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☆ Unilever: Ben & Jerry’s and Magnum will form the core of an $8 billion ice cream company
▼ + stars: | 2024-03-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —The world’s biggest ice cream business is about to go it alone. The newly minted firm will boast five of the 10 best-selling ice cream brands worldwide, namely Magnum, Ben & Jerry’s, Breyers, Walls and Cornetto. “The future growth of Unilever and ice cream is best served by separating the business,” Unilever CEO Hein Schumacher told journalists. Philippe Wojazer/ReutersThe origins of Unilever’s ice cream business can be traced back to the summer of 1913, when Thomas Wall started selling ice cream from his family butcher shop in London. But its ice cream sales took a hit last year as cash-strapped consumers cut back on non-essential spending.

Persons: Jerry’s, “, Hein Schumacher, ” Schumacher, Miko Carte, Philippe Wojazer, Thomas Wall, Matt Britzman, Hargreaves, ”, —, Schumacher Organizations: London CNN, Unilever, ” Employees, Schumacher Locations: Saint, France, London, €

☆ Jet engine maker CFM says suspect parts reached its own repair shops
▼ + stars: | 2023-10-05 | by ( Tim Hepher | ) www.reuters.com time to read: +4 min

"CFM is reviewing the documentation turned over by AOG Technics as part of our effort to determine the full extent of their sale of parts with fraudulent documentation," CFM said. AOG Technics could not be reached for comment. The CFM56 is the most sold jet engine in history and was developed by a transatlantic venture that turns 50 next year. The findings cover thousands of parts for the CFM56 engine as well as hundreds of parts for GE's CF6 engines, used mainly on commercial freighters. CFM56 engines entered service in 1982 and power the previous generation of Boeing (BA.N) 737s and about half the previous generation of Airbus (AIR.PA) A320s.

Persons: Philippe Wojazer, France's Safran, AOG Technics, Jose Zamora Yrala, CFM's, Tim Hepher, Bill Berkrot, Deepa Babington Organizations: REUTERS, Rights, Jet, CFM, GE Aerospace, AOG, CFM Materials, Boeing, Airbus, Thomson Locations: Reau, Paris, France, London

The logo of credit rating agency Moody's Investor Services is seen outside the office in Paris October 24, 2011.REUTERS/Philippe Wojazer/File PhotoNEW YORK, Aug 8 (Reuters) - Ratings agency Moody's said the U.S. banking sector is still strong even after it downgraded several small to mid-sized lenders and warned it might cut the ratings of several major banks. "What we're doing here is recognizing some headwinds - we're not saying that the banking system is broken," Ana Arsov, managing director of financial institutions at Moody's, told Reuters in an interview. An S&P index of bank stocks slid 2% after Moody's took action on 27 lenders on Monday, highlighting the challenges of higher interest rates, climbing funding costs and a looming recession that would weigh on profits. "As you look ahead, it doesn't feel like the pressure from interest rates being higher and overall monetary policy tightening is close to abating," said Jill Cetina, an associate managing director at Moody's. Reporting by Lananh Nguyen and Tatiana Bautzer; Editing by Mark Porter and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

Persons: Philippe Wojazer, Moody's, we're, Ana Arsov, Jill Cetina, Lananh Nguyen, Tatiana Bautzer, Mark Porter, Jan Harvey Organizations: Moody's Investor Services, REUTERS, Reuters, Thomson Locations: Paris, Moody's, abating

Assets will be sold within Altice France or outside France to repay debt, Drahi told investors on a conference call. "(The aims is) to raise, one way or another, 3 billion (euros) of equity, plus or minus," Drahi said. Altice France's net leverage ratio at end of June was 6.3 times its yearly core operating profits. Altice France's net debt was close to 24 billion euros at the end of June, up from 23.6 billion at end of March, the group said. Total earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 1.02 billion euros from 1.08 billion euros a year earlier.

Persons: Patrick Drahi, Philippe Wojazer, Drahi, Dennis Okhuijsen, Altice, Portugal Altice's, Armando Pereira, Pereira, Mathieu Rosemain, Ingrid Melander, Silvia Aloisi, Mark Potter Organizations: Altice Group, REUTERS, Altice, Thomson Locations: Franco, Israeli, Paris, France, PARIS, Altice France, Portugal

☆ NY Fed report finds Americans increasingly facing borrowing headwinds
▼ + stars: | 2023-07-17 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

REUTERS/Philippe Wojazer/IllustrationJuly 17 (Reuters) - Americans are increasingly getting shot down when they seek out loans, new data from the New York Fed, released Monday, said. The bank said that the overall rejection rate for credit applicants rose to its highest level since June 2018, and stood at 21.8%, from 17.3% in February. Rejection rates for credit cards, credit limit increases also gained ground. The rejection rate for mortgages stood at 13.2% in June from 10% in February, while the rejection rate for mortgage refinancing jumped to 20.8% last month, from 16.3% in the prior survey. The surge in home lending costs has caused Americans to cut back on borrowing there: The New York Fed reported in May that during the first quarter demand for mortgages fell even as overall household debt levels ticked higher.

Persons: Philippe Wojazer, —, Michael S, Aurora Ellis Organizations: American Express, REUTERS, New York Fed, York, Consumer, Thomson Locations: February’s

☆ Visa revenue growth slows more as tough economy sobers spending
▼ + stars: | 2023-01-27 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

REUTERS/Philippe Wojazer/Illustration//File PhotoJan 26 (Reuters) - Visa Inc's (V.N) revenue growth continued to wind back to pre-pandemic levels in the first quarter as the post-lockdown travel craze ebbed and consumer spending slowed in a tough economy. The growth was, however, far lower than a 40% surge in cross-border volumes in the first quarter of 2021 and a 20% jump in payments volumes. The firm's exit from Russia will impact reported payments volume growth rates in the second quarter, Prabhu said on a post-earnings call. Earlier in the day, rival Mastercard Inc (MA.N) forecast current-quarter revenue growth below expectations as pent-up demand for travel was seen slowing going forward. Visa reported a profit of $2.18 a share, comfortably above the $2.01 estimated by analysts, according to Refinitiv.

☆ Visa profit beats estimates on resilient consumer spending
▼ + stars: | 2023-01-26 | by ( Mehnaz Yasmin | ) www.reuters.com time to read: +2 min

[1/2] A Visa credit card is seen on a computer keyboard in this picture illustration taken September 6, 2017. REUTERS/Philippe Wojazer/Illustration//File PhotoJan 26 (Reuters) - Visa Inc's (V.N) first-quarter profit beat Wall Street targets on Thursday as its payments volume held steady with Americans still spending on international travel despite an economic slowdown. That was, however, far lower than last year's 40% surge in cross-border volumes and a 20% jump in payments volumes. Reuters GraphicsVisa's revenue rose at the slowest rate in seven quarters, gaining 12% to $7.9 billion. read moreThe company on Thursday reported a profit of $2.18 a share, comfortably above the $2.01 estimated by analysts, according to Refinitiv.

☆ Amundi to co-invest in Alantra's 1.7 bln euro solar platform
▼ + stars: | 2023-01-11 | by ( Andres Gonzalez | ) www.reuters.com time to read: +1 min

[1/2] The Amundi company logo is seen at their headquarters in Paris, France, October 7, 2015. N-Sun aims to raise 700 million euros ($752.36 million) in equity and 1 billion in debt. Amundi and Reichmuth will contribute to the equity portion, Alantra's spokesperson said. The solar farms are in different stages of development and will be fully operative by the end of 2025, the companies said. Once completed, the portfolio will generate the equivalent of the annual consumption of more than 800,000 households and more than 180 million euros in revenues.

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. Hermes (HRMS.PA) and Pernod Ricard (PERP.PA) both said they will continue to raise prices, after beating expectations in the July-September quarter. Mainland China also saw a strong rebound after COVID-19 restrictions were lifted, although some restrictions have since been reimposed. PRICE RISESThe world's biggest luxury group LVMH (LVMH.PA) last week kicked off the earnings season with forecast-beating sales -- and no signs of a let-up in demand. The results from Pernod and Hermes bode well for beauty giant L'Oreal (OREP.PA) and Gucci-owner Kering (PRTP.PA), which both report results later on Thursday.

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