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☆ Sanofi’s ailments are more than skin deep
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 3 (Reuters Breakingviews) - Sanofi (SASY.PA) is battling multiple ailments. The $115 billion French pharma group on Friday forecast “low single digit” growth in earnings per share for 2023, disappointing analysts. Hence it’s more reliant on the star asthma and eczema drug Dupixent, which contributed nearly a fifth of Sanofi’s 43 billion euros of sales in 2022. Last August, $36 billion was wiped off Sanofi, GSK (GSK.L) and spinoff Haleon (HLN.L) shares on U.S. litigation fears. It currently trades on 10 times its forecast 2023 earnings, while Novartis (NOVN.S) trades on 13 times.

☆ Gautam Adani’s crisis will hit India hard: podcast
▼ + stars: | 2023-02-02 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Breakingviews: Adani’s share sale U-turn spares only some blushes, article with imageBreakingviews category · February 2, 2023 · 1:44 AM UTCMarkets have given Gautam Adani a big bloody nose, and his backers a partial reprieve. The tycoon’s decision on Wednesday to pull the $2.4 billion share sale at his flagship Adani Enterprises was all but forced after a 28% plunge in the company’s share price the day after it closed the books. Cancelling the deal is marginally better than stuffing above-market-price stock down investors’ throats. The U-turn is nonetheless a key sign the support for the Indian industrialist has a limit.

☆ Global supply chain scars will spark sea change: podcast
▼ + stars: | 2023-01-31 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

Euro zone can afford to keep fiscal taps running, article with imageBreakingviews category · January 31, 2023 · 10:16 AM UTCIn the past two years, European governments opened the fiscal faucets, flooding the euro zone with around 530 billion euros to combat the effects of the pandemic and Russia’s invasion of Ukraine. This outburst of austerity looks short-sighted. Government budgets and debt burdens are manageable. Finance ministers should use the extra funds to enhance growth, help lower-income groups and enact structural reforms. If they don’t overdo it, governments can also ease the blow of the European Central Bank’s efforts to tame inflation.

☆ Unilever’s new boss whets appetite for split
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 30 (Reuters Breakingviews) - Unilever’s new chief executive is arguably a bit low fat. The appointment of board member Hein Schumacher, CEO of Dutch dairy cooperative FrieslandCampina, will instead have investors wondering whether Unilever needs to split its food and non-food arms. Unilever’s current share price is barely 40 euros per share. (By Aimee Donnellan)Follow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

But add a candidate representing the Bernie Sanders wing of the party, Ro Khanna, and a living legend who got her start with the Black Panthers and would become the only Black woman in the Senate, Barbara Lee — now you're talking about a California Senate race for the ages. Reaching voters isn’t easy in California, with a population approaching 40 million and a land mass bigger than that of many countries. But the race will affect the future of the Democratic Party, both in California and beyond. “An appointment would be a way to make sure that this country has the essential voice of a Black woman,” Allison said. And I don’t see and I don’t understand why it isn’t happening.”Meanwhile, as Lee watches Feinstein, Bernieworld is watching Lee.

☆ H&M’s fast-fashion parade is skating on thin ice
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 27 (Reuters Breakingviews) - H&M’s (HMb.ST) outfit is once again failing to impress. That corresponds to a meagre operating margin of 1.3%, a far cry from the around 15% margin larger rival Inditex (ITX.MC) is expected to report in its fourth quarter. H&M’s operating margins were already lingering in the mid-single-digit area before inflation became a problem. Sales growth of just 5% in December and January suggests the Swedish retailer is struggling to recover to its pre-crisis levels. If a recession curbs even more consumer spending, H&M’s profit margin may disappear.

☆ Sainsbury’s latest bid chatter looks overblown
▼ + stars: | 2023-01-27 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 27 (Reuters Breakingviews) - Sainsbury’s (SBRY.L) is in the crosshairs of discount shoppers. Although the news drove Sainsbury’s shares up 5%, a bid looks unlikely. Its 530 million pounds of EBITDA in 2022 was less than a quarter of Sainsbury’s, implying any deal would be a stretch. And Bestway would have to win over the Qataris and Czech billionaire Daniel Kretinsky who together own nearly a quarter of Sainsbury’s. Before Friday’s share bump, Sainsbury’s traded at around 5.5 times its forward EBITDA compared to larger rival Tesco (TSCO.L) which trades on 6.5 times.

☆ Diageo fortunes rest on reviving America’s thirst
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 26 (Reuters Breakingviews) - Investors in Diageo (DGE.L) are suffering from fading animal spirits. The share price of the $97 billion drinks company, which makes Guinness and Baileys, slumped 6% on Thursday, even though its 9% net sales growth beat analysts’ expectations of 8%. It’s possible that drinkers are getting more cautious, fearing a possible recession, and tempering their purchases of pricier booze. Sales in North America grew by just 3% year-on-year in the most recent six-month spell, compared with 14% a year earlier. But if the dry spell continues, Diageo shareholders may be nursing a more lasting headache.

☆ Why retail bankers are beating dealmakers: podcast
▼ + stars: | 2023-01-26 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Jan 26 (Reuters Breakingviews) - JPMorgan, Citigroup and Goldman Sachs’ earnings revealed that the basic business of lending money is thriving, while investment banking is not. In this Viewsroom podcast, Breakingviews columnists debate what this says about the U.S. economy and what to expect from the Europeans. Listen to the podcastFollow @aimeedonnellan on TwitterloadingEditing by Sharon Lam and Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Hope and optimism are surprise guests at Davos: podcast
▼ + stars: | 2023-01-19 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Jan 19 (Reuters Breakingviews) - Business leaders like Bank of America’s Brian Moynihan and Microsoft’s Satya Nadella are attending this week’s World Economic Forum. In this Viewsroom podcast, Breakingviews columnists give a view from the ground, debate the upbeat tone and explain why politicians stayed home. Listen to the podcastFollow @aimeedonnellan on TwitterEditing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 'Sex Education' co-stars Wood and Mackey among BAFTA Rising Star nominees
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +1 min

LONDON, Jan 17 (Reuters) - Emma Mackey and Aimee Lou Wood, who rose to fame on hit Netflix show "Sex Education", and historical epic "The Woman King" actor Sheila Atim are among the nominees in the rising star category in the BAFTA Film Awards. Mackey and Wood play close friends in the Netflix comedy drama about teenagers trying to figure out their love lives. Wood, who has previously won a BAFTA TV award for Female Performance in a Comedy Programme for "Sex Education", was recognised on Tuesday for her role in drama "Living". Mackey was nominated for her portrayal of "Wurthering Heights" novelist Emily Bronte in biographical drama "Emily". The EE Rising Star Award is the only category voted for by the public at the annual British Academy of Film and Television Arts Film Awards, which this year will take place on Feb. 19 in London.

☆ Global energy prices face a turbulent 2023: podcast
▼ + stars: | 2023-01-12 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Jan 12 (Reuters Breakingviews) - The cost of natural gas has halved from a peak last year thanks to warmer weather and bulky European stores. In this Viewsroom podcast, Breakingviews columnists discuss why it’s too early for companies and households to rule out further supply shocks and price volatility. Listen to the podcastFollow @aimeedonnellan on TwitterEditing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Bayer’s rude health lays better path for breakup
▼ + stars: | 2023-01-11 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

Activists like Jeff Ubben’s Inclusive Capital Partners may now, however, be in a better position to push for a breakup. Smaller peer Bluebell Capital Partners has also bought in recently. Using UBS forecasts, they would be worth 50 billion euros and 88 billion euros respectively. Its smaller consumer drugs division might fetch another 18 billion euros, using peer Reckitt Benckiser’s (RKT.L) 12 times multiple. Add them up, take off debt, pension liabilities and a further 6 billion euros of future Roundup litigation costs, and Bayer’s equity could be worth nearly 110 billion euros.

☆ AstraZeneca’s new deal is smarter than it looks
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 9 (Reuters Breakingviews) - On the face of it, Pascal Soriot’s new deal ought to raise his shareholders’ blood pressure. The boss of $221 billion pharma giant AstraZeneca (AZN.L) has agreed to buy CinCor Pharma (CINC.O) for up to $1.8 billion. Yet paying $26 in cash per CinCor share and an extra $10 per share if a key drug is submitted for regulatory approval represents a 206% bump to CinCor’s closing share price on Friday. The pharma industry has a war chest of over half a trillion dollars to splurge on knock-down biotech stocks this year. If the next trial goes better, Astra’s deal may not look so toppy.

☆ Entrepreneurs, Small Business Owners in US, UK Paying Virtual Assistants $2.50 Per Hour
▼ + stars: | 2023-01-05 | by ( Aimee Pearcy | ) www.businessinsider.com time to read: +12 min

Virtual assistants help small-business owners with tasks like entering data, managing email, answering calls, creating client invoices, handling live chat support, and bolstering social-media engagement. Other virtual assistants aren't as fortunate. Since Jonas launched OnlineJobs.ph in 2009, he said, it has become a leading platform for Filipino virtual assistants, with over 2 million profiles offering services. Paying virtual assistants similar rates, regardless of whether they're also in a Western country, is an obvious solution. "Virtual assistants work with a client constantly.

☆ Aldi is the US's fastest-growing grocery chain and more middle-income households are shopping there. Here are the no-frills tactics that help make it so cheap.
▼ + stars: | 2022-12-28 | by ( Grace Dean | ) www.businessinsider.com time to read: +13 min

More middle-income households are shopping there, lured by low prices and Aldi's "treasure hunt" approach. Smaller properties are cheaper to buy and maintain, and Aldi has said that its store layout enables "quick and easy shopping." Monford added that consumers "don't mind" that products aren't taken out of their boxes because they're shopping at Aldi for value. Campbell said the Aldi stores near her generally had just four or five aisles. Vadakkepatt said Aldi's stores have fewer employees and shorter hours than at other chains.

☆ Global finance unknowns are more “who” than “what”
▼ + stars: | 2022-12-27 | by ( Aimee Donnellan | ) www.reuters.com time to read: +4 min

LONDON, Dec 27 (Reuters Breakingviews) - After British pension funds narrowly dodged catastrophe in 2022, regulators are hunting enthusiastically for hidden risks in the non-bank financial industry. The key to stopping a crisis isn’t locating the landmines – it’s working out who’s most likely to stand on them. As a result, regulators everywhere, including the G20’s financial stability task force, are on high alert looking for hidden leverage. Emerging market funds are one place to start the search. Before the pandemic, banks, hedge funds and other investors were happy to back corporate takeovers with high levels of debt.

☆ Big Pharma will find right formula for M&A binge
▼ + stars: | 2022-12-20 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

The year 2022 was relatively thin for pharma M&A, with deals worth nearly $66 billion being announced by early December – 60% below the 9-year average, according to Refinitiv data; 2023 will be better. It helps that drug companies are relatively healthy, with debt around just 1.6 times forecast EBITDA in 2023, according to Berenberg analysts. Seagen (SGEN.O), for example, worth $22 billion in early December, has fought off Merck & Co (MRK.N). That puts Big Pharma in an ideal negotiating position. CONTEXT NEWSGlobal pharmaceutical companies spent nearly $66 billion on takeovers in 2022, according to data from Refinitiv as of Dec. 7.

☆ Breakingviews: Unilever ice cream saga may sour ESG deals
▼ + stars: | 2022-12-16 | by ( ) www.reuters.com time to read: +2 min

LONDON, Dec 16 (Reuters Breakingviews) - Unilever’s (ULVR.L) drawn-out ice cream drama offers food for thought on buying companies with strong political leanings. The consumer goods group said on Thursday that its litigation with the independent board of Ben & Jerry’s over the sale of its Israeli ice cream business has “been resolved”. The ice cream mess made for an odd corporate drama. Unilever bought the hipster brand in 2000 for $326 million, leaving Ben & Jerry’s board more independence than a typical subsidiary. The company also asked a judge to stop Zinger from selling the ice cream in the West Bank.

☆ Qatar has got what it wanted from the World Cup: podcast
▼ + stars: | 2022-12-15 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Dec 15 (Reuters Breakingviews) - The Gulf state has taken more flak than it would have done had it not staged the soccer tournament, which ends on Sunday. Yet in this Viewsroom podcast, Breakingviews columnists discuss how Qatar’s largely successful event also aids a strategy to make itself globally visible. Listen to the podcastFollow @aimeedonnellan on TwitterEditing by Sharon LamOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ The implications of Blackstone’s property wobble: podcast
▼ + stars: | 2022-12-08 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Dec 8 (Reuters Breakingviews) - The giant alternative asset manager’s market value dropped by $8 bln after it said investors were exiting its flagship real estate fund. In this Viewsroom podcast, Breakingviews columnists discuss the causes of the jitters and how rivals are vulnerable to similar moves. Listen to the podcastFollow @aimeedonnellan on TwitterEditing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Big Pharma’s heartburn win is a valuation salve
▼ + stars: | 2022-12-07 | by ( Aimee Donnellan | ) www.reuters.com time to read: +3 min

The equity value of GSK (GSK.L), Sanofi (SASY.PA) and Haleon (HLN.L) crashed in August, after analysts warned of a massive thwack linked to claims that heartburn medication Zantac caused cancer. On Tuesday, a Florida judge broadly agreed and threw out roughly 50,000 claims in federal court. Morgan Stanley analysts had estimated the overall Zantac litigation hit could have been as high as $45 billion. The Zantac judge has just proved that courts can be a help as well as a hindrance. Shares in GSK were up 9% to 15.08 pounds as of 0958 GMT on Dec. 7, while Sanofi rose 5% to 90.03 euros.

☆ The complexities of EY’s big breakup bet: podcast
▼ + stars: | 2022-12-06 | by ( Aimee Donnellan | ) www.reuters.com time to read: 1 min

LONDON, Dec 6 (Reuters Breakingviews) - The Big Four firm is pushing a plan to separate its auditing unit from its consulting business. In this Exchange podcast Andy Baldwin, global managing partner, discusses the challenges of convincing partners in over 70 countries to back the split – and what happens if it fails. Listen to the podcastFollow @aimeedonnellan on TwitterEditing by Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Japan vs. Croatia: Samurai Blue aiming to reach World Cup quarterfinals for first time
▼ + stars: | 2022-12-04 | by ( Aimee Lewis | ) edition.cnn.com time to read: +31 min

CNN —In a World Cup of surprises, Japan has played a leading role in headline-making shock results. Croatia is a team undefeated in nine of its last 10 World Cup matches. They made history Thursday as the first all-female refereeing crew for a men's World Cup match. Frappert became the first woman to referee a men's World Cup match. It was Morocco's first World Cup win since 1998 — and its third-ever at the tournament.

☆ ASOS bonus tweak stores up longer-term woes
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +1 min

On Tuesday, the 653 million pound fast fashion retailer changed the targets for José Antonio Ramos Calamonte’s bonus next year. The portion of the up to 1.1 million pound payout linked to revenue growth will fall to 15% from 30%. Meanwhile the share linked to cash flow has been upgraded to 35%, and cost cuts will also be rewarded. With the years of rapid growth over, ASOS may look even more vulnerable to a takeover. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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