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☆ U.S. stocks price in recession risk more than other assets, says Citi
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

"No asset class is over pricing the recession risk. But in relative terms, U.S. equities have the most recession risk priced in," a Citigroup team led by Alex Saunders said in a note dated Tuesday, adding earnings estimates had more to adjust. U.S. bonds had priced the least risk of a recession, the Wall Street bank said. "Bonds may have to wait for longer this time around to price recession risk given that the Fed will remain hawkish for longer than typical," the team wrote. Industrials and financials are not factoring in enough recession risk among sectors, Citigroup said, with consumer discretionary the least risk priced in.

☆ Cineplex makes approach for Cineworld's U.S. franchise, WSJ reports
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Cineworld and Cineplex have been locked in a multimillion-dollar legal battle since the London-listed company rescinded its offer to buy Cineplex more than two years ago. Cineworld has since been struggling to rein in massive debt and this month filed for bankruptcy in the United States. Cineplex is in early talks with Cineworld's lenders about taking over Regal in exchange for debt and stock backed by the combined business, the WSJ reported, citing people familiar with the matter. Cineworld's restructuring adviser Alix Partners and financial adviser PJT Partners did not respond immediately to a Reuters request for comment. Cineworld and Cineplex held talks this year about merging operations while settling the legal judgment but failed to reach an agreement, the WSJ added.

Unilever logo is displayed on Dove soap boxes in this illustration taken on January 17, 2022. Unilever's search begins at a time of soaring food and energy prices which are hitting household budgets and hurting consumer confidence. The move was met with disapproval from shareholders, some of whom also criticised Unilever for prioritising sustainability over core growth. "This may signal more welcome future change at Unilever," Tineke Frikee, fund manager at Unilever investor Waverton Asset Management, said. A Unilever spokesperson said the company is "fully committed to the organisational changes" and that Jope is "completely committed to delivering against that strategy."

☆ GSK picks Burberry's Brown as CFO
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterGSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/SummarySummary Companies Brown to join GSK in April, start as CFO in MayCFO Iain Mackay to retireSept 26 (Reuters) - GSK (GSK.L) named luxury fashion brand Burberry's (BRBY.L) Julie Brown as its new chief financial officer on Monday to succeed Iain Mackay, at a time when the British drugmaker is sharpening focus on its core business. The change comes after GSK spun off its large consumer business, Haleon (HLN.L), to focus on prescription drugs and vaccines. Burberry had said on Friday that Brown would step down as its CFO and chief operating officer in April to take up a role outside the luxury industry. Register now for FREE unlimited access to Reuters.com RegisterReporting by Amna Karimi and Pushkala Aripaka in Bengaluru; Editing by Subhranshu Sahu and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Mackay, 60, will be retiring next year after serving as GSK's finance chief for nearly four years, following an eight-year stint as group finance director at the bank HSBC. Register now for FREE unlimited access to Reuters.com RegisterBrown, also 60, will join GSK in April and take up the job in May. She also served in several finance roles at AstraZeneca (AZN.L), which last year also appointed a female CFO, Aradhana Sarin. With Emma Walmsley as GSK's chief executive officer, Brown's appointment also creates a rare, all-female top management at a blue-chip (.FTSE) British company and a global pharma major. Brown will receive an annual base salary of more than 900,000 pounds at GSK, the company said.

Register now for FREE unlimited access to Reuters.com RegisterGSK (GlaxoSmithKline) logo is seen in this illustration, August 10, 2022. REUTERS/Dado Ruvic/Illustration/SummarySummary Companies Brown to join GSK in AprilIain Mackay to retire in MaySept 26 (Reuters) - Britain's GSK (GSK.L) has appointed its first female chief financial officer, Julie Brown, to succeed Iain Mackay, as the drugmaker focuses on its core pharmaceuticals business. With Emma Walmsley as GSK's chief executive, Brown's appointment also creates a rare, all-female top management at a blue-chip (.FTSE) British company and a global pharma major. Mackay, 60, will retire next year after almost four years as GSK's finance chief, before which he completed an eight-year stint as group finance director at HSBC. She also served in several finance roles at AstraZeneca (AZN.L), which last year appointed a female CFO, Aradhana Sarin.

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