Baidu's Board Authorizes Share Buyback Program

Telefonica Deutschland Prelim. Annual Earnings Climb

Telefonica Deutschland Holding AG (TELDF.OB,TFTHF.OB), a German telecom firm, on Wednesday reported a rise in preliminary earnings for 2022, reflecting an increase in revenue, driven by mobile service revenue momentum and a high number handset sales.

For full-year, the Munich-headquartered company posted a total profit of 232 million euros, compared with 211 million euros last year.

Operating income stood at 240 million euros as against 272 million euros of previous year period.

OIBDA grew by 5.3 percent, to 2.539 billion euros for the year, from 2021.

Revenues were at 8.224 billion euros, compared with 7.765 billion euros of previous fiscal.

For 2022, Telefonica will pay a dividend of 18 cents per share.

Looking ahead, for fiscal 2023, the company expects low single-digit percentage year-on-year growth for revenue and OIBDA adjusted for exceptional effects.

Primary Health Properties FY Pre-tax Profit Drops – Quick Facts

Primary Health Properties Plc. (PHP.L) reported that its profit before taxation for the year ended 31 December 2022 dropped to 56.9 million pounds from 141.6 million pounds in the prior year.

Annual profit after taxation was 56.3 million pounds or 2.2 pence per share down from 140.1 million pounds or 9.8 pence per share in the previous year.

But adjusted earnings increased 6.6% to 88.7 million pounds from the previous year. The increase reflects the continued positive rental growth from organic rent reviews and asset management projects together with interest cost savings arising from various refinancing and hedging initiatives put in place in 2021 and the early part of 2022. Adjusted earnings per share grew to 6.4 pence from 6.1 pence in the prior year.

Net rental income receivable in the year increased 3.5% or 4.8 million pounds to 141.5 million pounds from the prior year.

A dividend of 1.675 pence per share was declared on 5 January 2023, equivalent to 6.7 pence on an annualized basis, which represents an increase of 3.1% over the dividend distributed per share in 2022. The dividend will be paid to shareholders on 23 February 2023 who were on the register at the close of business on 13 January 2023. The dividend will be paid by way of a property income distribution of 1.34 pence and normal dividend of 0.335 pence.

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Lufthansa Flights Delayed Or Cancelled On IT Failure

Deutsche Lufthansa AG announced that its flights were delayed or cancelled Wednesday morning due to a IT failure in Frankfurt. Lufthansa shares were losing around 1.4 percent in the morning trading following the news.

The German flag carrier tweeted, “Important information on flight disruption: As of this morning the airlines of the Lufthansa Group are affected by an IT outage, caused by construction work in the Frankfurt region. Unfortunately, this has led to flight delays and cancellations. We are working on a solution swiftly.”

The company also asked all affected guests flying on domestic LH flights in Germany to book a train ticket and request a refund on

In a statement on its website, the airline stated that many Lufthansa IT systems were not working due to the IT failure, and told passengers to expect disruptions in the flights program and during the check-in process.

The company also said that it recommends passengers in the cancelled flights not to proceed to the airport and to rebook their flights on its Chatbot.

In Germany, Deutsche Lufthansa shares were trading at 9.51 euros, down 1.36 percent.

Oil Prices Decline Ahead Of FOMC Minutes

Oil prices fell more than 1 percent on Wednesday amid signs of ample supply and worries about the demand outlook from China.

Markets appear to be scaling back bets that China will drive a demand recovery this year.

Investors also await the release of minutes of the meeting of the U.S Federal Reserve later in the day following hawkish rhetoric from several Fed officials in recent days.

It is feared that additional rate hikes to reduce inflation could weigh on fuel demand in the short term.

Benchmark Brent crude futures fell 1.2 percent to $82.02 per barrel, while WTI crude futures were down 1.5 percent at $75.23.

The dollar hovered near a six-week high and bond yields remain elevated after recent strong data raised the risk of U.S. interest rates remaining higher for longer.

Baidu's Board Authorizes Share Buyback Program

AI company Baidu, Inc. (BIDU) announced its board of directors has authorized a new share repurchase program under which the company may repurchase up to $5 billion of its shares, effective through December 31, 2025.

Fourth quarter net income attributable to Baidu was RMB 5.0 billion, and earnings per ADS was RMB 13.59. This is compared with RMB 1.72 billion, or RMB 4.51 per share, in last year’s fourth quarter. Net income attributable to Baidu Core was RMB 4.8 billion, and net margin for Baidu Core was 19%.

Non-GAAP net income attributable to Baidu was RMB 5.4 billion. Non-GAAP earnings per ADS was RMB 15.25. Non-GAAP net income attributable to Baidu Core was RMB 4.9 billion, and non-GAAP net margin for Baidu Core was 19%.

Total revenues were RMB 33.1 billion, flat from last year. Revenue from Baidu Core was RMB 25.7 billion, decreasing 1% year over year. Revenue from iQIYI was RMB 7.6 billion, increasing 3% year over year.

As of December 31, 2022, cash, cash equivalents, restricted cash and short-term investments were RMB 185.3 billion, and cash, cash equivalents, restricted cash and short-term investments excluding iQIYI were RMB 177.4 billion.

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