BUSINESS LIVE YouGov sales are accelerating; Hip gnosis commotion; Meta stocks are rising

The major bank TSB says it will cut jobs and close branches this year.

The lender’s Spanish owner Sabadell announced a £29m restructuring plan on the same day Deutsche Bank announced it would cut 3,500 roles.

Facebook owner Meta said it will pay its first dividend as three of the world’s biggest tech companies post bumper numbers.

In an announcement last night, the social media giant proposed a $0.50 per share dividend, a big boost for investors.

Mecca Bingo is gearing up for its busiest day in years as punters flock to their halls on Mother’s Day.

John O’Reilly, CEO of Mecca owner Rank Group, keeps an eye on the boom in business as families celebrate on March 10.

Revolution Beauty has received a pre-action letter about possible claims from investment fund Chrysalis Investments.

The cosmetics group told shareholders that the claims relate to Chrysalis’ purchase of Revolution Beauty shares in July 2021 and the sale of those shares in late 2022.

Revolution Beauty has disputed the allegations and said Chrysalis has not initiated formal legal proceedings over the matter.

Hipgnosis Songs Management (HSM), the investment adviser to the eponymous music royalties fund, said on Friday that founder Merck Mercuriadis would hand over the CEO position to Chief Operating Officer Ben Katovsky, and take on the role of chairman.

It comes amid a row with the board of Hipgnosis Songs Fund, which is undergoing a strategic review that could see it liquidated and its assets sold.

The board says a call option from HSM, which would give it the right to buy HSF’s assets, would damage the value of the portfolio and deter potential buyers.

Facebook owner Meta said it will pay its first dividend as three of the world’s biggest tech companies post bumper numbers.

In an announcement last night, the social media giant proposed a $0.50 per share dividend, a big boost for investors.

It came as Meta booked sales of £106bn for 2023, up 16 per cent on the previous year.

YouGov expects to deliver on profit forecasts after the data and research group saw sales momentum accelerate in the second quarter following a slow start to the financial year.

The group said: ‘The board remains aware of the challenging market conditions and pressure on client budgets as we enter the second half of the financial year.

“Customers are increasingly looking for high-quality, data-driven solutions, and while we continue to experience longer sales cycles, we remain confident in our products and our sales momentum, which, after a slow first quarter, accelerated significantly in the second quarter.”