise financial markets if bond yield are volatile. ($1 = 1,186.3700 won) (Reporting by Cynthia Kim. Editing by Louise Heavens)

China’s Exports Growth Tops Expectations

China’s exports grew more than expected in August mainly due to base effects, while imports dropped unexpectedly from last year, data from the General Administration of Customs showed Monday.

Exports grew 9.5 percent on a yearly basis in August, faster than the expected increase of 7.1 percent.

At the same time, imports were down 2.1 percent annually, in contrast to the expected rise of 0.1 percent. Imports had dropped 1.4 percent in July.

As a result, the trade surplus totaled $58.9 billion versus the expected level of $50.5 billion in August. However, the surplus declined from July’s $62.3 billion.

China’s export data still looks good, Iris Pang, an ING economist said. But there are risks of lower growth in the coming months, mainly from the technology war.

Julian Evans-Pritchard, an economist at Capital Economics, said while exports will continue to benefit from the recovery in global demand, the forthcoming slowdown in shipments of Covid-19 related goods means that further upside is probably limited.

With credit growth still accelerating and infrastructure-led stimulus still ramping up, import volumes should remain strong in the coming months, Evans-Pritchard noted. Coupled with a further gradual recovery in commodity prices, growth in import values should therefore return to positive territory again before long.

Royal Mail Issues AGM Statement; 5-month Parcel Volumes Up 34% – Quick Facts

Royal Mail Plc (RMG.L) reported that its parcel volumes rose 34% during the five months ended 30 August 2020. The Group said the strong growth in parcel volumes is being driven by B2C and e-commerce. Revenue rose 33.1% from previous year. Letter revenue was down 21.5%, while addressed letter volumes (ex. elections) declined 28%.

For GLS, volumes rose 19%, while revenue increased 18.6% year on year, for the five month period. Adjusted operating margin was 8.1%.

Royal Mail recorded costs related to COVID-19 of 75 million pounds in the first five months.

Senegal flooding: Government criticised for slow response

Anger erupts in Senegal over the government’s response to deadly flash floods.

People in Senegal whose homes and businesses were destroyed in flash floods over the weekend say the government has been too slow to respond.

Parts of the country saw three months of rainfall in just seven hours.

Rescue workers say at least four people died.

Al Jazeera’s Victoria Gatenby reports.