Four-member K-pop band Blackpink, which debuted in 2016, is now planning a new album and world tour with YG Entertainment. Photo: Image Press Agency / Alamy Live News (Image Press Agency, Image Press Agency)
YG Entertainment (122870.KQ,
YG Entertainment Inc. has confirmed that all four members of K-pop group Blackpink have renewed their contracts with the agency amid concerns about the band’s split.
This new contract is believed to be one of the most lucrative contracts signed by any music group this year.
Shares rose nearly 26% following the news, the biggest daily jump since going public in 2011.
Blackpink, a four-member K-pop band that debuted in 2016, is now planning a new album and world tour with YG, the agency said in a statement on Wednesday.
The group became the world’s most popular girl band with hits such as Shut Down and Pink Venom, with their songs setting records on the Billboard charts. He was also the first K-pop headliner at Coachella.
“We are thrilled to finally make this official statement that YG will continue its close relationship with BLACKPINK,” YG Entertainment founder Yang Hyun-suk said in the statement.
“Since the group represents YG and K-pop themselves, they will definitely strive to shine brightly in the global music market.”
TUI shares rose as much as 10% on Wednesday after it revealed it was considering leaving the London Stock Exchange in favor of a listing in Frankfurt.
The German company, one of the world’s largest travel firms, said some of its shareholders questioned whether its UK listing was “optimal and profitable” as returns from UK indexes lag European peers.
The owners said there has been “significant liquidity migration from the UK to Germany” in the ownership of its shares over the past four years.
The move will require the approval of at least 75% of shareholders at the company’s AGM in February.
The statement said: “In light of the views expressed by shareholders and any further feedback from shareholders, the Executive Board is currently considering whether MDX will be upgraded to a prime standard listing in Frankfurt with inclusion and Delisting will be done from the London Stock Exchange. In the best interests of the shareholders.”
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“TUI is thinking about leaving London… another company that will go under,” said Neil Wilson, chief markets analyst at Markets.com.
“Tui may also feel that it is missing out on better valuations from a single listing and that London is no longer a place where much liquidity can be found. This will certainly add to the feeling that the City of London has lost its luster. Losing a bit. This is a sign of decline and underlines the need to revitalize public markets in the UK.
“It’s not just companies that are transferring listings overseas… it’s a huge list of acquisitions that have decimated corners of our markets.”
The group owns 400 hotels, 16 cruise ships, five airlines with 130 aircraft and 1,200 travel agencies.
Ocado saw its shares rise more than 3% on Wednesday after JPMorgan (JPM) upgraded it from ‘Sell’ to ‘Neutral’, later paring some gains.
The investment bank said it sees a bright outlook for the European internet sector next year based on improving profitability and cash flow, an expected decline in bond yields and increased M&A activity.
The lender said, “Having favored names with high margins, low debt (often net cash) in the online classifieds sector over the past two years, we now prioritize our sector with strong earnings momentum, high leverage and M&A. Let’s turn to scoped names.” ,
As a result, JP Morgan upgraded the company and raised its price target to 600p from 400p.
It comes as Ocado Group last month unveiled a deal to provide automated fulfillment technology for Canadian healthcare provider McKesson, its first deal outside the grocery sector.
Under the deal, the business will provide its warehouse fulfillment technology and AI-powered software applications to the healthcare firm.
British American Tobacco (bats.l,
BAT fell 8% the day after warning of lower revenues and a £25 billion ($31.5 billion) cut on its US tobacco brands.
The maker of Lucky Strike, Rothmans and Pall Mall cigarettes said revenue growth for the current year is likely to be at the “low end” of its 3% to 5% guidance due to pressure in the US market.
It said effervescent volume share had deteriorated since the end of the first half, and vape shares globally were now seeing material pressure.
However, it reported that new categories continued to deliver strong volume and revenue growth, led by Vuse and Velo, with new category contribution expected to roughly equal two years ahead of the original target.
“There is no upside to this update,” broker Jefferies said.
Management expects sales to grow by about 3% with the business reducing debt. As a result, share buyback will be considered if deleveraging of the business continues as planned.
It reaffirmed its guidance for revenue this year.
“BAT’s latest financial update was largely in line with expectations, but not the catalyst needed to reverse negative sentiment around the company and its very low valuation,” said Chris Beckett, head of equity research at Quilter Cheviot.
“Management expects low single-digit revenue and profit growth in 2024. For a stock that looks cheap and is offering a 10% dividend yield, that’s not terrible but it won’t change the story on the stock.
“The lack of a clear path to a buyback will also matter. We believe this valuation is too low, especially compared to its closest rival Philip Morris.”
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