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☆ China’s growing love of luxury watches remains strong, despite economic headwinds
▼ + stars: | 2024-04-19 | by ( Leona Liu | ) edition.cnn.com time to read: +9 min

Despite economic challenges looming large — including prolonged downturns in both the housing and stock market — China’s fascination with luxury watches remains undiminished. Cyril Zingaro/WWGF/KeystoneCertainly at this year’s fair, well-dressed, well-accessorized Chinese customers appeared unfazed by economic uncertainties. After more than 20 years working in the region, he believes China’s economic slowdown is just a temporary phase. “The situation may be slightly (more) challenging for mid-level luxury brands (whose clients’ disposable incomes are potentially more at the whim of market forces). Collectors appreciate the craftsmanship, rarity, and heritage associated with luxury timepieces, which can hold or increase in value over time.

Persons: Matthieu Humair, Cyril Zingaro, Jackson Yee, Jaeger, Zhu Yilong, Wang Yang, Xiao Zhan, David Sadigh, Patek Philippe, Van Cleef, ” Sadigh, Valentin Flauraud, ”, Ricardo Guadalupe, “ We’ve, Pierre Albouy, Keystone Carson Chan, Richard Mille Asia, Bonhams, ” Chan, Raphael Young, Lange, Söhne, Wilhelm Schmid, Lumen, Chan, Vacheron, Young, Roger Dubuis, Dior, Louis Vuitton, Gucci — Chanel, Hermes, Hermès, Attelé, Chanel, Mademoiselle Chanel, “ Organizations: Geneva CNN —, Federation of, Swiss Watch Industry, IWC, Digital Luxury, CNN, Keystone, Fondation, “, Berkley, Couture Locations: Geneva, China, Hong Kong, Asia, Switzerland, Chopard, Europe, “, Asia — China, Guadalupe, Swiss, watchmaking

☆ ATP roundup: Alexander Shevchenko advances to Metz semifinals
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Shevchenko overcame a 10-3 disadvantage in aces by converting two of three break points, to 0-for-3 for Khachanov. Shevchenko advanced to the semifinals Friday against wild card Pierre-Hugues Herbert, who outlasted fellow Frenchman Luca Van Assche 4-6, 6-3, 7-5 on Thursday. Sofia OpenSecond seed Adrian Mannarino and third seed Jan-Lennard Struff avoided upsets with three-set victories Thursday in the quarterfinals in Bulgaria. Mannarino of France eliminated seventh seed Sebastian Ofner of Austria 6-7 (7), 6-4, 6-3. Mannarino advanced to the semifinals Friday against Russia's Pavel Kotov, who defeated eighth seed Marton Fucsovics of Hungary 6-3, 7-6 (3).

Persons: Russia's Alexander Shevchenko, Canada's Felix Auger Aliassime, Pierre Albouy, Alexander Shevchenko, Karen Khachanov, Shevchenko, Pierre, Hugues Herbert, Frenchman Luca Van Assche, Ugo Humbert, Frenchman Harold Mayot, Lorenzo Sonego, Fabio Fognini, Adrian Mannarino, Lennard Struff, France, Sebastian Ofner, Germany's Struff, Hungary's Fabian Marozsan, Struff, Great, Jack Draper, Lorenzo Musetti, Cem Ilkel, Mannarino, Russia's Pavel Kotov, Marton Organizations: Swiss, Basel, Canada's Felix Auger Aliassime REUTERS, Khachanov, Sofia, Thomson Locations: Jakobshalle, Basel, Switzerland, Metz, France, Italy, Bulgaria, Mannarino, Austria, Turkey, Marton Fucsovics, Hungary

☆ Polestar signs deal with South Korea's SK On for Polestar 5 EV
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: 1 min

The logo of the new Volvo Polestar 2 is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File Photo Acquire Licensing RightsNov 6 (Reuters) - Electric vehicle maker Polestar (A4N1y.F) said on Monday that it had signed an agreement with South Korean battery manufacturer SK On for the supply of battery cell modules for its upcoming Polestar 5 EV. Reporting by Gokul Pisharody in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

Persons: Pierre Albouy, Gokul, Sonia Cheema Organizations: Volvo, 89th Geneva, REUTERS, South Korean, SK, Thomson Locations: Geneva, Switzerland, Bengaluru

[1/2] A Mitsubishi Motors logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. REUTERS/Pierre Albouy/File photo Acquire Licensing RightsTOKYO/PARIS, Oct 24 (Reuters) - Japanese automaker Mitsubishi Motors (7211.T) will invest up to 200 million euros ($214 million) in the new electric vehicle unit of French counterpart Renault (RENA.PA), Mitsubishi said on Tuesday. Mitsubishi said in a statement it seeks to improve its EV development technology and expand its lineup of battery-powered vehicles with the investment in the Renault EV unit, named Ampere. The decision to invest in Ampere comes after Mitsubishi's partners, Renault and Nissan Motor (7201.T), finalised a restructured alliance in July. Shortly before the announcement, the Nikkei newspaper reported Mitsubishi's investment into Ampere was expected to be about 20 billion yen ($133.85 million).

Persons: Pierre Albouy, Jean, Dominique Senard, Mitsubishi, Ampere, Renault's Senard, Daniel Leussink, Gilles Guillaume, Jacqueline Wong, Christian Schmollinger Organizations: Mitsubishi Motors, 89th Geneva, REUTERS, Rights, French, Renault, Mitsubishi, Renault EV, Nissan, Nikkei, Thomson Locations: Geneva, Switzerland, PARIS, Paris, Ampere, Japan, China, Tokyo

☆ Swiss post mortem of Credit Suisse crisis to go back to 2015
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

The logo of Credit Suisse is pictured on a building near the Hallenstadion where took place the Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. A Swiss parliamentary committee said that it has completed the so-called "investigation concept" for the post mortem, dividing the time periods it will examine in the run up to the emergency Credit Suisse rescue. The first phase will cover the events before the middle of 2022, going back to 2015 when the Swiss cabinet submitted its first evaluation report on systemically important banks. The actions of the government, financial markets watchdog FINMA and the Swiss National Bank as Credit Suisse's situation worsened towards the end of 2022 to March 2023 will also come under the microscope. It would also award an external mandate to analyse how the problems at Credit Suisse developed over the past few years, although it would not assess the bank's management, as this was outside its remit.

Persons: Pierre Albouy, John Revill, Alexander Smith Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, Swiss National Bank, Thomson Locations: Zurich, Switzerland, Swiss

A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyNEW YORK, Aug 2 (Reuters) - UBS Group (UBSG.S) is laying off employees from Credit Suisse's investment bank this week in New York, a source familiar with the situation said. Bloomberg reported about the closure of the Houston office late on Tuesday. The job cuts come after UBS closed a government-backed deal to buy Credit Suisse in June. Since the announcement of the deal, UBS has made clear it will reduce the risk of Credit Suisse's investment bank.

Persons: Pierre Albouy, Tatiana Bautzer, Chris Reese, Diane Craft Organizations: Credit Suisse, UBS, REUTERS, Credit, Bloomberg, Thomson Locations: Zurich, Switzerland, New York, Houston

☆ AI robots could play future role as companions in care homes
▼ + stars: | 2023-07-06 | by ( Emma Farge | ) www.reuters.com time to read: +2 min

[1/4] Advanced humanoid robot 'Sophia' is pictured at AI for Good Global Summit, in Geneva, Switzerland, July 6. Demonstrating its conversational skills, Nadine told Reuters it talked, sang, and played bingo with residents at a Singapore nursing home three years ago. Other robots on display include 'PARO', a baby seal robot 'pet' who can help dementia and Parkinson's patients, and nursing assistant Grace. Last week, Nadine was upgraded with AI model GPT-3 and this has improved her interaction and conversation skills, Thalmann said, meaning it can express more complex concepts. Referring to Thalmann, Nadine said: "I'm very grateful to her for giving me life and I'm proud to be her creation."

Persons: Sophia, Pierre Albouy GENEVA, Nadine, Nadia Magnenat Thalmann, Thalmann, Grace, Emma Farge, Alexandra Hudson Organizations: Good Global, REUTERS, Artificial Intelligence, University of Geneva, International Telecommunication Union, Global, Alexandra Hudson Our, Thomson Locations: Geneva, Switzerland, Singapore, PARO

☆ Recycling and Regulation Are Hot Issues in Likely Update to U.S. Sustainable Marketing Guides
▼ + stars: | 2023-06-08 | by ( Dieter Holger | ) www.wsj.com time to read: +8 min

The FTC last updated its guides in 2012 after a review that it launched in late 2007. “For the average consumer, it’s impossible to verify these claims,” FTC Chair Lina Khan said in December when the review was launched. “It therefore is critical for the FTC’s framework on environmental claims to stay flexible and nimble,” Nestlé said in its public comment. Published comments from Procter & Gamble, L’Oréal and Unilever support keeping the current 60% threshold and say recyclable claims shouldn’t be based on how much of their products get recycled. Its CEO also said he hopes the Green Guides will be updated more regularly given the rapidly changing landscape of environmental marketing.

Persons: “, Lina Khan, Nestlé, PIERRE ALBOUY, REUTERS Nestlé, Perrier, Johnson, Fisk Johnson, ” Johnson, ”, Sarah Dearman, Ting Shen, L’Oréal, Unilever didn’t, Keith Srakocic, S.C, Dieter Holger Organizations: U.S . Federal Trade, FTC, Green Guides, Justice Department, REUTERS, ” SC Johnson, Sustainable Business, Green, Recycling, Bloomberg, The Recycling, U.S . Environmental Protection Agency, Greenpeace, Procter & Gamble, L’Oréal, Unilever, ” Unilever, Guides, dieter.holger Locations: North America, Virginia, U.S

☆ European body to review question on Credit Suisse bankruptcy event
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyLONDON, May 18 (Reuters) - A European body that reviews disputes in the credit default swaps market said on Thursday it will discuss whether a bankruptcy credit event occurred at Credit Suisse after regulators wiped out the bank's junior bondholders in a state-assisted merger with UBS . The EMEA Credit Derivatives Determination Committee (CDDC) said it will meet on Friday to discuss the fresh question raised by an investor on Thursday, it said on its website. A number of circumstances can constitute a credit event, which - if confirmed by the CDDC - could trigger a payout on credit default swaps which insure against losses from exposure to corporate or sovereign debt. On Wednesday, the CDDC ruled in response to another question that a Governmental Intervention credit event had not occurred, closing down one of the ways CDS holders were pursuing to secure a payout.

☆ Japan's Honda Motor in strategic collaboration deal with TSMC
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Honda is seen during the 88th International Motor Show at Palexpo in Geneva, Switzerland, March 6, 2018. REUTERS/Pierre Albouy/File PhotoTOKYO, April 26 (Reuters) - Japan's Honda Motor Co (7267.T) on Wednesday unveiled it struck a strategic collaboration agreement with Taiwan Semiconductor Manufacturing Co (TSMC) (2330.TW) as part of steps the company was taking to secure a stable supply of semiconductors. Honda will build direct relationships with chip producers for the long-term stable supply of chips, chief executive Toshihiro Mibe said at a news conference where he laid out the automaker's business strategy. "Honda will work closely together with Tier 1 suppliers and semiconductor makers and move forward with drastic steps," Mibe said, adding it had reached a basic agreement on strategic collaboration with TSMC. Honda also said it planned to introduce four new electric vehicle (EV) models in Japan by 2026.

☆ Credit Suisse saw $68 billion in first-quarter outflows as it crumbled
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion in Zurich, Switzerland, April 4, 2023. "These outflows have moderated but have not yet reversed as of April 24, 2023," Credit Suisse said. The bank reported results for what is likely to be the last time, as its shotgun marriage with rival Swiss bank UBS (UBSG.S), is expected to be completed soon. Assets managed by Credit Suisse's flagship wealth management division dropped to 502.5 billion francs at the end of March, compared to 707 billion reported for the same period last year. This led Swiss authorities to scramble together a rescue package that included over 200 billion francs in financial guarantees and saw UBS agree to take over Credit Suisse for 3 billion Swiss francs in stock and assume up to 5 billion francs in losses.

☆ Analysis: China rebound buoys hopes for stronger-than-expected US, Europe earnings
▼ + stars: | 2023-04-24 | by ( Joice Alves | ) www.reuters.com time to read: +6 min

But recent data and upbeat comments from major companies like LVMH (LVMH.PA), Europe's most valuable listed company, about business in China have given investors some cause for optimism. Refinitiv I/B/E/S data points to a 2.5% decline in earnings growth in the first quarter for STOXX 600 (.STOXX) companies, down from a forecast for 5.4% growth prior to the banking chaos. Europe is headed for a recession too, the data shows, with a drop in earnings of 5.4% expected in the second quarter. But stubbornly high inflation means major central banks are expected to continue to hike rates, at least in May. European financials are expected to report first-quarter earnings growth of 31%, according to Refinitiv.

REUTERS/Pierre AlbouyMILAN/LONDON, April 21 (Reuters) - Short-sellers who bet against European banks are set to lose a substantial amount of money in April after the sector bounced back from the shock downfall of Credit Suisse (CSGN.S) in anticipation of strong quarterly earnings. The STOXX European banks share index (.SX7P) has risen as much as 18% from late March's lows. But a Bank of America survey showed fund managers cut bank exposure in April to the lowest since May 2020, as they piled into more recession-proof defensive sectors. Ortex estimates short interest on European banks is close to 1% of the free share float, an 11-month high. One area of concern is exposure to commercial real estate and investors will be alert to any sign of emerging stress as European lenders report earnings next week.

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. UBS and Credit Suisse declined to comment. What's more, UBS doesn't tend to lend to potential clients as Credit Suisse has often done, a move that can persuade some customers. "There are clearly parts of Credit Suisse that have had a bad culture," UBS Chairman Colm Kelleher told reporters on March 29. UBS ranked 14th advising on mergers globally last year, behind 11th placed Credit Suisse, according to data compiled by Dealogic.

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. UBS and Credit Suisse declined to comment. What's more, UBS doesn't tend to lend to potential clients as Credit Suisse has often done, a move that can persuade some customers. "There are clearly parts of Credit Suisse that have had a bad culture," UBS Chairman Colm Kelleher told reporters on March 29. UBS ranked 14th advising on mergers globally last year, behind 11th placed Credit Suisse, according to data compiled by Dealogic.

☆ Credit Suisse lodges $440 mln London claim against SoftBank
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyLONDON, April 19 (Reuters) - Credit Suisse (CSGN.S) has lodged a $440 million claim against Japan's SoftBank Group Corp (9984.T) in London as it presses ahead with formal proceedings in a dispute borne from the failure of Greensill Capital, a finance firm. A SoftBank spokesperson accused Credit Suisse of trying to shift blame for its own poor investment decisions and said the case was entirely without merit. "Credit Suisse continues to prioritize maximising recovery for investors in the supply chain finance funds," a spokesperson for the Swiss lender said. Credit Suisse is the biggest name to date to become ensnared in market turbulence unleashed by the collapse of U.S. lenders Silicon Valley Bank and Signature Bank.

☆ Swiss government reiterates financial commitment to Credit Suisse deal
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +2 min

[1/3] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyBERLIN, April 19 (Reuters) - The Swiss government said commitments to the Swiss National Bank and UBS to ease the takeover of Credit Suisse will not be affected by parliament's rejection of 109 billion Swiss francs ($121 billion) in emergency credits and guarantees. Switzerland's tradition of consensus politics has taken a battering after the government used an emergency law to push through a state-backed takeover of Credit Suisse (CSGN.S) by UBS (UBSG.S), side-lining parliament. "On the one hand, this applies to the negotiations with UBS on the guarantee contract," it said, adding: "But only to the extent that this does not jeopardise the takeover of Credit Suisse by UBS". ($1 = 0.8998 Swiss francs)Writing by Miranda Murray, Editing by Friederike HeineOur Standards: The Thomson Reuters Trust Principles.

PARLIAMENT 'CIRCUMVENTED'The Credit Suisse/UBS merger marked the first time that parliament had withheld its support for emergency laws designed to deal quickly with crises. Swiss Finance Minister Karin Keller-Sutter defended the use of the emergency powers, saying Switzerland was not an "emergency dictatorship." "The emergency law is based on the federal constitution and I don't think it's correct to say it's illegal." "Politicians might have wanted to show their disapproval about what happened, but they don’t want the UBS takeover to fail." The use of such emergency legislation, overturning antitrust rules, is a problem for Swiss democracy and rule of law.

☆ UBS has hired JPMorgan to explore C.Suisse domestic spin-off -Swiss media
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre Albouy/File PhotoZURICH, April 13 (Reuters) - UBS (UBSG.S) has hired JPMorgan (JPM.N) to explore a possible IPO of Credit Suisse's (CSGN.S) domestic business, Zurich based finance blog Inside Paradeplatz reported on Thursday. Last month UBS agreed to takeover Credit Suisse for 3 billion francs as part of a merger engineered by Swiss authorities, while the Alpine state put up more than 200 billion francs of support and guarantees. Speaking at its general assembly last week, Vice Chairman Lukas Gaehwiler said that "all options are on the table" concerning Credit Suisse's domestic business. UBS and Credit Suisse declined to comment.

☆ UBS Chairman addresses shareholders on milestone Credit Suisse takeover
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

[1/3] UBS Chairman Colm Kelleher speaks during the Annual General Meeting, two weeks after buying rival Swiss bank Credit Suisse, in Basel, Switzerland, April 5, 2023. REUTERS/Pierre AlbouyBASEL, April 5 (Reuters) - UBS's (UBSG.S) Chairman told the bank's annual shareholder meeting on Wednesday that the takeover of rival Credit Suisse (CSGN.S) was a significant milestone for Switzerland and for the global financial industry. Kelleher addressed shareholders for the fist time since the announcement of the takeover, urgently engineered and pushed through by the Swiss authorities last month. Outlining UBS's strategy, Kelleher said the Credit Suisse takeover would help the bank to deliver value to the Swiss economy and accelerate its strategic plans to expand its position as the leading wealth manager, particularly through growth in the United States and Asia. Reporting by Noele Illien Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

☆ Credit Suisse chairman: "I am truly sorry"
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +1 min

[1/2] Climate activists wearing masks of chairman of the Swiss National Bank Thomas Jordan, and chairman of Credit Suisse, Axel Lehmann, gather in front of Hallenstadion where Credit Suisse holds its Annual General Meeting, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre AlbouyZURICH, April 4 (Reuters) - Credit Suisse's chairman told a room full of shareholders that he was "truly sorry" the Swiss bank was not able to get back on track at its final annual general meeting on Tuesday, according to a manuscript of his speech. "I apologise that we were no longer able to stem the loss of trust that had accumulated over the years, and for disappointing you," Axel Lehmann said. The hastily arranged takeover by UBS, for which Switzerland invoked emergency legislation, bypassed Credit Suisse shareholders, who would otherwise have had a say, and largely wiped out the value of their holdings. Reporting by Noele Illien, Editing by Rachel More and John O'DonnellOur Standards: The Thomson Reuters Trust Principles.

☆ Ukrainian billionaire Zhevago's French extradition hearing pushed to Jan 19
▼ + stars: | 2023-01-05 | by ( Juliette Jabkhiro | ) www.reuters.com time to read: +3 min

[1/2] Police officers stand outside the room of the court of appeals after the arriving of the billionaire Kostyantyn Zhevago, in Chambery, France, January 5, 2023. REUTERS/Pierre AlbouyCHAMBERY, France, Jan 5 (Reuters) - A French court on Thursday postponed to Jan. 19 a hearing on whether to extradite Ukrainian billionaire Kostyantyn Zhevago to his home country. The 48-year-old billionaire, who controls London-listed iron pellet producer Ferrexpo (FXPO.L), was arrested and detained in France in late December at Ukraine's request. Zhevago told the court the case against him was political. "I ask for your permission to leave prison until the next hearing, and I will do everything you asked," said, speaking via an interpreter.

☆ Ukrainian billionaire Zhevago to be released on bail pending French extradition hearing
▼ + stars: | 2023-01-05 | by ( Juliette Jabkhiro | ) www.reuters.com time to read: +3 min

[1/2] Police officers stand outside the room of the court of appeals after the arriving of the billionaire Kostyantyn Zhevago, in Chambery, France, January 5, 2023. REUTERS/Pierre AlbouyCHAMBERY, France, Jan 5 (Reuters) - A French court decided on Thursday to release Ukrainian billionaire Kostyantyn Zhevago on bail ahead of an extradition hearing on Jan. 19 on whether he should be sent to Ukraine to face embezzlement charges. Zhevago, a 48-year-old billionaire who controls London-listed iron pellet producer Ferrexpo (FXPO.L), was arrested in France in late December at Ukraine's request and had been detained since. The businessman, one of Ukraine's richest men, told the court he did nothing wrong and should not be extradited. Zhevago served in the Ukrainian parliament from 1998 to 2019.

☆ Toyota expects to cut full-year output target due to chip shortage
▼ + stars: | 2022-10-21 | by ( ) www.reuters.com time to read: +2 min

A Toyota logo is displayed at the 89th Geneva International Motor Show in Geneva, Switzerland March 5, 2019. The Japanese company has been under scrutiny over whether it can stick to its annual production target of a record 9.7 million vehicles after it missed interim goals in the first four months of the fiscal year that began in April. A revised target will be disclosed once the outlook for production becomes clearer, a Toyota spokesperson said. It has slashed its global production target for the last financial year three times, reducing it from 9.3 million in May 2021 to 8.5 million in February. It ended up producing about 8.6 million vehicles in the last financial year to March 31.

The maker of KitKat chocolate bars and Nescafe reported organic sales, which cut out the impact of currency movements and acquisitions, rising by 8.5% in the nine months to end-September. "We delivered strong organic growth as we continued to adjust prices responsibly to reflect inflation," the company's chief executive Mark Schneider said. "Sales volumes have held up well so far but we are a way from peak cost of living squeeze." As a result Nestle raised its full-year outlook, saying it now expected organic growth of "around 8%" for 2022, up from a 7% to 8% increase previously. The Swiss company also confirmed its target for a trading operating profit margin of around 17%.

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