SC refuses to accept Vodafone’s proposal to pay ₹2,500 crore by today

Faurecia 2019 Profit Down – Quick Facts

French automotive parts manufacturer Faurecia (FURCY.PK) reported that its net income Group share for fiscal year 2019 declined to 589.7 million euros from 700.8 million euros in 2018.

Group operating income was 1.28 billion euros, slightly up from 1.27 billion euro in 2018.

Annual sales were 17.77 billion euros, up 1.4% on a reported basis.

The Board of Directors will propose at the next Annual Shareholders’ Meeting, to be held in Paris on May 29, the payment of a dividend of 1.30 euros per share compared to 1.25 euros per share paid last year.

For 2020, the company expects solid reported sales growth, including a scope effect representing about 500bps of sales growth; improvement in profitability, with operating margin above 7.2% of sales.

The 2020 guidance is fully aligned with the medium-term 2022 ambitions that Faurecia presented in November 2019: sales should exceed 20.5 billion euros, operating margin should reach 8% of sales.

Brambles H1 Profit After Tax Down; Provides FY View; Shares Up

Brambles Ltd. (BXB.AX,BMBLF.PK) reported first half profit after tax of US$277.9 million, 13 percent lower than US$319.8 million in the same period last year. Basic EPS were 17.7 US cents versus 20.1 US cents a year ago.

Underlying profit & Operating profit rose to US$435.5 million from US$429.5 million in the prior year.

Sales revenue was US$2.4 billion, up from US$2.3 billion in the previous year.

The Board has declared an interim dividend of 9.0 US cents per share, which is payable on 9 April 2020 to shareholders on Brambles’ register on 12 March 2020. The interim dividend will be paid in Australian dollars and will be 13.38 Australian cents per share, with franking of 30%.

Looking ahead to full financial year, at constant FX and including the impact of AASB 16, Brambles expects mid-single digit sales revenue growth; Underlying Profit growth in line with sales revenue growth and effective Tax Rate of approximately 30%.

Commenting on the results, Brambles’ CEO, Graham Chipchase, said: “Despite a range of challenges, we delivered sales and earnings growth across all our segments and materially improved Group cash flow generation in the first half.”

Shares of the logistics company Brambles closed Monday’s trade at $13.14 up $0.49 or 3.87%.

U.S. Consumer Sentiment Unexpectedly Improves In February

Reflecting an improvement in expectations, the University of Michigan released a report on Friday showing an unexpected increase in U.S. consumer sentiment in the month of February.

Preliminary data showed the consumer sentiment index rose to 100.9 percent in February from the final January reading of 99.8. The uptick surprised economists, who had expected the index to edge down to 99.5.

The unexpected increase by the headline index came as the index of consumer expectations climbed to 92.6 in February from 90.5 in January.

On the other hand, the report said the current economic conditions expected slipped to 113.8 in February from 114.4 in January.

“Net gains in household income and wealth were reported more frequently in early February than at any prior time since 1960,” said Surveys of Consumers chief economist Richard Curtin.

However, Curtin added, “These gains in consumers’ economic assessments have also been accompanied by a faint stirring of two powerful sources of uncertainty.”

Curtin said just 7 percent of respondents mentioned the coronavirus when asked to explain their economic expectations, while only 10 percent mentioned some aspect of the upcoming presidential election.

On the inflation front, the report said one-year inflation expectations were unchanged at 2.5 percent, while five-year inflation expectations fell to 2.3 percent from 2.5 percent.

Laura Ashley says major shareholder, lender in funding talks

Feb 17 (Reuters) – Clothing and furnishing retailer Laura Ashley said on Monday its lender and majority shareholder were in talks regarding the company’s immediate funding needs, as it reported a drop in half-year revenue.

The company said recent movements in its stock and customer deposit levels had led to a reduction in the amount it can draw down under the working capital facility with its lender Wells Fargo & Co.

Laura Ashley’s total group sales fell 10.8% to 109.6 million pounds ($142.89 million) in six months ended Dec. 31, hurt by weak consumer spending.

Oman's economic risk higher in 2020 because of oil demand, China exposure – S&P

DUBAI, Feb 17 (Reuters) – Oman’s economic downside risks are higher this year because of weaker oil demand and its exposure to China, said an S&P Global analyst on Monday.

Oman is the most exposed to China among the Gulf Arab region states. Oman exports 45.1% of its good to China, mostly oil, according to S&P. (Reporting by Saeed Azhar, writing by Alexander Cornwell; Editing by Toby Chopra)

SC refuses to accept Vodafone’s proposal to pay ₹2,500 crore by today

Vodafone also sought the bank guarantee deposited with the government should not be encashed

The Supreme Court on Monday refused to accept telecom firm Vodafone’s proposal to pay ₹2,500 crore by Monday and ₹1,000 crore by Friday against adjusted gross revenue (AGR) dues and that no coercive action be taken against it.

Also read | Airtel pays ₹10,000 crore to govt towards AGR dues

A Bench headed by Justice Arun Mishra declined to accept the proposal given by senior advocate Mukul Rohatgi, appearing for Vodafone, after he mentioned the matter.

Also read | SC hauls up telcos for not paying AGR dues

Rohatgi said they are willing to pay ₹2,500 crore on Monday and another ₹1,000 crore by Friday but no coercive action be taken against the company.

He said the bank guarantee deposited with the government by Vodafone should also not be encashed.

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