A.G. BARR Takes Full Control Of MOMA With Purchase Of Remaining 38.2% Stake

European Economics News Preview: UK Labor Market Data Due

Labor market statistics from the UK and economic confidence survey results from Germany are the top economic news due on Tuesday.

At 2.00 am ET, the Office for National Statistics releases UK unemployment data for October. The jobless rate is forecast to edge up to 3.7 percent in three months to October from 3.6 percent in three months to September.

In the meantime, Destatis publishes Germany’s final consumer and harmonized prices for November. The statistical office is set to confirm annual inflation at 10.0 percent, down from 10.4 percent in October.

At 3.00 am ET, the State Secretariat for Economic Affairs releases Swiss Winter economic forecast.

At 4.00 am ET, Italy’s Istat is scheduled to issue industrial production for October. Economists expect industrial output to fall 0.4 percent on month, much slower than the 1.8 percent decrease in September.

At 5.00 am ET, Germany’s ZEW economic confidence survey results are due. The economic sentiment index is seen rising to -26.4 in December from -36.7 a month ago.

Half an hour later, the Bank of England publishes the Financial Stability Report.

Oil Futures Climb Higher On Optimism About Energy Demand

Crude oil prices climbed higher on Monday amid optimism about increased demand for oil from China after the country relaxed certain Covid-related restrictions.

Traders also reacted positively to the Chinese government’s announcement d plans to step up support for the economy.

China has vowed to fight all pessimism about its economy, and said it will do what it takes to boost economic growth.

However, fears of a global recession amid rising interest rates capped oil’s upside.

West Texas Intermediate Crude oil futures for January ended higher by $0.91 or about 1.25% at $75.20 a barrel.

Brent crude futures were up $1.21 or 1.52% at $80.25 a barrel.

The U.S. energy department’s announcement last week that it will start repurchasing crude for the Strategic Petroleum Reserve contributed as well to the rise oil prices.

The Unassuming Ingredient at the Heart of a Chef’s Kwanzaa Feast

Ricky Moore, the owner of Saltbox Seafood Joint in Durham, N.C., honors his past and crowns his end-of-year celebrations with peanuts.

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By Brigid Washington

Relief, NeuroRx End Litigation; NeuroRx Transfers To Relief Formulation Of Aviptadil Product

Relief Therapeutics Holding SA (RLFTF. OB), and NRx Pharmaceuticals, Inc. (NRXP) announced the close of the settlement agreements to resolve the pending litigation between Relief and NRx Pharmaceuticals’ subsidiary, NeuroRx, Inc.

NeuroRx has transferred to Relief all of the assets it used in the NRx aviptadil development program. Relief now has the exclusive right and control to develop and commercialize an aviptadil product.

Relief will pay NeuroRx milestone payments if it can successfully obtain commercial approval of an aviptadil product. Relief will pay NeuroRx royalties based on a percentage of future sales of an aviptadil product, up to a maximum of $30 million in the aggregate.

For More Such Health News, visit rttnews.com.

Egdon Resources To Buy Aurora Production

Egdon Resources Plc (EDR), a British onshore focused oil and gas exploration and production firm, said on Tuesday that it has signed a conditional deal to buy privately held Aurora Production (UK) Limited, from Aurora Petroleum Limited.

Aurora Production holds an 18.75 percent interest in the Edgon operated licence PL090 which contains the Waddock Cross oil field, and an 8.33 percent interest in the IGas operated licence PEDL070 which contains the Avington oil field.

The consideration for the deal will be the assumption by Egdon of all ongoing liabilities on these licenses, including all abandonment liabilities.

However, Egdon shall receive a cash of 0.288 million pounds from Aurora Petroleum as part of the deal, reflecting the current estimates in relation to the liabilities.

Mark Abbott, Managing Director of Egdon said: “This acquisition builds on our existing interests in the shut-in Waddock Cross and Avington oil fields. Both assets have active plans in place to rejuvenate oil production. The acquisition therefore adds potential for near-term incremental production, adds to our resource base and delivers substantial tax losses that may be utilized to offset future taxes.”

Goodwin H1 Pretax Profit Rises

Goodwin PLC (GDWN.L) reported profit before tax of 12.2 million pounds for the half year ended 31st October 2022 compared to 7.7 million pounds, prior year. Earnings per share was 113.93 pence compared to 72.12 pence. Pre-tax trading profit was 9.1 million pounds compared to 7.7 million pounds.

Revenue from continuing operations increased to 89.3 million pounds from 68.9 million pounds.

The Group’s overall net debt stands at 46.1 million pounds. The Directors did not propose the payments of an interim dividend.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.

A.G. BARR Takes Full Control Of MOMA With Purchase Of Remaining 38.2% Stake

A.G.BARR Plc (BAG.L), a Scottish soft drink maker, announced Tuesday that it has acquired the remaining 38.2 percent equity stake in MOMA Foods Limited from founder Tom Mercer, and the other minority shareholders, for a total cash consideration of 3.4 million pounds.

The company acquired its 61.8 percent stake in MOMA in December 2021. At that time, it had entered into an option deed with Mercer and the other remaining shareholders for full ownership in the following three years.

A.G. BARR now have the full control of the MOMA business, which will remain a standalone, supported business unit within the Group.

Regarding the full ownership, Roger White, CEO of A.G. BARR, said, “This allows us to fully support the MOMA business and brand, such that we can leverage the increased growth potential sooner than allowed for under the original acquisition structure. The completion of the acquisition is a further positive indication of A.G. BARR’s growth ambitions.”