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☆ Why the productivity gains from AI won't be able to prevent a recession
▼ + stars: | 2024-03-01 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewAs the artificial intelligence-powered stock market rally pushes on, proponents of the technology have posited that it could help ward off a recession that forecasters are calling for. According to David Rosenberg, economist and president of Rosenberg Research, don't get your hopes up. AI won't change the trajectory of the business cycle enough to prevent a downturn. The stock market is not the economy," Rosenberg added.

Persons: —, David Rosenberg, Rosenberg, IMB, Let's Organizations: Service, Rosenberg Research, Business, American, Devices, Intel

☆ Somali pirates are back on the attack at a level not seen in years, adding to global shipping threats
▼ + stars: | 2024-02-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Piracy off the coast of Somalia had been on the decline in recent years after peaking in 2011 when Somali pirates launched 212 attacks. A 2013 World Bank study, still widelt cited today, estimated that piracy cost the global economy around $18 billion annually. The pirates have also been attacking fishing vessels, mostly Iranian, as well as many other small boats such as skiffs. Ocean piracy is rising across the worldData from 2023 shows that by many key measures, piracy is on the rise in key global shipping lanes. There were 120 incidents of maritime piracy and armed robbery against ships reported in 2023, compared to 115 in 2022, according to the annual Piracy and Armed Robbery Report of the ICC International Maritime Bureau (IMB).

Persons: Abuukar Mohamed Muhidin, Dan Mueller Organizations: Puntland Maritime Police Forces, Getty Images, Royal United Services Institute, United Nations Security Council, European Union Naval Force, UNSC, Eastern, Chamber of Shipping, ICC International Maritime Bureau, International Maritime Organization, CNBC Locations: PUNTLAND, SOMALIA, Puntland, Somalia, Anadolu, Africa, Horn of Africa, U.S, Eastern Region, Djibouti

☆ Imperial Brands expects profit growth next year, raises dividend
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 14 (Reuters) - Imperial Brands (IMB.L) on Tuesday forecast revenue and profit growth next year led by the second half helped by pricing actions and investments in tobacco alternatives. The maker of Winston cigarettes, Backwoods cigars and Golden Virginia rolling tobacco reported an adjusted operating profit of 3.89 billion pounds ($4.78 billion) for the year ended Sept. 30, up from 3.69 billion. Imperial said next year it anticipates low-single-digit revenue growth, while it expects adjusted operating profit close to the middle of its mid-single digit range. This means adjusted operating profit will likely grow by low single digits in the first half, it continued. Imperial raised its annual dividend by 4%, and said its ongoing multi-year share buyback would increase 10% in 2024.

Persons: Dado Ruvic, Winston, Stefan Bomhard, Imperial, Eva Mathews, Emma Rumney, Subhranshu Sahu, Jason Neely Organizations: Imperial Brands, REUTERS, Thomson Locations: Virginia, Bengaluru, London

☆ Big Tobacco turns to rooibos tea to counter upcoming ban
▼ + stars: | 2023-10-16 | by ( Emma Rumney | ) www.reuters.com time to read: +5 min

Tobacco companies have yet to publish any research showing the health implications of rooibos or other zero-tobacco sticks, Simonavicius added. PMI (PM.N) CEO Jacek Olczak told shareholders that its zero-tobacco sticks could avoid the regulatory scrutiny that tobacco products face. BAT's zero-tobacco sticks are not subject to current EU tobacco rules, the company told Reuters. That means it can sell rooibos sticks in flavours like peppermint and tropical fruit even after a ban on flavoured heated tobacco products is implemented across the bloc later this month. Across the European Union, heated tobacco products must be taxed at a minimum of 20% of the retail price, though national governments can go higher.

Persons: Erikas Simonavicius, Simonavicius, Philip Morris, Jacek Olczak, Jefferies, Owen Bennett, Bennett, Phil Gorham, Gorham, Fabienne, Morningstar's Gorham, Shabab, Emma Rumney, Matt Scuffham, Kirsten Donovan Organizations: Big Tobacco, British American Tobacco, Union, Tobacco, BAT, Reuters, King's College, King's College London . Tobacco, Philip Morris International, PMI, Rivals Imperial Brands, Japan Tobacco International, Morningstar, EU, Dunhill, Lucky, European Union, University College London . Tobacco, Thomson Locations: Cape, Germany, Greece, King's College London

☆ I worked as an engineer on merchant vessels and my ship was held hostage by pirates for 8 months. I still cherish my career at sea.
▼ + stars: | 2023-10-13 | by ( Hannah Towey | ) www.businessinsider.com time to read: +14 min

Chirag Bahri worked as an engineer on merchant vessels during a nearly decade-long career at sea. In 2010, his chemical tanker was held hostage by pirates for eight months. I had just joined the crew and I really needed to be on the ship to earn money. I was in the engine room when I got the call that pirates had boarded the ship. I still cherish the time I spent working onboard ships and I would encourage people to look at seafaring as a very positive, rewarding profession.

Persons: Bahri, —, Marguerite, Farah Abdi Warsameh, I'm, Bahri's, Dharmesh Gohil, Sattish Bate, Chirag Bahri, Dierk Lindemann, there's Organizations: Service, Chirag Bahri, International, International Seafarers Welfare, Assistance, Regional, South, Maritime, Google, International Maritime Bureau, AP, Hindustan Times, Getty, Asphalt Venture, Chirag Locations: South Asia, India, Belgium, Aden, Asia, East, Europe, Somalia, English, al, Shabab, South Somalia, Salalah, Chirag

☆ Imperial Brands sticks by forecast, announces $1.3 bln share buyback
▼ + stars: | 2023-10-05 | by ( ) www.reuters.com time to read: +2 min

A woman poses with a cigarette in front of Imperial Brands logo in this illustration taken July 26, 2022. The company also announced a share buyback of 1.1 billion pounds ($1.34 billion). Rival British American Tobacco (BATS.L) has lost more than 24% of its share value. In recent years, Imperial Brands has focused on its top five markets and expanding next-generation products deemed less harmful to health. ($1 = 0.8230 pounds)Reporting by Eva Mathews in Bengaluru; Editing by Nivedita Bhattacharjee, Krishna Chandra Eluri and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: Dado Ruvic, buyback, Hargreaves, Derren Nathan, Winston, blu vapes, Richard Hunter, Eva Mathews, Nivedita Bhattacharjee, Krishna Chandra Eluri, Michael Perry Organizations: Imperial Brands, REUTERS, FTSE, British American Tobacco, Interactive, Thomson Locations: Bengaluru

☆ Britain proposes ban on cigarettes for younger generations
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +3 min

Smoking costs Britain's health services 17 billion pounds ($20.6 billion) a year, he said, adding the government also needed to act on youth vaping. Campaign group Action on Smoking and Health welcomed Sunak's plans, adding they could hasten the day when smoking was obsolete. Imperial Brands (IMB.L), which makes Winston cigarettes and Golden Virginia rolling tobacco, also warned the ban threatened "unintended consequences". REUTERS/Phil Noble/File Photo Acquire Licensing RightsGRADUAL IMPACTThe smoking policy would need to pass a free vote in Britain's parliament. Shares in Imperial Brands fell 3.2% to their lowest since March 2022, while shares in BAT, which has a lower exposure to the British cigarette market, were down 1.2% by 1357 GMT.

Persons: Rishi Sunak, Sunak's, Winston, Phil Noble, Owen Bennett, Bennett, Emma Rumney, Michael Holden, Sachin Ravikumar, Alex Richardson Organizations: Conservative Party, Health, Tobacco Manufacturers Association, Imperial Brands, Dunhill, British, Tobacco, REUTERS, Japan Tobacco, Benson, Hedges, Jefferies, BAT, Thomson Locations: MANCHESTER, England, Virginia, Liverpool, Britain's, Britain, Europe, New Zealand, Denmark

Guardia Civil/Handout via REUTERSMADRID, June 1 (Reuters) - Spanish police raided three clandestine tobacco factories early this year, seizing nearly 40 million euros ($44 million) worth of tobacco leaf and illicit cigarettes. This operation is one of dozens across the EU that regional policing and anti-fraud agencies say have driven seizures of illicit cigarettes to record levels. It may have been further accelerated by the war in Ukraine, which for years has been a production hub and transit route for illicit tobacco, OLAF added. TOBACCO INVESTIGATORSThe industry has responded by hiring investigators to research illicit operations and share intelligence with European authorities, executives at Japan Tobacco, BAT and Imperial Brands told Reuters. "A good many workers from Ukraine have been found in these illegal factories," Japan Tobacco's Byrne said about counterfeiting operations across the EU.

Persons: who'd, OLAF, Cyrille Olive, Philip Morris, Olive, Europol, Vincent Byrne, Byrne, Japan Tobacco's Winston, Alex McDonald, Ernesto Bianchi, McDonald, Japan Tobacco's Byrne, They're, they're, Richa Naidu, Emma Pinedo, Emilio Parodi, Matt Scuffham Organizations: Guardia Civil, REUTERS, Spanish, EU, BAT, Imperial Brands, Japan Tobacco, Philip Morris International, Reuters, Marlboro, America's Dunhill, Supplies, Investigators, Mobile, Thomson Locations: Seville, Spain, Guardia, REUTERS MADRID, Alfaro, Europe, Ukraine, British American, France, Netherlands, Portugal, Slovenia, Denmark, Czech Republic, Ireland, Japan, China, Asia, EU, Russia, Belarus, Roda de Ter, Barcelona, Spanish, Italy, Pomezia, Russian, Moldovan, London, Madrid, Milan

The commodity-heavy FTSE 100 (.FTSE) edged 0.1% lower, while the mid-cap FTSE 250 (.FTMC) was flat as of 0814 GMT. "Gains in homebuilders is being counteracted by ex-dividend moves today," said Chris Beauchamp, chief market analyst at IG Group. Even as concerns over a potential U.S. recession have weighed on investor sentiment, defensive stocks such as pharmaceuticals as well as commodity-linked stocks have kept FTSE 100 afloat recently. Shares of Lloyds Group (LLOY.L), Unite Group (UTG.L) and Persimmon (PSN.L) among others were down between 1.7%-3% as the stocks traded ex-dividend. Reporting by Shristi Achar A in Bengaluru; Editing by Sohini Goswami and Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ UK stocks track gains in Europe, Dr. Martens sinks on profit warning
▼ + stars: | 2022-11-24 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) rose 0.3% in thin trading as U.S. markets were shut for the Thanksgiving holiday. The domestically focused FTSE 250 midcaps (.FTMC) rose 0.7%, also reflecting the upbeat mood in equity markets. A weak spot was Dr. Martens (DOCS.L), which tumbled 20% and looked set for its biggest percentage drop ever, after warning that its annual core profit margin would be lower than last year. UK stock markets have recovered sharply since a botched mini-budget roiled sentiment in October, with investors hoping that measures by the new government will help instil confidence even as Britain faces what is expected to be a lengthy recession. Shares of Vodafone , Imperial Brands (IMB.L) and National Grid (NG.L) slid as they traded without entitlement for dividend payout.

☆ Factbox: Companies sell their businesses in Russia
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +9 min

The logo of French tyre maker Michelin is seen at a company building in Boulogne-Billancourt, near Paris, France, August 6, 2022. REUTERS/Sarah Meyssonnier/File PhotoOct 10 (Reuters) - Some Western companies have agreed to sell their Russian assets or hand them over to local managers as they seek to comply with sanctions over the Ukraine conflict and deal with threats from the Kremlin that foreign-owned assets may be seized. Below is a list of firms by sector that have sold their businesses in Russia:AUTOS** British car distributor Inchcape (INCH.L) sold its Russian business to local managementRegister now for FREE unlimited access to Reuters.com Register** Italian truck and bus maker Iveco (IVG.MI) transferred its 33% stake in its AMT truck assembly joint venture in Russia to a local partner** French tyre maker Michelin (MICP.PA) intends to transfer its activities in Russia to a new entity under local management by end-2022** French carmaker Renault (RENA.PA) sold its majority stake in Avtovaz (AVAZI_p.MM) to a Russian science institute, and transferred all shares in Renault Russia to the city of Moscow** MAN Truck & Bus and Scania, units of German truck maker Traton (8TRA.DE), expect to sell their sales companies in Russia to local partners along with Scania's Russian financing business by Q1 2023BANKS** Britain's HSBC (HSBA.L) agreed to sell its Russian business to Expobank, subject to regulatory approvals in Russia** Czech investment group PPF sold its Russian banking assets, including consumer lender HCFB and its subsidiaries, to investors led by Ivan Tyryshkin** France's Societe Generale (SOGN.PA) sold its Russian business Rosbank (ROSB.MM) to Interros Capital, a firm linked to Russian oligarch Vladimir PotaninCONSUMER ELECTRONICS** Swedish home appliance maker Electrolux (ELUXb.ST) transferred its business in Russia to local management** Its Electrolux Professional (EPROb.ST) branch also sold its Russian business to local management** Whirlpool (WHR.N) sold its Russian operations to Turkey's Arcelik (ARCLK.IS)ELECTRICAL COMPONENTS & EQUIPMENT** Finland's Boreo (BOREO.HE) sold its 90% stake in YE Russia to companies controlled by its current director Yrjö Pönni** U.S. industrial firm Emerson Electric (EMR.N) agreed to sell its Russia business to the local management** Finnish elevator maker Kone (KNEBV.HE) expects to close the sale of its Russian business to local management in Q4 2022** France's Schneider Electric (SCHN.PA) expects to close the sale its Russian unit to local management by end-2022** U.S. elevator maker Otis (OTIS.N) sold its Russia business to local investment firm Ice DevelopmentENERGY** French industrial gases producer Air Liquide (AIRP.PA) agreed to shift its Russian assets to local management, subject to regulatory approvals in Russia** Baker Hughes (BKR.O) agreed to sell its oilfield services business in Russia to local management, with closing expected in H2 2022** Italian utility Enel (ENEI.MI) sold its 56.43% stake in Enel Russia to Lukoil (LKOH.MM) and private fund Gazprombank-Frezia** Norway's Equinor (EQNR.OL) transferred assets of its Russian oil and gas joint ventures to state-owned partner Rosneft (ROSN.MM), and its 30% stake in the Arctic Kharyaga oilfield to state-controlled Russian operator Zarubezhneft** U.S. oilfield services firm Halliburton (HAL.N) sold its Russia operations to a management team made up of former employees** Oil major Shell (SHEL.L) sold its Russian retail and lubricants business to Lukoil** Singapore-based commodities trader Trafigura sold its 10% stake in Vostok Oil project in Siberia to Hong Kong-registered trading firm Nord Axis** Total Energies (TTEF.PA) sold its remaining 20% interest in the Kharyaga oil project to Zarubezhneft, and its 49% stake in Terneftegaz to joint venture partner NovatekFOOD & BEVERAGES** Finland's Atria (ATRAV.HE) sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo (GCHE.MM)** Finland's Fazer sold its Russian unit to Moscow's Kolomenskij Bakery and Confectionery Holding** Irish ingredients giant Kerry Group (KYGa.I) sold its Russian subsidiary to local management and agreed to offload its Belarusian unit to a local operator** Fast food chain McDonald's (MCD.N) sold its Russian business to its licensee Alexander Govor** Finnish food and drinks company Paulig sold its operations in Russia to private Indian investor Vikas Soi** Yum Brands (YUM.N) sold its Pizza Hut business in Russia to a local operator** Finnish food processing firm Raisio (RAIVV.HE) sold its consumer business in Russia to Copacker Agro** Finnish dairy producer Valio sold its Russian business to GK VelkomINDUSTRIAL MACHINERY** Polish measuring devices maker Apator's (APTP.WA) Powogaz unit divested its entire stake in Russia-based AO Teplovodomer** Danish industrial firm Danfoss agreed to sell its Russian and Belarusian business to local management, subject to approval by shareholders and regulatory approvals in Russi

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