Metro Bank (MTRO.L)
Metro Bank plans to cut a further 30 million pounds (about $38.36 million) this year, cutting 1,000 jobs and ending its trademark seven-day branch model.
The troubled financial giant announced it would cut around 22% of its 4,266 staff by mid-April under previously announced plans to cut annual costs by £50m, which initially This was 20% higher than expected.
The company said it was considering cutting a further £30m by the end of 2024, but chief executive Daniel Frumkin warned that this would “inevitably” lead to job increases.
He also said that starting March 29, all 76 stores will no longer be open on Sundays and public holidays, and will shorten business hours, following a review that began last fall.
Details of the review revealed that underlying losses for 2023 were reported at £16.9m, down from a loss of £50.6m in 2022.
On a statutory basis, the group announced it was back in the black for the first time since 2018, with pre-tax profits of £30.5m.
Adidas has posted its first loss in more than 30 years as management attempts to rebuild the brand in the aftermath of the controversial termination of its contract with rapper Kanye West.
The sportswear giant posted a net loss of 58 million euros from continuing operations, as profits fell from the sale of its discontinued sneaker line with Kanye West. In 2022, it reported a profit of 612 million euros.
Sales fell 5% to 21.4 billion euros, and were particularly hard hit in the US due to the discontinuation of Yeezy trainers designed by West.
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In North America, sales were down 21% in the fourth quarter and 16% for the year.
Adidas' operating profit also fell significantly, falling by 59.9% from 669 million euros in 2022 to 268 million euros in 2023.
“Although it wasn't enough, 2023 ended better than we expected at the beginning of the year,” CEO Bjorn Gulden said.
BP has called off a joint £2bn bid with the UAE's national oil company to buy 50% of Israeli gas company Numed.
NuMed said Abu Dhabi National Oil Company (ADNOC) and BP reaffirmed their interest in the deal, but all parties agreed to suspend negotiations.
The Israeli company added that negotiations between the British oil giant and Abu Dhabi National Oil Company (Adnoc) have been suspended “due to uncertainties caused by the external environment.”
Israel's military operations have angered most countries in the Arab world, including the UAE. The death toll has reached 31,000, according to the Hamas-led Health Ministry. The Hamas invasion has killed 1,200 people in southern Israel.
Dutch semiconductor equipment manufacturer ASML recently threatened to withdraw from the Netherlands, and it has emerged that other major companies are also considering relocating due to the country's deteriorating business environment.
A Reuters survey of blue-chip Dutch companies revealed that several companies are prioritizing expansion overseas. Only a handful of companies have said they would consider moving their headquarters, but oil giants Shell (SHEL.L) and Unilever (ULVR.L) are already considering moving.
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The business environment has worsened due to the rise of right-wing parties promoting corporate tax increases, anti-immigration policies and higher taxes on investors.
SML and other tech companies that rely on foreign staff have warned that such policies will undermine the country's future prosperity.
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