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☆ Monte dei Paschi investor CariFirenze doesn't plan to sell stake
▼ + stars: | 2023-03-03 | by ( ) www.reuters.com time to read: +1 min

FLORENCE, Italy, March 3 (Reuters) - A local banking foundation that invested in Monte dei Paschi's (BMPS.MI) new share issue last year said on Friday it had no plans to sell the stake it built under efforts to make the lender part of a larger banking group. Speaking to Reuters on the sidelines of an event, the chairman of banking foundation CariFirenze, Luigi Salvadori, said the Monte dei Paschi (MPS) stake was not a purely financial investment but a strategic one "because we believe there is a need for another large banking group." CariFirenze was one of several banking foundations - traditionally investors in Italian lenders - that responded to an appeal by the Italian Treasury to back the make or break share sale. "We also liked CEO Luigi Lovaglio's plan," Salvadori said. Reporting by Silvia Ognibene, Wriring by Valentina Za; editing by Gianluca Semeraro and Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ UniCredit finds costly fix for faulty CEO pay
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

UniCredit shares are up 75% over the last twelve months, against 22% for the STOXX Europe 600 Banks Index. To give Orcel an incentive to beat his goals again, and to keep the pay-conscious dealmaker happy, UniCredit tweaked the package. It hiked his fixed pay to 3.25 million euros but changed the way the bonus will be allocated. If Orcel hits new and more challenging targets he will earn a bonus of 4.25 million euros, lower than last year’s payout, paid all in stock. But if he overshoots again, he could get up to 9.75 million euros.

☆ Insulin cuts make drug prices a little less bazaar
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

If drug companies don’t play along, insurance companies will go elsewhere. The list price of Sanofi’s (SASY.PA) insulins rose 143% between 2012 and 2021, but the net price fell 54%. Amgen (AMGN.O) offered an autoimmune disease drug earlier this year with two prices. American politicians have been pressuring drug companies to lower prices, and President Joe Biden welcomed the move. In theory, lower list prices mean everyone pays less out of pocket at the pharmacy.

☆ UK housebuilders face slow and painful refurb
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: +2 min

LONDON, March 1 (Reuters Breakingviews) - UK housebuilding is facing a bleak future. In previous slowdowns, the UK’s Conservative Party bailed out the sector with packages like Help to Buy, which subsidized mortgages to help buyers. After Wednesday’s 9% share price decline, it’s share price is now worth less than half of what it was before the outbreak of Covid-19. With little help on the horizon, UK housebuilders face a slow and painful rebuild. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ AXA’s fling with Monte Paschi ends on high note
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +2 min

With its 200-million-euro investment in Banca Monte dei Paschi di Siena (BMPS.MI), the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi. The French insurer said on Tuesday it had sold 100 million shares, nearly 8% of Monte Paschi’s total, at 2.33 euros each, pocketing 233 million euros. That’s a 17% gain from the 200 million euros it invested in the cash call. Monte Paschi’s recent strong share-price performance has in any case more to do with the improved economic outlook in Europe and rising interest rates than with any merit of its own.

☆ Italy's Treasury sees AXA stake sale as way to simplify MPS governance - source
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of French Insurer Axa is seen outside a building in Montaigu, France, February 23, 2022. REUTERS/Stephane MaheMILAN, Feb 28 (Reuters) - Italy's Treasury does not regard negatively a decision by French insurer AXA (AXAF.PA) to sell its 8% stake in Monte dei Paschi (BMPS.MI) because it boosts free float and simplifies the state-owned bank's governance structure, a person close to the matter said. The Treasury owns 64% of Monte dei Paschi following a 2017 bailout and must eventually exit the Tuscan lender. AXA on Monday sold virtually all of the stake it had acquired late last year when it bought into a 2.5 billion euro rights issue at Monte dei Paschi, becoming its second biggest investor after the government. A source told Reuters on Monday the stake was bought by several institutional investors.

Monte dei Paschi (MPS), which raised capital last year, needs to merge with a stronger rival to cement its turnaround. Banco BPM CEO Giuseppe Castagna, who faces pressure from shareholders to reject an MPS deal, has repeatedly said the Tuscan bank is too large for Banco BPM to integrate. A Banco BPM spokesperson said nothing had changed in this respect. HURDLESA Banco BPM and MPS tie-up would pose major hurdles, another three sources said separately. Banco BPM investors are also concerned about an expansion into regions of the country where economic growth is much weaker compared with the bank's wealthy home base in the north, one of the sources said.

☆ Insurer AXA sells off most of its shares in Monte dei Paschi at 2.33 euros/share
▼ + stars: | 2023-02-28 | by ( ) www.reuters.com time to read: 1 min

PARIS, Feb 28 (Reuters) - French insurer AXA (AXAF.PA) said on Tuesday that it had successfully sold off most of its shares in Italian bank Banca Monte dei Paschi di Siena (BMPS.MI), divesting the stocks at a price of 2.33 euros per share. Following this sale, AXA will hold 0.0007% of the Italian bank's share capital. Reporting by Sudip Kar-Gupta Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Macau casino stocks, bonds on a roll as Chinese visitors return
▼ + stars: | 2023-02-23 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, Feb 23 (Reuters) - Chinese tourists are returning to Macau in hordes after Beijing lifted its restrictions on travel to the world's biggest gambling hub, lifting stocks and bonds of casino operators as investors bet on a boom in their revenues. The casino operators' bonds are in demand as investors look for exposure to Chinese junk debt but seek to avoid property developers' bonds. Those bonds account for a large chunk of the high-yield market and the developers' fortunes remain under a cloud after a crackdown by Beijing. Among the three U.S. casino groups that operate in Macau, CreditSights has an "outperform" rating on Wynn Macau bonds due to higher yields. Sands China's (1928.HK) 10-year bond, rated at investment grade by Moody's Investors Service and Fitch, trades at a yield of 6.59%, compared with 9.3% on Wynn Macau's bond of the same maturity.

☆ AXA lifts 2023 targets as full-year earnings miss expectations
▼ + stars: | 2023-02-23 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Blames fall in valuation of bond assetsRaises 2023 earnings growth guidanceAnnounces 1.1 billion-euro share bay-back programPARIS, Feb 23 (Reuters) - French insurer AXA (AXAF.PA) posted lower-than-expected full-year earnings on Thursday as the rise in interest rates weighed on the valuation of its bond assets but raised its 2023 targets. Europe's second-biggest insurer after Germany's Allianz (ALVG.DE) said net income fell by 8% year-on-year to 6.7 billion euros ($7.12 billion) in 2022. Gross revenues over the year were up 2% to 102.3 billion euros, in line with the Refinitiv analyst consensus estimate. AXA yet raised its 2023 guidance, saying it now targeted an underlying earnings per share growth above 7%, up from a previous target of a growth in the high end of its 3% to 7% range by 2023. It also announced a share buy-back programme of up to 1.1 billion euros this year and a dividend of 1.70 per share, up 10% from 2021.

☆ Nvidia vs. TSMC: Wall Street pros name their favorite stock as chip battle heats up
▼ + stars: | 2023-02-21 | by ( Zavier Ong | ) www.cnbc.com time to read: +3 min

Warren Buffett's Berkshire Hathaway has dumped most of its stake in TSMC, just months after buying the Taiwanese chipmaker's stock. TSMC TSMC, meanwhile, is sometimes seen as a barometer of the strength of the U.S. consumer, with Apple among its biggest customers. This is a Game of Thrones battle and AI is here to stay with Nvidia a great play on that front. TSMC is a global chip recovery play that is well positioned with Nvidia in the left lane of innovation," he told CNBC Pro. "TSMC is the short-term play with Nvidia more of the longer-term AI bet."

☆ Global investors losing appetite for Chinese government bonds
▼ + stars: | 2023-02-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Signs of a peak in developed market rates are another reason why China's bonds, yielding roughly 3% on 10-year investments, are less appealing, given the potential greater capital gains elsewhere. "If investors are saying that I want to trade the China recovery, the answer is not Chinese government bonds (CGBs). "China bonds served as a very good type of diversifier, in particular over the past 3 years," said Pang. But as global rates hit a peak, it made sense to plough limited cash into better yielding markets, he said. ($1 = 6.7969 Chinese yuan renminbi)Reporting by Summer Zhen Additional reporting by Rae Wee in Singapore Editing by Vidya Ranganathan and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ A flurry of earnings reports, Fed rate hike, signs of a bull market
▼ + stars: | 2023-02-04 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Earnings season continues next week, with Club holdings Linde (LIN), Emerson Electric (EMR) and Walt Disney (DIS) all set to report. Similarly, shares of Meta Platforms (META) have surged over 20% since CEO Mark Zuckerberg reassured investors Wednesday evening that 2023 would be the technology giant's "year of efficiency." The bull case is further supported by continued signs inflation is easing, a still-robust job market and the breadth of market-buying activity since the start of the year. Lastly on Wednesday, the Fed's Federal Open Market Committee raised the federal funds rate by 25 basis points, in line with expectations. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ Factbox: Investments flow to automated vehicles in non-auto settings
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - Corporate and private investors have turned from funding autonomous trucks and passenger cars to companies and applications in a variety of non-automotive settings, from construction and mining to airports and agriculture. Among them:Company: Aurrigo (AURR.L)Headquarters: Coventry, UKStatus: publicFounded: 1993Focus: urban & airport shuttlesMarket capitalization: $40 millionCompany: OxboticaHeadquarters: Oxford, UKStatus: privateFounded: 2014Focus: passenger shuttles, warehouse vehicles, last-mile deliveryInvestors: ZF, BP, Ocado, Eneos, AXA, TencentMoney raised: $256 millionValuation: $720 millionPartners: ZF, BP, OcadoCompany: EinrideHeadquarters: Stockholm, SwedenStatus: privateFounded: 2016Focus: logistics yardsInvestors: Maersk, Ericsson, TemasekMoney raised: $655 millionPartners: Maersk, Bridgestone, InBev, GECompany: OutriderHeadquarters: Golden Colorado, USAStatus: privateFounded: 2017Focus: yard & warehouse vehiclesInvestors: Nvidia, Sumitomo, Abu Dhabi Investment FundMoney raised: $200 millionValuation: $550 millionCustomers: Georgia-PacificCompany: TeleoHeadquarters: Palo Alto, California, USAStatus: privateFounded: 2019Focus: construction & mining equipmentInvestors: UP Partners, Trucks, F-Prime, K9Money raised: $12 millionValuation: $44 millionCompany: Parallel SystemsHeadquarters: Los Angeles, USAStatus: privateFounded: 2020Focus: railcarsInvestors: Anthos, Congruent, Embark, RiotMoney raised: $53 millionValuation: $188 millionCompany: KodiakHeadquarters: Mountain View, California, USAStatus: privateFounded: 2018Focus: trucks, defense vehiclesInvestors: BMW, Bridgestone, PilotMoney raised: $198 millionValuation: $506 millionCustomers: IkeaCompany: Fox RoboticsHeadquarters: Austin, Texas, USAStatus: privateFounded: 2017Focus: forkliftsInvestors: Menlo, Eniac, Congruent, AMEMoney raised: $33 millionCompany: Apex.AIHeadquarters: Palo Alto, California, USAStatus: privateFounded: 2017Focus: agriculture equipmentInvestors: Toyota, Airbus, Agco, Daimler Truck, ZF, Jaguar Land Rover, Volvo Group, Hella, ContinentalMoney raised: $74 millionValuation: $297 millionSources: PitchBook, companiesReporting by Paul Lienert in Detroit Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

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☆ What one tech fund manager is expecting from Apple and Alphabet earnings this week
▼ + stars: | 2023-01-31 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Apple and Alphabet are, among others , due to post their fourth-quarter results this week and all are facing their "own set of challenges," according to tech fund manager Jeremy Gleeson. Gleeson, who manages the £1.1 billion ($1.5 billion) AXA Framlington Global Technology Fund, said there was enough bad news in Microsoft's earnings to "spook" some investors into selling the stock. However, the stock's more-than 2% bounce subsequently is an "encouraging" sign for the rest of Big Tech, Gleeson told CNBC's "Squawk Box Europe". MSFT 3M line Apple and Alphabet make up 8.7% and 7.8% of the AXA Framlington Global Technology fund respectively. They're buying, not the low-end products, but the high-end products from Apple," Gleeson added.

☆ L&G succession planning misses the mark
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

LONDON, Jan 30 (Reuters Breakingviews) - Chief executives always like to see their company’s share price dip when they announce their departure. But it might also express mild discontent with the board’s succession planning. Even so, the smoothest way to sign off on Wilson’s tenure would have been to announce his successor now, rather than the news it might take up to a year to find one. After all, the L&G board had long enough to identify a suitable internal candidate. Chairman John Kingman’s reticence may reflect a preference for a big-hitting external candidate to grow the company beyond UK borders.

☆ 'Dark cloud' looming over Alphabet's stock, says tech fund manager ahead of earnings
▼ + stars: | 2023-01-30 | 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 Email'Dark cloud' looming over Alphabet's stock, says tech fund manager ahead of earningsJeremy Gleeson, fund manager at AXA Framlington, said a "dark cloud" is looming over Google-parent Alphabet's stock as regulators ramp up scrutiny of the tech giant's dominance in certain sectors.

☆ Analysis: China's rapid reopening brings joy and woe for world markets
▼ + stars: | 2023-01-13 | by ( Yoruk Bahceli | ) www.reuters.com time to read: +6 min

The impact of the reopening of the world's second largest economy on financial markets, hit by double-digit losses last year as inflation and interest rates jumped, is critical. Being touted among the top buying bets on recovery hopes are emerging markets, commodity currencies, oil, travel and European luxury companies. The boost to world growth from China's reopening was expected to hurt the safe-haven dollar but benefit the euro. INFLATION CAUTIONBut a boost from China's reopening raises some concerns about inflation. China is the world's leading importer of oil and many other commodities -- oil prices have risen 10% since mid-December to almost $84 .

☆ Peppy provides employees with personalized care for gender-based health conditions. Check out the 9-slide deck used to raise $45 million.
▼ + stars: | 2023-01-11 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +3 min

The startup offers personalized consultations for gender-based health issues as an employee benefit. London-based Peppy has raised a $45 million Series B from AlbionVC to bring its employee benefits platform to the US. Peppy's app provides live chats and one-to-one consultations with specialists, so users can get personalized advice in real time. Peppy's app offers employees live consultations with specialists. Peppy has now partnered with some of the biggest health insurers in the UK, such as Axa Health and Vitality.

☆ This startup that provides insurance to SMEs just raised $54 million. Check out the 23-slide pitch deck Superscript used to land the fresh funds.
▼ + stars: | 2023-01-10 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Insurance tech startup Superscript has raised $54 million in fresh funding. Superscript has raised fresh funds despite a downturn in the wider insurance tech market. London-based insurance tech startup Superscript has raised $54 million in fresh funding. The company, which was founded in 2015, provides insurance products to small and medium businesses (SMBs) and high-growth tech startups. Superscript's funding round was led by existing investor BHL UK, owner of Comparethemarket, with participation from insurance company The Hartford.

☆ Differentiating end market is key to investment in the semiconductor sector: Portfolio Manager
▼ + stars: | 2023-01-10 | 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 EmailDifferentiating end market is key to investment in the semiconductor sector: Portfolio ManagerTom Riley from AXA IM Equities talks about the key factors to consider when investing in the semiconductor theme in the digital economy.

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☆ Chip stocks did badly this year — but this fund manager is still bullish, naming 2 to buy
▼ + stars: | 2022-12-30 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

The PHLX Semiconductor Sector Index is down nearly 37% year to date. Producing electric vehicles, for instance, involves using a lot more semiconductors, Gleeson noted. Another semiconductor firm he likes is U.S.-based Lattice Semiconductor , which is focusing more on the autos industry. Gleeson isn't the only one who's optimistic on the chip sector. Several Wall Street pros are also urging investors to take a longer-term view on the sector , given the importance of the semiconductor chip in several key secular trends.

☆ Tech is 'down but by no means out' — watch these stocks next year, fund manager says
▼ + stars: | 2022-12-29 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

It's been a bad year for tech companies, as investors flee growth stocks in the face of rising interest rates and other headwinds. Growth stocks, such as Big Tech, were an investor favorite in an era of low rates. That would depend on the "data points that come through" when companies report fourth-quarter earnings in the February to March period, tech fund manager Jeremy Gleeson of AXA Investment Managers told CNBC Pro Talks last week. Nevertheless, Gleeson said tech stocks are "down but by no means out." Earnings is a key metric in the tech sector, he said, adding that he prefers firms with strong balance sheets.

☆ Credit Agricole strikes bancassurance deal with Italy's Banco BPM
▼ + stars: | 2022-12-23 | by ( ) www.reuters.com time to read: +1 min

The deal allows the provision of non-life insurance products and related services through BBPM's networks for a 20-year period. It also stipulates that the French bank's Credit Agricole Assurances (CAA) division will buy from Banco BPM 65% of the share capital of both Vera Assicurazioni and Banco BPM Assicurazioni. "We are very pleased that our long-standing strategic partnership with Banco BPM will soon be strengthened," Credit Agricole CEO Philippe Brassac said in a statement. Credit Agricole has a 9.18% stake in Banco BPM, Italy's third-largest bank behind Intesa Sanpaolo (ISP.MI) and UniCredit (CRDI.MI). Three weeks ago, Banco BPM picked Credit Agricole over a rival bid from French insurer AXA (AXAF.PA) to start exclusive talks over a non-life insurance partnership.

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