Revolut ‘launches buyback plan for 10% of shares’
London — London-based financial technology company Revolut has launched a tender offer to buy back as much as 10% of its shares from eligible investors, Bloomberg News reported on Thursday, citing people familiar with the matter.
The fintech firm is offering investors the option to sell shares at $865.42 each, Bloomberg News reported, citing some documents.
The price reflects Revolut's $45bn valuation notched from a secondary share sale in 2024, the report said.
Revolut declined to comment on the report. Reuters
JetBlue Airways upbeat on third quarter revenue
Bengaluru — JetBlue Airways said on Thursday it expects a smaller hit to its third quarter revenue per available seat mile.
It now expects operating revenue to be down 1.5% to 4%, compared with a drop of 2% to 6% earlier. Reuters
MFE secures 75% stake in German broadcaster
Frankfurt — MFE-MediaForEurope said on Thursday it secured a 75.61% stake in ProSiebenSat.1, ending a drawn-out takeover tussle and putting it on track to become Europe's largest free-to-air broadcaster.
The deal is part of a push by MFE, controlled by Italy's Berlusconi family, to create a European ad-funded TV platform amid fierce competition for viewers and advertisers.
After MFE's regulatory filing on its public takeover offer for the German broadcaster, shares in MFE extended gains on the news and were up 4.1% in morning trade.
Under German market rules, having more than 75% of voting rights would allow MFE to enter into a contract with ProSieben that gives it full access to its earnings. Reuters
UniCredit warns on Commerzbank job losses
Frankfurt — Job losses if UniCredit were to take over Commerzbank would probably be “significant” at the German bank’s central offices, while its network would not suffer, the Italian bank's CEO said on Thursday.
Speaking in Frankfurt at a conference organised by German newspaper Handelsblatt, UniCredit CEO Andrea Orcel said his bank saw the German government’s opposition to a full takeover of Commerzbank as a “critical factor”, adding however that a bank’s management had to respond to shareholders, customers and staff, not governments.
Orcel has angered Germany by taking a near 30% stake in Commerzbank and calling for a combination of the country’s second-biggest lender with UniCredit’s local unit HVB. Reuters
US jobless claims increase more than expected
Washington — The number of Americans filing new applications for jobless benefits increased more than expected last week, consistent with softening labour market conditions.
Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 237,000 for the week ended August 30, the labour department said on Thursday. Economists polled by Reuters had forecast 230,000 claims for the latest week.
Job growth has shifted into stall-speed, with economists blaming President Donald Trump’s sweeping import tariffs and an immigration crackdown that is hampering hiring at construction sites and restaurants.
The government reported on Wednesday that there were more unemployed people than positions available in July for the first time since the Covid-19 pandemic. The Federal Reserve’s “Beige Book” report on Wednesday also noted that “firms were hesitant to hire workers because of weaker demand or uncertainty.” Reuters
US worker productivity rises in second quarter
Washington — US worker productivity grew faster than initially thought in the second quarter, curbing the rise in labour costs.
Nonfarm productivity, which measures hourly output per worker, increased at a 3.3% annualised rate last quarter, the labour department’s Bureau of Labour Statistics said on Thursday.
That figure was revised up from the previously reported 2.4% pace of increase. Economists polled by Reuters had forecast productivity growth would be upgraded to a 2.7% rate.
Productivity decreased at a 1.8% rate in the first quarter. It grew at a 1.5% rate from a year ago, revised up from the 1.3% pace estimated last month. Productivity could get a boost from a boom in AI investment. Reuters
Orsted sues Trump administration over project halt
Copenhagen — Denmark’s Orsted and its joint venture partner Skyborn Renewables have filed a lawsuit against the Trump administration, alleging its decision to block construction of the Revolution Wind project off Rhode Island is unlawful, a court filing showed on Thursday.
The US Bureau of Ocean Energy Management gave Revolution Wind a stop-work order last month, citing unspecified national security concerns, forcing the suspension of a project that was 80% complete with all offshore foundations in place and 45 out of 65 wind turbines installed.
Revolution Wind, a 50/50 joint venture between wind developer Orsted and Skyborn Renewables, said it had already spent about $5bn on the project, and that it will incur costs of another $1bn if the stop-work order remains in place. Reuters
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