26th Aug 2020 11:19
(Alliance News) - The following is a summary of top news stories Wednesday.
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COMPANIES
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Polymetal International announced it has doubled its interim dividend as a much higher gold price boosted performance. The average realised gold price for Russia and Kazakhstan-focused gold and silver producer Polymetal was USD1,551 per ounce in the six months ended June 30, a 25% jump from USD1,332 per ounce a year before. The average realised silver price also was higher, up 10% at USD16.7 per ounce from USD15.2. Revenue jumped 17% to USD1.14 billion from USD941 million, and net earnings more than doubled to USD381 million from USD153 million. Polymetal declared a USD0.40 per share interim dividend, twice its USD0.20 per share dividend the year before.
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Provident Financial said it fell into loss in the first half of 2020, as it said it would withhold dividends in preparation for the negative effects of Covid-19 on the economy. For the six months ended June 30, Provident Financial swung to a pretax loss of GBP28 million from a profit of GBP43.1 million a year prior. This was as revenue fell 11% to GBP445.6 million from GBP501.5 million. No interim dividend was declared, compared to 9.0p paid for the first half of 2020, as Provident said it needs to preserve capital and provide financial stability. However, it said it intends to resume dividend payments to shareholders as soon as financial conditions normalise.
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Carnival said its subsidiary Princess Cruises is cancelling its early 2021 World Cruise and Circle South America cruises on two ships, the Island Princess and the Pacific Princess. The Island Princess was intended to start its World Cruise from North America, and the Pacific Princess its Circle South America from Australia. Princess Cruises blamed restrictions and limitations with border and port access, as determined by government and health authorities. Princess Cruises also noted the continued uncertainty surrounding air travel.
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MARKETS
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London shares were mixed as investors look ahead to the start of the US Federal Reserve's Jackson Hole symposium on Thursday. In the FTSE 250, Provident Financial was the best performer, up 17%. US stock market futures were pointed to a mixed open.
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FTSE 100: down 0.1% at 6,030.55
FTSE 250: up 0.4% at 17,644.29
AIM ALL-SHARE: flat at 961.08
GBP: up at USD1.3150 (USD1.3123)
EUR: flat at USD1.1816 (USD1.1818)
GOLD: flat at USD1,919.43 per ounce (USD1,918.27)
OIL (Brent): flat at USD45.80 a barrel (USD45.83)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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A number of new advisory groups have been set up to support the UK's post-Brexit trade talks, it has been announced. The UK's Department for International Trade has set up 11 groups covering a range of areas, such as investment, life sciences, and financial services, to help advise on negotiations. Advice given by organisations and stakeholders in the groups will then be used to help inform the government's negotiating position. It comes as UK ministers seek to step up talks with countries including Japan, the US, Australia and New Zealand. Negotiators hope that the advice will help them to secure new market access on products like ceramics, cars, steel and beef, as well as agreeing cutting-edge digital trade rules. International Trade Secretary Liz Truss said that the government wants to strike deals benefiting "every part" of the UK.
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US President Donald Trump needs "to stop listening to novice bullies",Iran's foreign minister tweeted as he praised a UN decision not accede to a US request to trigger snapback sanctions on Iran. "US Secretary of State Mike Pompeo's lawless bullying leaves US isolated again," tweeted Foreign Minister Mohammad Javad Zarif. On Tuesday, the UN Security Council president said that body would not take further action on the US bid to trigger a return of UN sanctions against Iran. "There is no consensus in the council and thus the president is not in the position to take further action," said Indonesia's UN ambassador, Dian Triansyah Djani, whose country is presiding over the Security Council in August. US Ambassador to the UN Kelly Craft immediately released a statement condemning the Security Council's position. "For months and months, we told the Council that President Trump would never allow the world's largest state sponsor of terrorism to freely buy and sell planes, tanks, missiles, and other kinds of conventional weapons," it read. The US formally notified the UN of its demand to reimpose sanctions on Iran on Thursday.
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Canada's foreign minister has called the release of two citizens detained in China a "top priority" for his country during a meeting with his Chinese counterpart in Italy. Relations between Beijing and Ottawa have been increasingly bitter since an executive for Chinese tech giant Huawei was arrested in Vancouver in December 2018 and China detained two Canadian nationals in apparent retaliation. Canadian Foreign Minister Francois-Philippe Champagne on Tuesday said the cases of former diplomat Michael Kovrig and businessman Michael Spavor "remain a top priority for the government of Canada". He called for their immediate release at a meeting in Rome with Chinese foreign minister Wang Yi, Ottawa said in a statement. Kovrig and Spavor were charged with espionage in June, while Beijing has called the arrest of Huawei executive Meng Wanzhou a political manoeuvre on behalf of the US, which is seeking her extradition on fraud charges. China accuses Washington of attempting to curb telecoms firm Huawei's rise.
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Two prominent Hong Kong opposition lawmakers were arrested in a police operation focused on last year's huge anti-government protests, the latest move in a widening crackdown against the city's democracy camp. Lam Cheuk-ting and Ted Hui were detained after raids on their homes early Wednesday morning according to their Democratic Party and statements on their verified Facebook accounts. A police source told AFP that 16 people – including Lam and Hui – were arrested in the operation on Wednesday morning, which focused on anti-government protests in July last year. Both are minority pro-democracy lawmakers in the city's partially elected legislature and vocal critics of both Beijing and the Hong Kong government. A post on Lam's Facebook page said he was arrested "on suspicion of participating in rioting on 21 July" last year. That day, Lam and dozens of pro-democracy protesters were beaten by a gang of government supporters, some with "triad" organised crime links, in the town of Yuen Long.
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Texas and Louisiana residents evacuated flood zones and boarded up windows Tuesday as Hurricane Laura barrelled towards the US coastline, after earlier causing 25 deaths in the Caribbean. The storm's maximum sustained winds were nearing 90 mph, with gusts higher, the US National Hurricane Center reported, and forecasters expect it to strengthen significantly in the next 24 hours. "Laura is expected to be a major hurricane at landfall," the NHC said. It is forecast to reach the Texas or Louisiana coast on Wednesday night. Storm surges could reach up to 14 feet in places and will be accompanied by "large and destructive waves," according to the NHC.
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