BPER CEO expects 'very positive' Q2 results, confirms guidance
Speaking to MF newspaper, Papa also said he was confident that BPER would go over a 50% take-up threshold in its ongoing takeover bid for smaller peer Banca Popolare di Sondrio (BPSI.MI), opens new tab.
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The Sun
8 minutes ago
- The Sun
Wetherspoons boss gives pub pricing update and slams ‘no-sense' tax pressures on boozers
SIR Tim Martin will not increase Wetherspoons' food and drink prices in the coming months, The Sun can reveal. The Spoons boss said he would be able to make the pledge after revealing sales are now higher than before the pandemic, despite slamming the government's "no-sense" tax policies. 1 Wetherspoon increased prices on some drinks and meal deals by up to 30p back in January. However, Sir Tim told The Sun: "We intent to hold prices at least for the summer and autumn." The price promise came as Wetherspoons reported a 5.1% sales boost in 12 weeks to July 20, driven by strong demand for draught beers like Guinness. The chain's shares jumped 3.6% as it announced sales volumes have now exceeded pre-pandemic levels. Demand for New Zealand vino and Italian prosecco has also helped drive its recovery. However, Sir Tim continues to slam the Labour government's unfair tax rules, saying they favour supermarkets and called for equal VAT and business rates for pubs. He said: "The pandemic obviously had a big effect on the hospitality industry and it's taken some to recover. "But we're affected by a difficult regulatory and taxation regions." Sir Tim said that two major taxes need to be adjusted to help keep hospitalty "competitive and attractive for foreign capital". He said: "Pubs must have tax equality with supermarkets. "It makes no sense to give supermarkets favourable tax treatment - pubs pay 20% VAT on food sales and supermarkets pay nothing. "Plus, we're forced to pay 28p of business rates per print versus 2p for supermarkets selling the same product." Despite these hurdles, Wetherspoon is "pushing ahead and investing in the future," with plans to open 30 new pubs next year and invest in gardens and staff spaces as the chain continues to thrive. While the exact locations haven't been revealed yet, these new sites add to several openings announced earlier this year, including one on the former grounds of The London Dungeon. The Sun Wharf on Tooley Street, London Bridge is due to open on September 2. The posh London neighbourhood of Fulham has also welcomed a new Spoons located in the old West London tube station. Fans will be treated to three more openings this year, including a branch in Warwickshire which will open on July 29. Two more sites are also due to open in Paddington and Beaconsfield. Alongside expanding its estate, the chain has also been selling some of its smaller, older pubs. The chain runs 794 pubs in the UK and Ireland. The Wetherspoon boss confirmed he remains "very keen" on the idea of opening pubs overseas through the company's rapidly growing franchise business. The pub giant already operates a few franchised pubs on university campuses and seven pubs within Haven Holiday parks. Sir Tim added that he is "open to anything," including launching pubs in airports and campsites. How can I save money at Wetherspoons? FREE refills - Buy a £1.50 tea, coffee or hot chocolate and you can get free refills. The deal is available all day, every day. Check a map - Prices can vary from one location the next, even those close to each other. So if you're planning a pint at a Spoons, it's worth popping in nearby pubs to see if you're settling in at the cheapest. Choose your day - Each night the pub chain runs certain food theme nights. For instance, every Thursday night is curry club, where diners can get a main meal and a drink for a set price cheaper than usual. Pick-up vouchers - Students can often pick up voucher books in their local near universities, which offer discounts on food and drink, so keep your eyes peeled. Get appy - The Wetherspoons app allows you to order and pay for your drink and food from your table - but you don't need to be in the pub to use it. Taking full advantage of this, cheeky customers have used social media to ask their friends and family to order them drinks. The app is free to download on the App Store or Google Play. Check the date - Every year, Spoons holds its Tax Equality Day to highlight the benefits of a permanently reduced tax bill for the pub industry. It usually takes place in September, and last year it fell on Thursday, September 14. As well as its 12-day Real Ale Festival every Autumn, Wetherspoons also holds a Spring Festival.
Reuters
8 minutes ago
- Reuters
Northern Trust CEO denies talks of a sale after strong quarter
July 23 (Reuters) - Northern Trust's (NTRS.O), opens new tab CEO said on Wednesday that he has not entertained sale discussions and does not intend to, after the wealth and asset manager reported a second-quarter profit that beat estimates. The Wall Street Journal reported, opens new tab last month that BNY (BK.N), opens new tab had approached the company about a potential merger. Northern Trust, which has a market cap of about $24.6 billion, later said it was fully committed to remaining independent. Shares in the company were last down 3%, which analysts at Truist attributed to the CEO's denial that the company is up for sale. "Contrary to recent speculation, during my tenure as CEO, we have never entertained discussions regarding the sale of the company with any financial institution, nor do we intend to," CEO Mike O'Grady told analysts during a post-earnings conference call. "We believe that strategy of independence is what will produce the best returns for our shareholders ultimately." While dealmaking in the broader banking sector is expected to pick up this year on hopes of looser regulation under the Trump administration, Senator Elizabeth Warren warned BNY that its reported interest in a merger with Northern Trust could violate federal banking laws. The comments follow a strong second quarter for Northern Trust, where its assets under custody and administration climbed 9% to $18.1 trillion. Major U.S. indexes received a boost from a late-quarter rebound, fueled by optimism around potential interest-rate cuts and progress on trade negotiations. Markets had been rattled earlier in the quarter by changing U.S. tariff strategies and rising geopolitical strain. Assets under management rose 11% during the same period. Meanwhile, net interest income rose 16% in the reported quarter. Trust, investment and other servicing fees increased 6%. Northern Trust posted a profit of $2.13 in the three months ended June 30. Analysts on average had expected $2.05 per share, according to estimates compiled by LSEG.
Reuters
8 minutes ago
- Reuters
Europe's defence boom
Follow on Apple or Spotify. Listen on the Reuters app. The region's decision to spend more on guns has helped make it an investor darling despite an economy still in the doldrums. But will the promised spending splurge give Europe's economy a big boost or just stretch its weak finances even further? Host Carmel Crimmins talks to European Economics Editor Mark John about the potential implications. Sign up for the Reuters Econ World newsletter here. Listen to the Drone Wars podcast here. For information on our privacy and data protection practices visit the Thomson Reuters Privacy Statement. You may also visit to opt out of targeted advertising. Further Listening Drone Wars Japan's debt War Economy
