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☆ Unilever's new CEO lays out plans to simplify business, shares fall
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

Klondike, a brand of Unilever, is seen on display in a store in Manhattan, New York City, U.S., March 24, 2022. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Oct 26 (Reuters) - Unilever's (ULVR.L) new chief executive Hein Schumacher on Thursday laid out long-awaited plans to simplify the business after admitting it had underperformed in recent years, but shares fell as some investors were unimpressed. Unilever reported a 5.2% rise in underlying sales, meeting analysts' average forecast, a company-provided consensus showed. Underlying price growth for the third quarter was 5.8% while underlying volumes were down 0.6%. The company also announced a senior executive shake-up, naming Fernando Fernandez, currently president of the beauty and wellbeing business, as its new chief financial officer.

Persons: Andrew Kelly, Hein Schumacher, Schumacher, Richard Saldanha, Alan Jope, Nelson Peltz, we've, Graeme Pitkethly, Fernando Fernandez, Richa Naidu, Mark Potter, Jason Neely Organizations: Unilever, REUTERS, Aviva, Thomson Locations: Manhattan , New York City, U.S, Europe

A 0.25 mg injection pen of Novo Nordisk's weight-loss drug Wegovy is shown in this photo illustration in Oslo, Norway, September 1, 2023. REUTERS/Victoria Klesty/Illustration/File Photo Acquire Licensing RightsLONDON/NEW YORK, Oct 23 (Reuters) - The growth in demand for appetite suppressing anti-obesity drugs like Novo Nordisk's (NOVOb.CO) Wegovy presents opportunities for food manufacturers and the market's initially downbeat reaction may be overdone, investors say. Still, the stock market impact left some food manufacturers "trembling," said John Plassard, senior investment specialist at Nestle investor Mirabaud Group. The uptake in appetite suppressing drugs seems to be a U.S.-led dynamic, said My Nguyen, research analyst at Legal & General Investment Management America. "Elsewhere, trends such as wealthier, more mobile middle classes in emerging countries can support shifts towards snacking and convenience foods."

Persons: Victoria Klesty, Richard Saldanha, Wegovy, Kiran Aziz, Mark Schneider, John Plassard, Brian Frank, Frank, Nguyen, Richa Naidu, Matt Scuffham, Kirsten Donovan Organizations: REUTERS, Walmart, Nestle, Aviva, Novo Nordisk, EY, Industry, Health Sciences, Wellness, Mirabaud, Tyson Foods, Arcos Dorados, Legal, General Investment Management America, Germany's, Investments, Unilever, Coca Cola, Thomson Locations: Oslo, Norway, Victoria, United States, Denmark, Germany, Arda, Ural, U.S

☆ Insurance companies have discovered devious new ways to rip you off
▼ + stars: | 2023-10-23 | by ( Jathan Sadowski | ) www.businessinsider.com time to read: +16 min

Unfortunately, as premiums for everything from home insurance to car insurance skyrocket, more of us are being forced to dwell on the opaque and convoluted insurance industry. AdvertisementAdvertisementTo determine that magic price tag, insurance companies drill down into the nitty-gritty details of your life. I'll go even further: To boost their own profits, insurance companies are becoming increasingly antisocial and antagonistic. To boost their own profits, insurance companies are becoming increasingly anti-social and antagonistic. The stuff of insurance is far too important to be left to the insurance industry.

Persons: Søren Holm, Duncan Minty, Kengo Sakurada, you've, Colm Holmes, —, Holmes, Inga Beale, Beale, ProPublica, Cigna Organizations: Consumers, Caliber, Insurance, Sompo Holdings, Aviva, Allianz Holdings —, of Actuaries, State Farm, Farm, New York Times, of Information Technology, Monash University Locations: London, State

[1/3] People react as residents of Tel Aviv show support and solidarity with the families of hostages who are being held in Gaza in Tel Aviv, Israel, October 21, 2023. Prime Minister Benjamin Netanyahu has vowed to eliminate Hamas and Israeli troops could enter Gaza at any moment, but many families are urging him to focus solely on the hostages. Israel has a long experience of dealing with hostage crises, but has previously shied away from attempting rescue operations in the densely populated Gaza Strip. Some of the freed Palestinians returned to the ranks of Hamas, including its current leader in Gaza, Yahya Al-Sinwar. We have to help these hostages very fast," said Daniel Lifshitz, whose grandparents, aged 83 and 85, were abducted and have vanished into Gaza.

Persons: Ammar Awad, Israel, Benjamin Netanyahu, Noam Alon, Inbar, Isaac Herzog, Carmel Gorni, Yiftah Gorni, Gorni, Ilan, Sandy Feldman, Herzog, Keith Siegel, Jonathan Dekel, Chen, Sagui, Netanyahu, Gilad Shalit, Yahya Al, Shalit, Gal Hirsch, Daniel Lifshitz, Crispian Balmer, Alison Williams Organizations: REUTERS, U.S, Aviva, Reuters, Hamas, Thomson Locations: Tel Aviv, Gaza, Israel, Gaza Israel, Jerusalem, Palestinian, Qatar, Qatari

Real internal growth (RIG) - or a measure of sales volumes - fell 0.6%, meeting expectations. "The ultimate catalyst for the stock's multiple to improve is going to be seeing that volume number going positive." Analysts had on average expected organic sales growth of 8.1%. Nestle confirmed its full-year outlook of organic sales growth between 7% and 8% and underlying trading operating profit margin between 17.0% and 17.5%. The drug's popularity has prompted concerns in the consumer and retail industry over whether food sales will be impacted.

Persons: Denis Balibouse, Nestle, Mark Schneider, Schneider, Richard Saldanha, Maggi, Novo, Richa Naidu, Christopher Cushing, Jason Neely Organizations: Nestle, REUTERS, Gillette, Aviva, Novo Nordisk's, Walmart, Thomson Locations: Romont, Switzerland, Ukraine

☆ These 'magic seven' global stocks pay a 7.8% dividend yield on average, Berenberg says
▼ + stars: | 2023-10-17 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Investors searching for income in today's volatile markets may want to look at the "magic seven" U.K. stocks identified by Berenberg. "The U.K. equity market is cheap," Berenberg analysts Jonathan Stubbs and Leoni Externest said in a note to clients on Oct. 13. "The median U.K. dividend yield is back to 3.6% and close to the highs of last year (3.8%)." Berenberg's analysis shows dividend yields above 4.5% have resulted in median returns near 30% for Rio Tinto, with a more-than-90% success rate. Aviva The insurer's 7.8% dividend yield has rebounded from below 2% during Covid-19.

Persons: Berenberg, Jonathan Stubbs, Leoni Externest Organizations: Tobacco, Rio Tinto, Aviva, Legal, General, British Locations: London, Rio, British, U.S, Germany, Rio Tinto

☆ Transition Plans Are The Latest Climate Action Trend
▼ + stars: | 2023-10-10 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +3 min

The Transition Plan Taskforce published a framework for companies looking to create transition plans. Photo: London Stock Exchange GroupCompanies have a new climate-action tool: transition plans. Some companies, such as Mars and Allianz , have recently published transition plans. The U.K.’s Transition Plan Task Force published its framework Monday, offering a template for companies looking to create transition plans. Even though disclosure requirements are currently voluntary, transition plans are a live issue for many businesses that can help them shift the conversation to how they can achieve their net-zero goals.

Persons: ”, Mary Schapiro, Amanda Blanc, David Schwimmer, ’ ”, Sue Lloyd, Rochelle Toplensky Organizations: London Stock Exchange Group, Mars, Allianz, London Stock Exchange, Glasgow Financial Alliance, U.S . Securities, Exchange Commission, Force, Business, Aviva Group, ’, Rochelle, rochelle.toplensky@wsj.com Locations: United Nations, Dubai

☆ UK and Ireland to host Euro 2028, Italy and Turkey get Euro 2032
▼ + stars: | 2023-10-10 | by ( Gabrielle Tétrault-Farber | ) www.reuters.com time to read: +2 min

NYON, Switzerland, Oct 10(Reuters) - The United Kingdom and Ireland will host the 2028 European Championship, while Italy and Turkey will stage the 2032 edition of the tournament, UEFA announced on Tuesday. By accepting a joint Italy-Turkey bid for Euro 2032 last week, and with Turkey withdrawing from the race for Euro 2028, the hosts for both tournaments were already all but assured. Turkey's withdrawal from the 2028 race left England, Northern Ireland, Ireland, Scotland and Wales as the sole joint bidders for that tournament. Euro 2028 will be the largest major sporting event the UK and Ireland have jointly staged. Wembley, with a capacity of 90,000, could be expected to host the final and possibly the semi-finals.

Persons: Debbie Hewitt, Hewitt, Gareth Bale, Gabrielle Tétrault, Farber, Cécile, Ken Ferris, Pritha Organizations: UEFA, English Football Association, Ireland, Wembley, of Wales, Hampden, Dublin's Aviva, Welsh, FA, European, Thomson Locations: NYON, Switzerland, United Kingdom, Ireland, Italy, Turkey, England, Northern Ireland, Scotland, Wales, London, Cardiff, Hampden Park, Glasgow

☆ Israeli and Jewish schools reportedly urge parents to tell their kids to delete Instagram and TikTok to avoid disturbing images of hostages
▼ + stars: | 2023-10-10 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

Several Israeli and Jewish schools are reportedly urging parents to delete social media apps like Instagram, TikTok and X, formerly known as Twitter, from their children's smartphones to prevent them from seeing violent images and videos related to the Israel-Hamas conflict. One Tel Aviv school's parents' association warned of the possibility that Hamas fighters may release graphic videos of hostages "begging for their lives," CNN reported on Tuesday. Several Jewish schools in the U.S. have also issued similar warnings, reported the Jewish Telegraphic Agency, which added that "It was not clear where the information about forthcoming hostage videos was coming from." The principal of The Frisch School in Paramus, New Jersey, reportedly sent an email to parents urging them to tell their kids to delete Instagram and TikTok "immediately." "Please remove the @TikTok and @instagram apps from your children's mobile phones," the message said.

Persons: Kiryat Shmona, Joanna Stern, Stern, Yair Rosenberg, Joe Biden, Biden, Israel Organizations: Tel, CNN, Jewish Telegraphic Agency, The Frisch School, Aviva Klompas, Jewish Community Center, The Locations: Israeli, Kiryat, Lebanon, Israel, Tel Aviv, U.S, Paramus , New Jersey

☆ Euro 2028 to be held in UK and the island of Ireland, with Turkey and Italy co-hosting 2032 edition
▼ + stars: | 2023-10-10 | by ( Ben Church | ) edition.cnn.com time to read: +2 min

The bid from the UK and the island of Ireland stood unopposed after Turkey decided to withdraw its entry in order to co-host Euro 2032 with Italy. Euro 2028 will be held across 10 venues – six in England, one in Wales, one in Scotland, one in Northern Ireland and one in the Republic of Ireland. The stadiums included in the bid are Cardiff’s Principality Stadium, Wembley Stadium and Tottenham Hotspur Stadium in London, Manchester City’s Etihad Stadium, Newcastle’s St. James’ Park, Villa Park in Birmingham, Glasgow’s Hampden Park and Dublin’s Aviva Stadium. England and Scotland both staged games for Euro 2020, but 2028 will be the first time that Northern Ireland, Ireland and Wales host a major soccer tournament. John Sibley/Pool/Getty ImagesLondon’s Wembley Stadium hosted the Euro 2020 final between England and Italy, a match marred by fan trouble.

Persons: Aleksander Čeferin, James ’, John Sibley, Istanbul’s Organizations: CNN, European, UEFA, Republic of Ireland, Wembley Stadium, Tottenham Hotspur, Manchester City’s Etihad, Villa Park, Dublin’s Aviva, Casement, Wales, Italy, Wembley, Football Association, Istanbul’s Ataturk, League Locations: Republic of Ireland, Italy, Turkey, Ireland, England, Wales, Scotland, Northern Ireland, Republic of, Cardiff’s, London, Newcastle’s St, Villa, Birmingham, Belfast, Germany

☆ Aviva shares jump 8% as Times cites takeover talk
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +1 min

The Aviva logo on a window at the company's head office in the City of London, Britain, March 7, 2019. REUTERS/Simon Dawson/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - Shares in Aviva (AV.L) shot up almost 9% on Friday, after Britain's Times newspaper cited talk of a possible takeover of one of the UK's largest insurers by a foreign buyer. ($13.41 billion)The Times cited "chatter that refused to die down". Last month, Aviva said it had agreed to buy UK life insurance business of AIG (AIG.N) for 460 million pounds($563 million), in the largest acquisition to date by its CEO, Amanda Blanc. ($1 = 0.8201 pounds)Reporting by Joice Alves and Carolyn Cohn; Writing by Amanda Cooper; Editing by Dhara RanasingheOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Dawson, Amanda Blanc, Joice Alves, Carolyn Cohn, Amanda Cooper, Dhara Organizations: Aviva, City of, REUTERS, Britain's Times, Reuters, AIG, Thomson Locations: City, City of London, Britain

"It's pretty evident that the jobs market and the consumer are doing OK. Claims are still very, very low," he said. If claims are up to mid-250,000 by year's end, "that's a fairly obvious sign that there's a loosening of the labor market." "The question everyone's asking is: can yields continue to rise further and at what point are yields going to cause some serious damage on the economy?" The dollar index fell 0.234%, with the euro up 0.25% at $1.0529. All 11 sectors of the S&P index were in the red, with the big megacap growth stocks leading the decline.

Persons: Brendan McDermid, Wall, Mike Sanders, Baylee Wakefield, Brent, Dennis Kissler, Elizabeth Howcroft, Elaine Hardcastle, Sharon Singleton, Richard Chang Organizations: New York Stock Exchange, REUTERS, Madison Investments, Labor Department, Reuters, Aviva Investors, Treasury, Bank of Japan, Analysts, Bank of, Dow Jones, Nasdaq, BOK, Thomson Locations: New York City, U.S, Madison , Wisconsin, Bank of Japan

REUTERS/Staff/File Photo Acquire Licensing RightsLONDON, Oct 5 (Reuters) - European stocks rose on Thursday, after a plunge in oil prices and softer U.S. labour data late on Wednesday helped bring U.S. Treasury yields back down from 16-year highs. European government bond yields were mixed, with the benchmark 10-year German yield up 2 basis points at 2.921% . "The question everyone’s asking is: can yields continue to rise further and at what point are yields going to cause some serious damage on the economy?” said Baylee Wakefield, a portfolio manager at Aviva Investors. ING FX analysts cautioned in a client note that markets may be putting too much weight on Wednesday's private payrolls data. In currencies, the U.S. dollar index was down 0.1% at 106.530 , off a peak earlier in the week of 107.34.

Persons: ”, Baylee Wakefield, Elizabeth Howcroft, Elaine Hardcastle, Sharon Singleton Organizations: REUTERS, Staff, Wednesday, Treasury, U.S . Federal Reserve, Nasdaq, Aviva Investors, Analysts, ING, U.S, Bank of, U.S ., Thomson Locations: Frankfurt, Germany, U.S, Bank of Japan, Japan

☆ Aviva agrees to buy AIG's UK protection business for $563 million
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

A pedestrians walks past the Aviva logo outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/file photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - British insurer Aviva (AV.L) said on Monday it had agreed to acquire the UK protection business of AIG (AIG.N) for 460 million pounds ($563 million). Aviva said it would buy the unit - known as AIG Life UK - from Corebridge Financial, Inc (CRBG.N), a New York-listed subsidiary of AIG. The transaction will add 1.3 million individual protection customers and 1.4 million group protection members, Aviva said, with the deal expected to close in the first half of 2024, subject to regulatory approvals. The deal would represent around a 5 percentage point cut to Aviva's group solvency II cover ratio, the company said.

Persons: Simon Dawson, Amanda Blanc, Iain Withers, Louise Heavens Organizations: Aviva, REUTERS, AIG, AIG Life, Corebridge, Inc, Thomson Locations: London, Britain, British, New York

☆ Aviva to buy AIG's UK life insurance business for $563 million
▼ + stars: | 2023-09-25 | by ( Iain Withers | ) www.reuters.com time to read: +2 min

A pedestrians walks past the Aviva logo outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/file photo Acquire Licensing RightsLONDON, Sept 25 (Reuters) - Aviva (AV.L) said on Monday it had agreed to buy the UK life insurance business of AIG (AIG.N) for 460 million pounds ($563 million), in the largest acquisition to date by the British insurer's CEO Amanda Blanc. Aviva said it would buy the unit - known as AIG Life UK - from Corebridge Financial, Inc (CRBG.N), a New York-listed company majority-owned by AIG. Corebridge was formed in 2021 when AIG spun off its life and retirement business and sold a portion of the company to Blackstone for $2.2 billion. AIG took Corebridge public in September last year, in a share offering that raised $1.7 billion.

Persons: Simon Dawson, Amanda Blanc, Blanc, Peter Zaffino, Corebridge, Iain Withers, Louise Heavens Organizations: Aviva, REUTERS, AIG, British, AIG Life, Corebridge, Inc, RBC, Blackstone, Thomson Locations: London, Britain, New York, Singapore, United States

The European Central Bank last week lifted rates to a record 4% and upgraded its inflation forecast for 2024, but the euro fell and has lost almost 2% against the dollar this month. Overall, Europe's central banks "would like to portray this idea of higher for longer (rates)," said Ed Hutchings, head of rates at Aviva Investors. The currency, which the central bank labeled "unjustifiably weak," barely caught a break and remains near a record low against the euro . He expected one the of big European central banks to be the first to cut rates. European central banks were "in a bind," Fiotakis added, as higher oil prices also threatened to push inflation higher.

Persons: Dado Ruvic, Sterling, Kit Juckes, BoE, SocGen's Juckes, Ed Hutchings, Nathan Thooft, Bjoern, Fiotakis, Orla Garvey, Naomi Rovnick, Christina Fincher Organizations: REUTERS, Sterling, LONDON, Bank of, Swiss, greenback, Societe Generale, European Central Bank, ECB, U.S . Federal Reserve, Fed, Aviva Investors, Investment Management, Reuters, DWS Group, Nomura, ING, Barclays, Federated, Thomson Locations: Swiss, Bank of England, Switzerland, Sweden, Europe, U.S, Western Europe, United States, Britain, Swedish, Japan, European

Sept 20 (Reuters) - Consumer goods firms like Nestle (NESN.S), Lindt (LISN.S) and Unilever (ULVR.L) may face increased pressure across Europe to cut prices after being singled out by French retailers and politicians, industry experts say. France is a crucial country for consumer goods companies, having long outstripped Germany, Italy, Spain and others as the European Union's biggest market for groceries by supermarket revenues, according to research firm IBISWorld. That means consumer groups will face pressure to rein back prices across the European Union. Because these supermarkets are in different countries and do not compete with one another, they often combine forces to negotiate with consumer goods makers. Consumer goods makers have for more than two years grappled with sky-rocketing input, supply chain and labour costs that they have either absorbed - taking a hit to margins - or passed on to retailers.

Persons: It's, Laurent Thoumine, Thoumine, Ferrero's, Pernod Ricard's Ricard, Systeme, Germany's, Switzerland's, Italy's, Philippe Michaud, Leclerc, Bruno Le Maire, Le Maire, Richard Saldanha, Lindt, Saldanha, Richa Naidu, Helen Reid, Matt Scuffham, Catherine Evans Organizations: Consumer, Nestle, Unilever, Carrefour, PepsiCo, European, Reuters, European Union, Epic Partners, French Finance, Aviva Investors, Paris, Thomson Locations: Europe, France, Germany, Italy, Spain, Eurelec

An Aviva logo on the window of the company's head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson/File Photo Acquire Licensing RightsLONDON, Sept 13 (Reuters) - Aviva (AV.L) is quitting its Singlife joint venture, selling its 25.9% stake in Singapore Life Holdings and two debt instruments to Sumitomo Life for a combined 800 million pounds ($997 million), the British insurer said on Wednesday. The transaction is expected to be completed in the fourth quarter of 2023, Aviva said. The Singlife joint venture contributed 17 million pounds to Aviva's operating profit in 2022, the statement said. Sumitomo Life already has a 23.2% stake in Singlife, the statement added.

Persons: Simon Dawson, Amanda Blanc, Elizabeth Howcroft, Lucy Raitano, Sinead Cruise, David Goodman Organizations: Aviva, REUTERS, Singapore Life Holdings, Sumitomo Life, Sumitomo, Thomson Locations: London, Britain, Singapore, Ireland, Canada, Singlife

☆ Novo Nordisk's Wegovy weight loss drug launches in the UK
▼ + stars: | 2023-09-04 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Packages of the weight-loss drug Wegovy from the pharmaceutical company Novo Nordisk lie on the sales counter in a Danish pharmacy. Novo Nordisk launched its Wegovy weight loss injection in the U.K. on Monday, advancing the drug's rollout in Europe despite ongoing supply constraints. The drug will also be available privately through a "registered healthcare professional," Novo Nordisk said in a statement, without adding further detail. Novo Nordisk declined to disclose the final price agreed with NHS England for the drug, but said that NICE, the U.K. drug cost-effectiveness watchdog, had described it as a "cost-effective use of NHS resources." British insurance company Aviva , which provides private health insurance to around 1.1 million Brits, on Monday said that Wegovy would not be covered under its policy, according to Reuters.

Persons: Wegovy Organizations: Novo Nordisk, National Health Service, National Institute for Care, Nordisk, England, NICE, Aviva, Reuters Locations: Danish, Europe, U.S

☆ Liverpool handed favourable draw in Europa League group stage
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

[1/3] Soccer Football - Europa League - Group Stage Draw - Monaco, Monaco - September 1, 2023 General view of the completed draw Valerio Pennicino/Handout via REUTERS Acquire Licensing RightsSept 1 (Reuters) - Liverpool will take on LASK, Union Saint-Gilloise and Toulouse in the Europa League group stage while debutants Brighton & Hove Albion will face Ajax Amsterdam and Olympique de Marseille following the draw on Friday. Liverpool, who have lifted the trophy on three occasions, will be hot favourites to qualify top from Group E.Brighton face a tough task in their bid to progress past the group stage on their debut in European competition. Europa Conference League champions West Ham United were drawn with Olympiacos, Freiburg and TSC Backa Topola in Group A. Third-placed teams in the Europa League groups will drop to the third-tier Europa Conference League where they will play the group runners-up from that competition in the knockout round playoffs. The Europa League final will take place at Dublin's Aviva Stadium on May 22 next year.

Persons: Valerio Pennicino, Brighton's, Aadi Nair, Toby Davis Organizations: Soccer, Europa League, Monaco, REUTERS Acquire, Brighton & Hove Albion, Ajax Amsterdam, Olympique de Marseille, Liverpool, E, Brighton, Ajax, Marseille, AEK Athens, Europa Conference League, West Ham United, Olympiacos, TSC Backa, AS Roma, Slavia Prague, Sheriff Tiraspol, Servette, Bayer Leverkusen, Germany, Qarabag, Molde FK, BK Hacken, League, Dublin's Aviva, Thomson Locations: Monaco, Handout, Liverpool, LASK, Union, Toulouse, Freiburg, Bengaluru

☆ Analysis-For traders, September's ECB move is far from clear cut
▼ + stars: | 2023-08-31 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

REUTERS/Kai Pfaffenbach/File PhotoData on Thursday showed euro zone inflation held at 5.3% in August rather than dropping. Another inflation hawk, Austrian central bank chief Robert Holzmann, said the ECB could deliver “another hike or two”. Overall money supply in the bloc contracted in July for the first time since 2010, demonstrating the extent to which ECB policy has tightened financial conditions. And even if investors are divided on September’s decision, the consensus is that the ECB will be done raising rates soon. Longer-term, markets expect the ECB to start cutting rates by the second quarter of 2024.

Persons: Christine Lagarde, Kai Pfaffenbach, Piet Christiansen, ’ indecisiveness, ” Christiansen, Isabel Schnabel, Robert Holzmann, ”, Mauro Valle, Valle, Edward Hutchings, Frederik Ducrozet, Aviva’s Hutchinson, ” Pictet’s Ducrozet Organizations: Reuters, European Central Bank, Central Bank, ECB, REUTERS, Danske Bank, Generali Investments, Treasury, Aviva Investors, Pictet Wealth Management Locations: Frankfurt, Germany, Austrian

☆ For traders, September's ECB move is far from clear cut
▼ + stars: | 2023-08-31 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +5 min

REUTERS/Kai Pfaffenbach/File PhotoData on Thursday showed euro zone inflation held at 5.3% in August rather than dropping. Overall money supply in the bloc contracted in July for the first time since 2010, demonstrating the extent to which ECB policy has tightened financial conditions. And even if investors are divided on September’s decision, the consensus is that the ECB will be done raising rates soon. Longer-term, markets expect the ECB to start cutting rates by the second quarter of 2024. (This story has been corrected to clarify that Aviva favours a small overweight in European bonds, not longer-dated euro zone bonds, in paragraph 19)

Persons: Christine Lagarde, Kai Pfaffenbach, Piet Christiansen, ’ indecisiveness, ” Christiansen, Isabel Schnabel, Robert Holzmann, ”, Mauro Valle, Valle, Edward Hutchings, Frederik Ducrozet, ” Aviva’s Hutchings, ” Pictet’s Ducrozet Organizations: Reuters, European Central Bank, Central Bank, ECB, REUTERS, Danske Bank, Generali Investments, Treasury, Aviva Investors, Pictet Wealth Management, Aviva Locations: Frankfurt, Germany, Austrian

☆ UK's Direct Line appoints CEO after tough 2022
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 30 (Reuters) - British motor and home insurer Direct Line Insurance Group (DLGD.L) on Wednesday named Adam Winslow, a senior executive at Aviva (AV.L), as its CEO, seeking to reset after profits fell by 95% in 2022. Winslow, who is currently CEO of UK & Ireland general insurance at FTSE 100-listed Aviva, will join Direct Line in the first quarter of 2024. His appointment comes after Penny James, Direct Line's CEO for nearly four years, stepped down in January and Chief Commercial Officer Jon Greenwood was appointed acting CEO. Direct Line reported in March that its operating profit dropped 95% in 2022 after inflation drove up the cost of motor repairs and it warned that 2023 would be impacted by higher than previously expected claims inflation. Direct Line reports first-half 2023 results on Sept. 7.

Persons: Adam Winslow, Winslow, Penny James, Jon Greenwood, Sinchita Mitra, Eva Mathews, Huw Jones, Varun Organizations: Line Insurance, Aviva, UK & Ireland, Direct, Thomson Locations: British, Bengaluru, London

☆ Aviva CEO says we need to look at benefits of anti-obesity drugs over a long period of time
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAviva CEO says we need to look at benefits of anti-obesity drugs over a long period of timeAmanda Blanc, CEO of Aviva, discusses obesity drugs and their potential benefits.

Persons: Amanda Blanc Organizations: Aviva

Yet a sharp drawdown in the excess savings created by COVID-19 could be a curve ball that slams into bullish sentiment. U.S. excess savings have fallen to around $500 billion from around $2.1 trillion in August 2021, the San Francisco Federal Reserve estimates. In Europe, Deutsche Bank reckons excess savings in Sweden, struggling to contain a property slump, have dwindled. Reuters GraphicsRUNNING OUTDefinitions for excess savings differ, but economists generally agree that this means savings that went beyond trend levels during the pandemic. Cardano chief economist Shweta Singh said U.S. pandemic excess savings are likely to be depleted by year-end.

Persons: Rachel Adams, Janus Henderson, Oliver Blackbourn, Shweta Singh, Guy Miller, Jamie Dimon, Ben, Eren Osman, Arbuthnot Latham, Janus Henderson's Blackbourn, U.S . Russell, Russell, Goldman Sachs, Blackbourn, Zurich's Miller, Simon Bell, Guilluame Paillat, Paillat, Naomi Rovnick, Sharon Singleton Organizations: Oxford, REUTERS, San Francisco Federal, Deutsche Bank, Reuters, Insurance Group, Ryanair, JPMorgan, Unilever, U.S ., London's, Bank of, Aviva, Thomson Locations: Britain, London, China, Europe, U.S, Sweden, United States, downturns, Australia

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