partially increased its profits in the first quarter despite a fall in gas prices. The Norwegian conglomerate, which is 67 percent state-owned, said adjusted profit — the metric it prefers — fell to $11.97 billion from $17.87 billion during the period determined analyst consensus was $ 11.21 billion.
LIONTRUST/GAM HOLDING
The British asset manager Liontrust wants to submit a takeover bid for the Swiss competitor GAM Holding AG. GAM manages 23.3 billion Swiss francs, the two companies together have 53 billion pounds sterling. Liontrust wants to pay with 9.4 million of its own and new shares, which are currently worth 81 million pounds sterling on the stock exchange, the equivalent of 92 million euros.
PACWEST
tried to calm the markets with a statement on their deposits. As the bank announced, deposits have recently increased. The price fell more than 50 percent in after-hours trading on Wednesday. Previously, a report by the Bloomberg news agency said that management was exploring strategic options, including selling the company. The stock is down almost 40 percent on Thursday.
MAERSK
suffered a slump in profits in the first quarter as freight rates and volumes fell as shipping demand normalized. The Danish shipping giant reported quarterly net income of $2.28 billion compared to $6.78 billion in the same period last year, while revenue fell 26 percent to $14.21 billion.
RTL
The weak TV advertising market caused the broadcasting chain RTL to experience a significant decline in revenue in the first quarter. The Bertelsmann subsidiary confirmed its outlook for the year as a whole. However, the forecast is subject to the condition that the TV advertising markets – particularly in Germany – recover in the second half of the year. In the second quarter there is no sign of a recovery in the TV advertising markets.
SHELL
earned less in the first quarter, but exceeded market expectations. The oil major announced a $4 billion share buyback program.
VOLVO CAR
is thinning its administrative staff in Sweden in view of the high cost pressure. 1,300 office jobs in the country are to be eliminated, which corresponds to 6 percent of the Swedish workforce.
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DJG/err
(END) Dow Jones Newswires
May 04, 2023 07:18 ET (11:18 GMT)