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☆ Climate inaction will cost businesses more than transition, says former Unilever CEO
▼ + stars: | 2023-11-30 | 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 EmailClimate inaction will cost businesses more than transition, says former Unilever CEOFormer Unilever CEO Paul Polman says the world is "spewing out" more carbon than it can afford.

Persons: Paul Polman Organizations: Unilever, Former Unilever

☆ Branding’s corporate titans face moment of truth
▼ + stars: | 2023-11-22 | by ( Aimee Donnellan | ) www.reuters.com time to read: +8 min

Now for the first time this century, sales volumes at the big consumer goods manufacturers are falling. In the first nine months of the year, Kraft Heinz said the quantity of its sold items declined by nearly 6 percentage points year-on-year. That’s likely to allow Nestlé, Kraft Heinz and Unilever to see flat or modest increases in 2023 sales, LSEG data shows. Earlier this year, outgoing Kraft Heinz Chief Executive Miguel Patricio said the company lost market share to a branded competitor that spent more. Unilever, Nestlé and Kraft Heinz have all pointed to a slowing of price growth in the coming year.

Persons: Kraft Heinz, Nestlé, ’, Xavier Roger, Kraft, what’s, John Furner, Miguel Patricio, Mars, ”, François, EY, George Hay, Streisand Neto, Thomas Shum Organizations: Reuters, Consumer, Kraft, Unilever, Danone, ’, United Nations, Reuters Graphics Reuters, Nestlé, Kraft Heinz, Target, Reuters Graphics, Obesity, Mondelez, Walmart, “, Thomson Locations: U.S, Europe, Australia, Norway, Chocolat, London

☆ Kim Kardashian is investing in the maker of truffle-infused condiments
▼ + stars: | 2023-11-21 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Kim Kardashian’s private equity firm has announced its first investment: A company that makes truffle-infused sauces that sell for about $20 a bottle. SKKY Partners, the company she formed last year with a former executive at Carlyle Group, has acquired a “significant minority stake” in Truff sauces. The six-year-old brand has recently grown in popularity for its condiments that extends from hot sauce to mayonnaise. The sauce brand has recently had high-profile collaborations with Taco Bell for a custom hot sauce and Hidden Valley for a special dressing. Skims, her underwear and apparel brand, recently launched a line for men.

Persons: New York CNN — Kim, SKKY, —, ” Kardashian, “, Truff, Taco, Ramadan, SKKY weren’t, Neil Saunders, ” Saunders, Jay Sammons, Carlyle, hadn’t Organizations: New, New York CNN, SKKY Partners, Carlyle Group, ”, Foods, Taco Bell, Unilever, Financial, GlobalData, CNN, ” Investment Locations: New York

☆ Some Chick-fil-A customers can now skip the drive-thru and have their chicken sandwiches delivered by drone
▼ + stars: | 2023-11-20 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

Chick-fil-A began testing drone delivery in Texas and North Carolina last year. Retailers and restaurants testing drone service include Walmart, Amazon, and Jersey Mike's. Chick-fil-A restaurants in Granbury, Texas, and Durham, North Carolina, have been testing drone deliveries since September 2022. AdvertisementIn Florida, customers within the restaurant's drone drop zone can order delivery by drone through the Chick-fil-A app. Drone delivery is still experimental in the US but is catching on among top retailers and restaurant chains.

Persons: —, Chick, Cane's, Papa Organizations: Florida . Retailers, Walmart, Amazon, Service, Papa Johns , Jersey Mike's Subs, Cream, Little Caesars, Starbucks Locations: Texas, North Carolina, Florida, Jersey, Brandon, Granbury , Texas, Durham , North Carolina, Virginia Beach , Virginia, Tel Aviv, Papa Johns , Jersey, Little, Southern California, California, California , Texas

☆ Inside WPP's multiyear plan to transform its giant media buying business GroupM
▼ + stars: | 2023-11-14 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +4 min

While GroupM always had country-level P&Ls, it previously let its individual agencies — EssenceMediaCom, Wavemaker, MSix&Partners, and Mindshare — be responsible for their own budgets. This move is the latest in Juhl's plan to make these different media agencies follow similar business practices across all of the markets in which GroupM operates. Under Juhl, GroupM centralized media delivery within a unit called Nexus and centralized all of GroupM's data and technology within a unit called Choreograph. Juhl said that despite the push to streamline its business, GroupM's individual agency brands will continue to operate as separate entities rather than a homogenous media group. WPP said last month it will reveal more details about its plans to simplify GroupM at its Capital Markets Day in January.

Persons: Christian Juhl, GroupM, Juhl, —, Publicis, EssenceMediaCom, Mindshare, Kirk McDonald Organizations: Business, Ls, MSix, Partners, Groupe, Unilever, North America, WPP Locations: GroupM, China

☆ China versus India: The pros explain why they prefer one — and share their stock picks
▼ + stars: | 2023-11-10 | by ( Weizhen Tan | ) www.cnbc.com time to read: +5 min

Which economic giant should emerging markets investors go for: China or India? India is the "best structural growth opportunity" in emerging markets, according to Malcolm Dorson, head of emerging markets strategy at Global X ETFs. LPL Financial's chief technical strategist, Adam Turnquist, added that India has emerged as an increasingly attractive alternative to China. Where and how to invest in India Investors could go for the "booming areas" in India — renewables such as hydrogen and solar energy, as well as agricultural tech, according to Sharma. But both Krosby and Dorson would advocate active management in emerging markets such as India, given political and economic complexities, among other reasons.

Persons: Malcolm Dorson, Morgan Stanley, Dorson, Quincy Krosby, Krosby, LPL, Adam Turnquist, Alejandra Grindal, Ned Davis, Rahul Sen Sharma, Sharma, Morningstar Organizations: Shenzhen Component, CNBC, Global, Chinese Communist Party, LPL, Ned, Ned Davis Research, India Investors, India, Hindustan Unilever, Nestle India, Jewelry, India Active Locations: China, India, Shenzhen, Asia, Beijing

☆ Here are Thursday's biggest analyst calls: Nvidia, Disney, Tesla, Instacart, Arm, Rivian, Target & more
▼ + stars: | 2023-11-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs initiates Apellis Pharmaceuticals as buy Goldman initiated the biotech company with a buy and says it sees "continued execution." Bank of America reiterates Disney as buy Bank of America said it's standing by its buy rating after Wednesday's earnings report. Goldman Sachs reiterates Arm as overweight Goldman said it's sticking with its buy rating after the stock's earnings report on Wednesday. Goldman Sachs reiterates Instacart as buy Goldman said it's sticking with its buy rating on the grocery delivery company after Instacart's earnings report on Wednesday. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's sticking with its overweight rating on the electric vehicle company. "

Persons: Goldman Sachs, Goldman, Tesla, WK Kellogg, Kellogg, Wolfe, Instacart, Morgan Stanley, Rivian, Eli Lilly, MRK's Keytruda, Evercore, it's bullish, Parker, Wells, it's, Hein Schumacher Organizations: Apellis Pharmaceuticals, HSBC, Tesla, Barclays, JPMorgan, Bank of America, Disney, ARM, Deutsche Bank, Deutsche, Merck, pharma, TAP, Industrial, Nvidia, Anheuser, Busch InBev, Bud, Offshore, Unilever, OW, Citi Locations: North America, Montrose

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsLONDON, Nov 6 (Reuters) - Unilever (ULVR.L) top-10 investor Lindsell Train welcomed its recent management changes and said it had already discussed the consumer goods company's next steps with the incoming chairman. These moves demonstrated that Unilever thinks that a "fresh perspective on all aspects of the business is necessary", Nick Train, manager of the Finsbury Growth & Income Trust and co-founder of Lindsell Train, told Reuters. A bungled attempt to buy GSK's consumer healthcare business was followed by billionaire activist investor Nelson Peltz joining the board. "We maintain a productive open dialogue with the company and most recently met with the new (Unilever) chairman to hear his view on the most beneficial next steps," Train said. Matt Close, president of its ice cream business, will also leave after a more than three-decade career with Unilever.

Persons: Andrew Kelly, Nick Train, Hein Schumacher, Schumacher, Alan Jope, Nelson Peltz, Ian Meakins, Nils Anderson, Hanneke Faber, Priya Nair, Matt Close, Richa Naidu, Matt Scuffham, Alexander Smith Organizations: Unilever, REUTERS, Lindsell, Income Trust, Reuters, Thomson Locations: Manhattan , New York City, U.S, Finsbury

☆ Carlsberg would rather lose its Russian business than negotiate a deal with Moscow, and it shows how hard it is for companies to exit the market
▼ + stars: | 2023-11-02 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The CEO of Danish brewer Carlsberg says Moscow has "stolen" its business in Russia. Moscow seized Carlsberg's assets in July, weeks after the brewer announced it had found a buyer for its Russian business. Carlsberg said it's cutting ties with its Russian business as it can't find an acceptable solution to resolve the issue. AdvertisementAdvertisementDanish brewer Carlsberg operates eight breweries and employs more than 8,000 people through its Russian unit, Baltika Breweries. However, on July 16, Russia seized Baltika.

Persons: Carlsberg, Moscow, —, Jacob Aarup, Andersen, Dmitry Medvedev, Medvedev, they'd, Baltika, Carlsberg's Organizations: Service, Carlsberg, Baltika Breweries, Carlsberg Group, Financial Times, Russian, Unilever Locations: Moscow, Russia, Carlsberg, Ukraine, British

☆ The CEO of Unilever won't get a pay increase for 2 years after a backlash from shareholders
▼ + stars: | 2023-10-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Unilever CEO Hein Schumacher will have his pay frozen until 2026.will have his pay frozen until 2026. AdvertisementAdvertisementThe CEO of Unilever won't be able to get a pay rise until 2026 amid shareholder frustration, Bloomberg reported. The board's proposed pay package was rejected by shareholders at Unilever's annual general meeting in May, per Bloomberg. That's a nearly 20% increase on the fixed pay of the previous CEO, Alan Jope, from whom Schumacher took over in July. It means Schumacher won't be eligible for a pay increase in 2024 or 2025, and his fixed pay level will be reviewed by a compensation committee in 2026.

Persons: Hein Schumacher, Schumacher, —, That's, Alan Jope, Jope, Nelson Peltz, Terry Smith Organizations: Unilever, Service, Bloomberg, Reuters, Telegraph

☆ Unilever to freeze new CEO's fixed pay for two years
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Shareholders rejected resolution to adopt directors' pay in MayCEO's fixed pay level to be reviewed in 2026Oct 30 (Reuters) - Consumer goods company Unilever (ULVR.L) said on Monday its board had decided to freeze CEO Hein Schumacher's fixed pay for the next two years, after his initial pay package was rejected by shareholders in May. The pay deal for Unilever’s directors, including Schumacher, was rejected at its annual general meeting with a near 60% majority. Schumacher, who took up the role in July, will not be eligible for a fixed pay increase in 2024 and 2025. The compensation committee will review his fixed pay level in 2026.

Persons: Brendan McDermid, Hein Schumacher's, Schumacher, Nelson Peltz, Alan Jope’s, Anchal Rana, Devika Syamnath, Arun Koyyur Organizations: Unilever, New York Stock Exchange, REUTERS, Consumer, Thomson Locations: New York, U.S, Bengaluru

☆ These skills could earn you more money and help futureproof your career
▼ + stars: | 2023-10-29 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Workers with AI skills earn up to 40% more than those without them, new research finds. It comes as companies increasingly aim to hire staff with specialized AI skills. The study, which surveyed 25,000 freelance workers, showed that knowledge of machine learning, open-source AI software, and deep learning salaries were the skills employers valued the most. Speaking at the Google Cloud Next conference in London earlier this month, Unilever chief technology officer Adam Raeburn-Jones said AI skills will be a crucial factor in future hiring decisions. Stephan Pretorius, CTO of advertising agency WPP, said his company was now hiring people with specialist AI skills, and that employers would have to battle to attract young workers with AI expertise.

Persons: —, Fabian Stephany, Adam Raeburn, Jones, Jobseekers, Raeburn, Stephan Pretorius Organizations: Service, Workers, Research, Oxford Internet Institute, University of Copenhagen, Google, Unilever, WPP, Columbia University Locations: London

☆ Investors reject Sanofi's cure to sickly valuation
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +3 min

LONDON, Oct 27 (Reuters Breakingviews) - Sanofi (SASY.PA) investors dislike CEO Paul Hudson’s prescription to reinvigorate the pharmaceutical group’s weak valuation. Analysts polled by LSEG expect the division to hit an EBIT of 1.6 billion euros this year. On listed rival Haleon’s 15.6 times multiple, that business could be worth 25 billion euros. The rest of the Sanofi business may generate EBIT of 11.4 billion euros. The problem is that investors don’t appear to want to take the harsh medicine that leads to a cure.

Persons: Paul Hudson’s, Ernst & Young, Sanofi, EBIT, Roche, Karen Kwok, Francesco Guerrera, Streisand Neto Organizations: Reuters, Sanofi, Ernst, LSEG, Novartis, Novo Nordisk, GSK, AstraZeneca, X, Unilever, Thomson

☆ Oil giants’ wavering discipline
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. The two companies reported somewhat similar results on Friday, with the $420 billion Exxon earning $9.1 billion, and the $279 billion Chevron making $6.5 billion. With more than $110 billion in acquisitions between the two of them, investors might wonder where they will slot in. Exxon returned over $8 billion to investors and Chevron $6 billion, and right now that’s not at the expense of their balance sheets. Over the past decade both stocks have sharply underperformed the S&P 500 Index (.SPX) as they’ve grown their positions dramatically.

Persons: Dado Ruvic, Hess, Robert Cyran, Lauren Silva Laughlin, Sharon Lam Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Exxon, Pioneer Natural Resources, X, Investors, Unilever, Thomson

☆ Deodorants are the big winners of the return to office movement
▼ + stars: | 2023-10-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Consumer goods giant Unilever reported strong deodorant sales in the third quarter of 2023. AdvertisementAdvertisementPeople returning to the office and going out socializing again are driving the sales of deodorants, according to consumer goods giant Unilever. Deodorant sales were particularly robust in Latin America and Europe, the company in its third-quarter earnings release. AdvertisementAdvertisementUnilever reported a similar strong deodorant sales growth last year and saw a big demand surge for deodorants after people started socializing as COVID-19 pandemic lockdowns eased. Overall, Unilever reported a 5.2% rise in underlying sales in the third quarter of the year from a year ago, meeting analysts' average forecast.

Persons: —, Graeme Pitkethly Organizations: Unilever, Guardian, Service, Strong Locations: America, Europe

☆ Ford’s electric drive is going the wrong way
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Rebecca Cook Acquire Licensing RightsNEW YORK, Oct 26 (Reuters Breakingviews) - Ford Motor (F.N) may have dealt with its labor problem. While the ebb and flow of fossil-fueled fortunes is nothing new, Ford’s electric-car pivot is printing more red ink than ever. But Ford is trying to scale to profitable sales and right now, things are going the wrong way. The company’s electric division recorded a nearly $37,000 operating loss per battery-powered ride sold this quarter, 51% worse than last year. With once sky-high electric prices now free-falling, Ford faces the brass-tacks problem of simply grinding down costs.

Persons: Jim Farley, Rebecca Cook, can’t, nix, Ford, Jonathan Guilford, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Ford Motor, North American, REUTERS, Reuters, Ford, General Motors, Cox, X, Unilever, Thomson Locations: Detroit , Michigan, U.S, Detroit

☆ Unilever is selling Dollar Shave Club, the quirky direct-to-consumer pioneer that never really fit in with the massive company
▼ + stars: | 2023-10-26 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Unilever is selling Dollar Shave Club seven years after paying $1 billion for the brand. Unilever struggled to grow Dollar Shave Club, sources previously told. "Dollar Shave Club did not deliver as expected, and the economics of the DTC model changed," then-CEO Jope said during an earnings call in 2022. "Dollar Shave Club will also serve as a platform for additional brands with a similar DNA." Do you have a story idea about Dollar Shave Club or Unilever to share?

Persons: —, Fabian Garcia, Michael Dubin, Mark Levine, Schick, Dubin, Graeme Pitkethly, You've, Alan Jope, hadn't, Jope, Michael Cohen Organizations: Unilever, Nexus Capital Management, NEW, Service, Care, Gillette, Schmidt's Naturals, Procter & Gamble, Club Locations: cologne

☆ New-look Unilever retains its old-style opacity
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

Unilever logo is displayed on Dove soap boxes in this illustration taken on January 17, 2022. Back in 2017 Unilever fought off a Kraft Heinz (KHC.O) takeover approach by pledging a 20% operating margin; now there just isn’t a target. But it leaves a question mark over Unilever’s long-term direction. And it might leave long-term critics like fund manager Terry Smith still griping about opacity. In January Smith complained that Unilever had revealed the price tag on only three of 27 acquisitions in its Beauty and Wellbeing division over eight years.

Persons: Dado Ruvic, Hein Schumacher’s, Kraft Heinz, Alan Jope, Terry Smith, Smith, Schumacher, George Hay, Peter Thal Larsen, Oliver Taslic Organizations: Unilever, REUTERS, Reuters, Kraft, X, Thomson

☆ 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

☆ French food group Danone raises sales goal as Q3 beats forecasts
▼ + stars: | 2023-10-26 | by ( Dominique Vidalon | ) www.reuters.com time to read: +2 min

Dairy products of French food group Danone are seen in a supermarket in Nice, France, January 9, 2023. REUTERS/Eric Gaillard/File photo Acquire Licensing RightsPARIS, Oct 26 (Reuters) - French food group Danone (DANO.PA) raised its 2023 revenue growth forecast after its third-quarter sales beat analysts' estimates, as higher prices helped offset lower volumes. Overall, Danone increased its prices by 6.6% during the quarter while sales volume declined 0.3%, a sequential improvement led by Essential Dairy and Plant-based. Danone, like its rivals Nestle (NESN.S) and Unilever (ULVR.L), has increased prices to cope with higher commodities and supply chain costs. Last week, Nestle (NESN.S) posted lower-than-expected nine-month sales growth as higher product prices made shoppers balk.

Persons: Eric Gaillard, Antoine de Saint, Affrique, Dominique Vidalon, Sudip Kar, Gupta, Jacqueline Wong Organizations: Danone, REUTERS, Rights, Evian, Essential Dairy, Nestle, Unilever, Investors, Thomson Locations: Nice, France, Europe

☆ Amazon's grey cloud is the new blue sky
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsNEW YORK, Oct 26 (Reuters Breakingviews) - Amazon.com’s (AMZN.O) cloud business is offering a small sliver of light. The performance matches last quarter’s growth and is in-line with what analysts were expecting, according to LSEG. Alphabet, in its earnings on Tuesday, said its similar unit’s growth rate slowed. Shares in the company led by Sundar Pichai declined by a tenth in two days. It’s not exactly a cloudless sky - AWS growth is slowing relative to last year, and its growth rate is still 10 percentage points below Alphabet’s.

Persons: Andy Jassy, Mike Blake, Sundar Pichai, It’s, Jennifer Saba, Lauren Silva Laughlin, Sharon Lam Organizations: Amazon Web Services, REUTERS, Reuters, North, X, Unilever, Thomson Locations: Laguna Beach , California, U.S, It’s

☆ Morning Bid: ECB on hold, five's alive in the US
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A view shows the European Central Bank (ECB) flag and the flag of the European Union in front of the ECB Building in Frankfurt, Germany, September 14, 2023. All 85 economists polled by Reuters last week expected the European Central Bank to stay on hold. Israel bombarded Hamas targets as it prepared for a ground invasion, with Russia warning the conflict could spread beyond the Middle East. Russia said it successfully tested its ability to deliver a massive retaliatory nuclear strike by land, sea and air. Reuters GraphicsKey developments that could influence markets on Thursday:Economics: European Central Bank meeting, U.S. GDPEarnings: Unilever, Mercedes, Standard Chartered and, after market close, AmazonReporting by Tom Westbrook.

Persons: Wolfgang Rattay, Tom Westbrook, Mike Johnson, Trump, Ted Pick, James Gorman, Morgan Stanley, Pick, Israel, Sam Holmes Organizations: European Central Bank, European Union, REUTERS, Reuters, Unilever, Mercedes, Treasury, Nasdaq, Republican, United Auto Workers, Ford, Standard Chartered, Amazon, Thomson Locations: Frankfurt, Germany, Asia, U.S, Louisiana, Ukraine, Russia, East

☆ US growth boom tees up year-end bust
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

The latest report on the country's growth is worth celebrating, but not for too long. Household incomes after inflation and taxes fell by $71 billion in the third quarter, according to Pantheon Macroeconomics. That shrank in the third quarter, with managers flagging peak interest rates as a larger concern, leaving less in the pipeline. Yet stores spent $81 billion in excess inventory last quarter and are likely to wait to restock shelves. Last quarter’s boom should give way to a bust.

Persons: Lee Jae, LSEG, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Rights, Reuters, Macroeconomics, Savings, Companies, X, Unilever, Thomson Locations: U.S

☆ London stocks slip as downbeat earnings weigh
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo Acquire Licensing RightsSummaryCompanies FTSE 100 down 0.8%, FTSE 250 off 0.6%Oct 26 (Reuters) - The UK's FTSE 100 edged lower on Thursday as Standard Chartered led a slide in bank stocks and Unilever led a drop in consumer shares after the two blue-chip companies posted disappointing earnings. The FTSE 100 (.FTSE) declined 0.8% by 0709 GMT, while the mid-cap FTSE 250 (.FTMC) dipped 0.6%, extending losses to a third straight day. Shares of Standard Chartered (STAN.L) dropped 12.8%, the most on the FTSE 100, after the UK lender flagged a 33% drop in pre-tax profit in the third quarter. The Dove soap maker's shares fell 3.1%, while the personal care, drug and grocery stores index (.FTNMX452010) lost 1.9%.

Persons: Toby Melville, Khushi Singh, Savio D'Souza Organizations: London Stock Exchange Group, City of, REUTERS, Chartered, Unilever, FTSE, Standard Chartered, WPP, Thomson Locations: City, City of London, Britain

☆ Unilever is selling Dollar Shave Club after 7 long, awkward years of trying to make it work
▼ + stars: | 2023-10-26 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

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