| Abrdn PLC (GB00BF8Q6K64) | |||
1,91 GBXStand (close): 03.07.25 |
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| 26.06.25 14:45:20 | Shell and Equinor name their UK joint venture Adura |  |
| LONDON (Reuters) -Shell's and Equinor's British joint venture, set to become the biggest oil and gas producer in the UK North Sea, will be named Adura, the companies said on Thursday. The joint venture was formed in December and is expected to increase production from around 140,000 barrels of oil equivalent per day this year, comparable with UK producer Harbour, to over 200,000 boed in the next five years. Equinor brings tax savings to Adura while Shell's larger oil and gas production offers the venture higher cash flow as it develops new fields, including the Rosebank oil project, which has become a lightning rod for climate activists in Britain. The name is a combination of Aberdeen, the centre of Britain's oil industry, and the word durability, the companies said. Shell and Equinor each hold 50% in Adura, which is expected to launch by the end of this year pending regulatory approvals. (Reporting by Shadia NasrallaEditing by Mark Potter) View Comments |
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| 19.03.25 04:59:00 | Malaysian Retailer Looks to Line Up Investors Ahead of IPO, Sources Say |  |
| Eco-Shop is looking to line up investment commitments from international and domestic asset managers ahead of a planned IPO that could value the company at close to $1 billion, people familiar with the situation said. Continue Reading View Comments |
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| 13.03.25 05:00:37 | Consultants warned Aberdeen boss against Abrdn rebrand | |
| Advisers warned former Aberdeen chief executive Stephen Bird against rebranding as Abrdn and even requested that the asset manager exclude PREMIUM Upgrade to read this Financial Times article and get so much more. A Silver or Gold subscription plan is required to access premium news articles. Upgrade Already have a subscription? Sign in |
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| 08.03.25 11:00:25 | The Weekend: When Europe's do-or-die moment sent defence stocks soaring | |
| Europe is scrambling to boost its military firepower as any realistic hopes of being able to rely on the US to protect Ukraine from Russia fade. Donald Trump's now-infamous exchange with Volodymyr Zelensky was followed by a withdrawal of US military aid for Ukraine and a growing sense of panic among European leaders. Ursula von der Leyen, president of the European Commission, swiftly unveiled the ReArm Europe plan, declaring that it could "mobilise close to €800bn (£667bn)" to protect the continent. Investors were quick to capitalise on what promises to be a huge wave of demand for everything from tanks and ammunition to fighter jets. Here are some highlights from the last seven days, plus a glimpse at the week ahead. Key moments from last week The highly-rated defence stocks investors are buying up The ramping up of military spending across Europe in the face of the threat from Russia has sent defence stocks surging. It followed a pledge from UK prime minister Keir Starmer to increase defence spending to 3% by the start of the next parliament. British stalwarts Rolls-Royce (RR.L) and BAE Systems (BA.L) were among the big winners last week. Trump pledges more support for crypto world Donald Trump told a gathering of cryptocurrency bigwigs that he is making good on his pledges to them and would continue to give the industry what it wants. "I promised to make America the bitcoin superpower of the world and the crypto capital of the planet and we're taking historic action to deliver on that promise," he said at the end of a "crypto summit" at the White House.US president Donald Trump receives applause from guests at a the White House Crypto Summit on March 7. (Photo by JIM WATSON/AFP via Getty Images)·JIM WATSON via Getty Images The meeting came after the president on Thursday fulfilled one of his campaign promises by authorising the creation of a strategic US bitcoin reserve — and a separate stockpile of other digital assets. Bank of England expects UK inflation rise amid 'even greater uncertainty' The Bank of England (BoE) expects a rise in UK inflation this year, although it will be "nothing like a few years ago". This was according to BoE governor Andrew Bailey, who appeared before the Treasury committee on Wednesday along with other policymakers. He said Britain was entering a world of “even greater uncertainty," which had “widened” since the last meeting in February, when the monetary policy committee (MPC) voted to cut interest rates to 4.5%. Why Abrdn reinstated the Es after rebrand The vowels are back. British asset management firm Abrdn (ABDN.L) announced this week that it is reinstating the Es in its name four years after it removed them in a rebranding exercise dubbed an “act of corporate insanity”. Story Continues It is the latest in a series of well-known companies that changed their historic names only to U-turn and reinstate the original name following outrage and derision from customers and the media. Do also check out our money stories for all your personal finance needs. As UK car sales slumped amid a lack of optimism in the economy, we looked at the 10 most popular vehicles in February: The UK's top cars revealed Moving house can be so expensive that it’s wise to consider your long term as well as current needs when looking for your next home. We brought you a selection of homes on the market that are future-proofed, so you won’t be forced to uproot yourself later on: 8 future-proofed homes that will grow with you Finally, here’s how the week ahead looks Chip stocks remain firmly in the market spotlight, with TSMC (2330.TW, TSM) due to release its February sales figures on Monday. Larry Ellison's cloud software company Oracle (ORCL) will also be reporting on Monday, with investors keeping an eye out for commentary on its role in the US Stargate AI infrastructure project. In the autos sector, Volkswagen (VOW3.DE) is due to release full-year results, on the back of a rollercoaster week of trade tariff news for carmakers. Read more: Stocks to watch next week At the end of a quiet week, Friday will bring a slew of major UK economic data, including GDP growth, industrial production and construction output. Before that, on Wednesday, attention will be on the US, where inflation figures will provide clues as to the Fed's interest rate path. That's followed on Thursday by factory gate prices and jobless claims. End note: This week saw the much-anticipated announcement of the summer's Glastonbury lineup. Neil Young, Olivia Rodrigo and The 1975 will headline music's greatest annual event, while Rod Stewart will play the Sunday legend slot. It had briefly looked as if Young's appearance at Worthy Farm was in doubt when the folk rock star said in January he would boycott the festival based on aspects of the BBC's coverage. Fortunately for fans, he quickly reversed this decision, citing false information. Here is Young at his very best, with a classic from his critically-acclaimed 1972 album, Harvest. Download the Yahoo Finance app, available for Apple and Android. View Comments |
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| 04.03.25 11:15:54 | UK asset manager Abrdn renames itself Aberdeen | |
| UK asset manager Abrdn has rebranded itself as Aberdeen after it was widely ridiculed for removing most of the vowels from its name under PREMIUM Upgrade to read this Financial Times article and get so much more. A Silver or Gold subscription plan is required to access premium news articles. Upgrade Already have a subscription? Sign in |
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| 04.03.25 10:44:04 | Aberdeen Group scraps Abrdn rebrand to ‘remove distractions’ | |
| One of Britain’s biggest and oldest finance firms has renamed itself Aberdeen Group (ABDN.L) after a short-lived – and widely mocked – rebrand to Abrdn. The 200-year-old fund management giant was previously known as Standard Life Aberdeen before adopting its new moniker, Abrdn, in 2021. The name change had been recommended by branding agency Wolff Olins which at the time said the new identity “symbolises the free-flowing movement of money”. It was also endorsed by then-chief executive Stephen Bird, who said the new name was designed to “create unity across the business”. Four years on – and with a new boss – vowels are back in. Jason Windsor, who took over the top job from Mr Bird in October 2023, said on Tuesday the company is “removing distractions” by renaming itself Aberdeen Group. Even before the controversial name change in 2021, the “Standard Life Aberdeen” moniker had only been created in 2017 when Aberdeen Asset Management merged with insurer Standard Life. The latest rebrand to Aberdeen Group is the finance firm’s fourth name in eight years. Mr Windsor said: “This is a pragmatic decision marking a new phase for the organisation, as we focus on delivering for our customers, people and shareholders.” The Abrdn saga brought with it a slew of unwelcome headlines, including an interview with chief investment officer Peter Branner in which he accused some of bullying. Mr Branner told Financial News in April 2024: “I understand that corporate bullying to some extent is part of the game with the press, even though it’s a little childish to keep hammering the missing vowels in our name. “Would you do that with an individual? How would you look at a person who makes fun of your name day in, day out? It’s probably not ethical to do it. But apparently with companies it is different.” The announcement came as the company reported that its profit grew 2% to £255 million last year after it managed to attract about 35,000 new customers to its Interactive Investor business. Customer numbers at the online investment platform surged 8% to 439,000, boosting its assets under management by more than a sixth to £77.5 billion. View Comments |
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| 21.01.25 08:37:28 | Abrdn Shares Rally After £1.2 Billion Inflows, Cost Cuts | |
| (Bloomberg) -- Shares of Abrdn Plc jumped the most in almost five years after reporting £1.2 billion ($1.5 billion) in total net inflows last quarter in a rare respite for the struggling asset manager. Most Read from Bloomberg How Sanctuary Cities Are Preparing for Another Showdown With Trump Texas HOA Charged With Discrimination for Banning Section 8 Renters What LA’s Fires Mean for the City’s Housing Shortage Deadly Landslide of Garbage Displays Uganda's Missed Opportunity NYC Commuters Get New Way to Dodge Traffic: $95 Helicopter Rides Clients of Abrdn’s investments unit added a net £0.5 billion in the three months through December, according to a statement on Tuesday. The inflows were driven by demand for alternatives, quantitative strategies and liquidity products, the firm said. Its adviser business, which caters to financial planners, continued to see outflows. It also said adjusted operating profit for fiscal 2024 is expected to be in line with current market expectations. Assets under management and administration rose 1% from the previous quarter to £511 billion. The stock advanced as much as 9.6% in early London trading, the biggest intraday gain since April 2020. The Edinburgh-based company has endured a few tumultuous years of outflows followed by consecutive rounds of job cuts. Jason Windsor, who was named chief executive officer last year after his predecessor stepped down, has since replaced the head of Abrdn’s asset-management unit as part of a wider leadership overhaul. A year ago, Abrdn announced plans for another round of job reductions to rein in costs and said it would eliminate roughly 500 roles, or 10% of its workforce, as part of a program it said would save at least an annualized £150 million. The company said that it’s on track to achieve that target. (Updates with shares from first paragraph.) Most Read from Bloomberg Businessweek Walgreens Replaced Fridge Doors With Smart Screens. It’s Now a $200 Million Fiasco Giant Batteries Are Transforming the World’s Electrical Grids The Swiss Sneaker Brand Outrunning Nike and Adidas Eight Years of Populism Hasn’t Gotten America Very Far Plastic Surgery Boom Lures South Korea’s Overworked Doctors ©2025 Bloomberg L.P. View Comments |
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| 23.09.24 10:52:31 | Fixing UK’s Sewage Leaks Will Be More Costly After Thames Water Mess | |
| (Bloomberg) -- Thames Water’s troubles look set to cost the UK water industry dearly. Most Read from Bloomberg The Moonshot Plan to Eliminate Deaths on America’s Roads AOC Proposes $30 Billion Social Housing Authority Unlocking the Hidden Power of Zoning, for Good or Bad Belfast’s Grand Central Station Creates New Era for Northern Ireland’s Public Transport The sector needs to raise an estimated £40 billion ($53 billion) of debt to meet the regulator’s requirement for infrastructure investment over the next five years, according to people with knowledge of the plans, and if recent bond sales are a guide they will have to pay a premium to do so. In the past month, Yorkshire Water, Anglian Water and Welsh Water have all borrowed at rates higher than Ofwat has currently factored in. Applying Yorkshire’s costs to this amount of debt, then water utilities could face an additional £390 million in annual interest that the regulator hasn’t accounted for, calculations by Bloomberg show. Yorkshire paid the highest rates among recent deals, though even using the lowest from Welsh Water implies £140 million a year more. It’s a sign that contagion risks after the default of Thames’s parent company have already started to materialize, though the figures don’t account for changes in future borrowing costs or the cash not being raised all at once. Still, the resolution of Thames’ finances looks pivotal for the sector’s debt burden, as it seeks to fix leaky pipes and curb sewage spills. “The market and to a certain extent the rating agencies are questioning the regulatory regime,” said Jamie Irvine, an investment manager at abrdn plc. “You can see there is a lot more caution around the sector.” Ofwat declined to comment specifically on the calculations. A spokesperson said it will take a final decision on its plan for the next five-year regulatory period in December, which will include the allowed cost of new debt, and it’s considering market data among the factors. The regulator, which controls companies’ price of water bills and return on equity, can fine them for failing to meet targets. Total borrowing in the sector increased to £68.3 billion as of March 2023, up from £60.6 billion a year earlier, according to an Ofwat report. While it can make changes to its estimated cost of debt to reflect moves in the market, a company with high costs won’t be able to fully recover the difference, according Paul Vickars, senior credit analyst at Bloomberg Intelligence. “A company that’s debt is above the allowed level will have to absorb the extra costs, reducing profit and lowering margins, then making the companies less investible assets,” said Vickars. Story continues Risk Premium Following the default by Thames’ parent in April, the premium investors demand to hold water firms’ bonds over UK government bonds has been surging. Thames is now working with a group of its creditors to try to avoid running out of money. Thames Water’s creditors are said to be planning to inject more than £1 billion into the utility before the end of the year as stop-gap infusion of cash to stabilize the company and pave the way for a full restructuring, The Times reported on Sunday. “Thames Water: we can point to financial engineering, dividends, excess debt but then also the regulator just hasn’t played ball on necessary price increases,” said Gordon Shannon, portfolio manager at London-based TwentyFour Asset Management. “I do think you have to differentiate between sectors and even within water. But it feels like there should be more of a premium overall.” The outlook is bleak for the industry. Investors warned the government at a recent meeting that without more attractive returns they are unlikely to inject more money into the sector. In Ofwat’s plans the sector will need to spend a total of £88 billion over the next five-year period. While the sector is largely funded by debt, it needs to be attractive enough so that shareholders will stump up the equity needed to stop companies becoming too indebted and at risk of financial collapse. Yet further increases to water bills are likely be deeply unpopular, after what is being seen as years of profiteering by shareholders. “Customers have already paid a price for Ofwat’s historic over-generosity on water companies’ financing costs, so we think it’s right the regulator is now challenging the industry hard on this issue,” said Mike Keil, chief executive of the Consumer Council for Water, an advisory group for consumers. --With assistance from Jessica Shankleman. (Updates with report on possible funding from creditors in the 11th paragraph.) Most Read from Bloomberg Businessweek Palantir’s CEO and Wall Street Annoy Each Other Straight to the Bank The Man Who Made Nike Uncool In Yosemite, Problems With Concessions Keep Piling Up Xbox’s President on Handheld Consoles and Subscription Gaming Five Reasons to Be Optimistic About the Entertainment Business ©2024 Bloomberg L.P. View comments |
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| 24.05.24 09:53:43 | Trending tickers: Nvidia, Boeing, National Grid, Abrdn | |
| Nvidia, Boeing, Abrdn and National Grid are in the spotlight on Friday. Photo: Justin Sullivan/Getty Images (Justin Sullivan via Getty Images) Nvidia (NVDA) Nvidia stock rose 9.3% on Thursday, closing above $1,000 for the first time and giving the chip giant a market cap north of $2.5tn (£1.97bn) after reporting first quarter earnings that once again blew away forecasts. Nvidia's first quarter results, released after the bell on Wednesday, showed adjusted earnings per share (EPS) tallied $6.12 on revenue of $26bn, a jump of 461% and 262%, respectively, from a year ago. The company also announced a 10-for-1 stock split and an increased dividend, following some of its Big Tech peers in doling out heftier quarterly payments to shareholders. ADVERTISEMENT Analysts were expecting adjusted EPS of $5.65 on revenue of $24.69bn, according to data from Bloomberg. The company reported adjusted EPS of $1.09 on revenue of $7.19bn in the same quarter last year. Read more: FTSE 100 LIVE: European markets down as UK retail sales fall more than expected in wet April In the current quarter, Nvidia expects revenue of $28bn, plus or minus 2%. That’s better than the $26.6bn analysts had expected. Boeing (BA) Boeing (BA) stock is fell 7.5% in Thursday's trading session as CFO Brian West warned that the airline manufacturer anticipates slowing fleet deliveries and negative free cash flow in 2024. In an interview with Yahoo Finance on Wednesday, US Secretary of Transportation Pete Buttigieg said Boeing still has "a long way to go" as the Federal Aviation Administration (FAA) continues its review on Boeing production concerns. Boeing currently has a BBB- rating from S&P. It also has a a negative credit rating outlook. The rating agency changed that outlook in April to "negative" from "stable" due to the increased chance that it will take more time for cash flow to recover. National Grid (NG.L) The National Grid was the biggest faller in the FTSE on Friday morning, following news of a heavily discounted rights issue. The £7bn fundraise would be the largest from a company in Europe outside the banking sector in 15 years. Story continues Stock was 9.5% lower by 10.10am in London. The fundraise is set to finance a £60bn investment programme over the next five years which will be directed towards its British electricity distribution and transmission businesses as well as funding the company’s networks business in New York and New England. New shares are to be issued at 645p each, a discount of almost 35% to Thursday’s closing price. National Grid expects the investment to help it to expand its asset base at an average compound rate of 10% over the five years to 2029 and to increase earnings at a rate of between 6% and 8% from 2025. Abrdn (ABDN.L) Abrdn's shares fell in morning trade in London following news that its CEO Stephen Bird will step down with immediate effect. During his four-year run at the helm, the company's funds underperformed their benchmarks and its share price decreased around 50% since February 2021. Assets under management fell by 8% in 2022 and another 1.2% in 2023. Among Bird's best-known move in charge was the company's rebrand, where the name was changed from Standard Life Aberdeen after the Standard Life business was sold off, to Abrdn, removing all the vowels except the one at the start. Watch: U.S. stocks fall despite Nvidia boost The Dow plunged more than 1.5%, the S&P 500 shed nearly three-quarters of a percent and the Nasdaq lost about four-tenths of a percent. Early in the session, the Nasdaq and S&P hit intraday highs thanks to Nvidia. The company's stock jumped more than 9% to close over the $1000 per share mark for the first time after the AI chip leader reported another blowout quarter. Nvidia shares are up about 110% this year after surging roughly 240% in 2023. But the indices lost ground after manufacturers reported a surge in input costs, suggesting that goods inflation could pick up in the months ahead - potentially putting off rate cuts from the Fed. But that's not necessarily bad news, says Greg Halter, Director of Research at Carnegie Investment Counsel. \"I mean if things are so strong, why do we need to be cutting interest rates? We also look at the other side of things. You've now got $6 trillion money market funds earning 5%, versus 0 a year or so ago. That's a lot of money that's going into some consumers' pockets to save or spend, or just keep reinvesting.\" Markets are now pricing in about a 52% chance for a rate cut in September, down from nearly 67% a week ago, according to CME's FedWatch Tool. Other stock movers included Boeing, which dragged down the Dow by tumbling 7.5% after the planemaker forecast negative free cash flow in 2024 due to sluggish deliveries. And Ticketmaster-owner Live Nation slumped 7.8% after the U.S. Justice Department along with a group of 30 states and the District of Columbia Thursday sued to break up the concert promoter.","thumbnailUrl":"https://s.yimg.com/uu/api/res/1.2/f2Zak8v0QBypCB5TDAMfNQ--~B/aD01NDA7dz05NjA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/video.reutersnews.com/c7b290d09868eda8bee6e21df636444e","duration":"PT2M11S","contentUrl":"https://video.media.yql.yahoo.com/v1/video/sapi/hlsstreams/c95f71a2-06d2-3e68-8ef0-6f4654fbf9e0.m3u8?site=finance®ion=GB&lang=en-GB&devtype=desktop&src=sapi","embedUrl":"https://uk.finance.yahoo.com/video/u-stocks-fall-despite-nvidia-223139440.html?format=embed","identifier":"c95f71a2-06d2-3e68-8ef0-6f4654fbf9e0"} |
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| 24.05.24 09:36:41 | Abrdn boss quits following backlash over name | |
| Stephen Bird is leaving FTSE 250 investment giant Abrdn after four years in charge - Hollie Adams The chief executive of Abrdn has stepped down amid a fresh backlash over the money manager’s controversial name change. Stephen Bird will leave the FTSE 250 investment giant after four years in charge as it undergoes a “significant strategy positioning”. Abrdn on Friday announced it has begun the process of moving to “fresh leadership”, having completed the first stage of transforming its business to focus more on digital assets. In an update on the London Stock Exchange on Friday, the company said now was the right time for Mr Bird to “hand over the reins to the team”. Jason Windsor, Abrdn’s chief financial officer who joined the company last October, will take over as interim group chief executive until the formal search for Mr Bird’s replacement is completed. ADVERTISEMENT The global investment business said this succession plan will include the consideration of external candidates. Mr Windsor, previously finance chief of Persimmon Homes and Aviva, will continue Abrdn’s transformation plans and work alongside Mr Bird until the end of June to ensure a smooth handover. Mr Bird’s departure comes after Abrdn faced a fresh backlash over claims that it was suffering from “corporate bullying” because of the decision to drop most of the vowels in its name. Peter Branner, Abrdn’s chief investment officer, last month accused the media of being “childish” following mockery of the controversial makeover. Rebranding from Standard Life Aberdeen to Abrdn – pronounced Aberdeen – in 2021 was one of the first major moves under Mr Bird’s leadership. It was designed to create a “modern, agile, digitally enabled brand” and end confusion after the company sold its Standard Life brand to insurer Phoenix Group in February 2021. However, the major rebrand has since been ridiculed by the press, which has referred to its chief executive as Stphn Brd and the company as developing a case of “irritable vowel syndrome”. Sir Douglas Flint, chairman of Abrdn, last month defended the decision and argued that retaining all of its vowels would have weakened the company’s brand recognition. Story continues Speaking at Abrdn’s annual general meeting, he said: “Any internet search would have taken you to Aberdeen Football Club or the city of Aberdeen. You can’t protect the brand that belongs to something like a city.” The Edinburgh-based company increased assets under management 3pc to £507.7bn during the first three months of 2024, recording net inflows of £800m. In an update shared on Friday, Abrdn said its current performance shows similar trends to last quarter. The company will announce its first half year results in August. |
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