|Bid||419.90 x 1172800|
|Ask||420.10 x 364300|
|Day's range||414.20 - 420.80|
|52-week range||361.80 - 515.20|
|Beta (3Y monthly)||0.83|
|PE ratio (TTM)||11.11|
|Earnings date||8 Aug 2019|
|Forward dividend & yield||0.30 (7.21%)|
|1y target est||551.33|
Mirabaud Securities recently put together a list of European value stocks that could offer 50% upside. Here are three FTSE 100 (INDEXFTSE: UKX) stocks that made the list.
I think investing in the shares of Aviva plc (LON: AV) and Lloyds Banking Group plc (LON: LLOY) could help investors generate passive income through robust dividend yields.
Philip Green's Topshop-to-Dorothy Perkins fashion empire staved off a collapse into administration on Wednesday as creditors approved his sweetened restructuring plan. The restructuring will close stores, cut rents and make changes to the funding of the group's pension schemes, but it will enable it to keep operating under the Green family's ownership. All seven of the Company Voluntary Arrangements (CVAs) proposed by Green's Arcadia Group were approved by the required majority of creditors, including its pension trustees, suppliers and landlords, the retailer said.
Creditors will decide the fate of Philip Green's Arcadia group and its 18,000 workers at a vote on Wednesday on a sweetened restructuring plan to save the British fashion retailer. If the creditors, including landlords, fail to support Green's plan for his group - which includes the Topshop and Dorothy Perkins brands - then it will likely collapse into administration. A week ago a creditors' meeting was adjourned after several landlords chose not to back a plan which would close stores, cut rents and make changes to the funding of the group's pension schemes.
Philip Green's Arcadia has offered better terms for landlords in a restructuring plan for the struggling British fashion retailer, seeking the support of creditors to prevent the group from collapsing into administration next week. Arcadia said on Friday the cost of the sweetened terms would be met by Tina Green - Philip Green's Monaco-based wife and the ultimate owner of a group which employs 18,000. On Wednesday a meeting of creditors held to vote on Green's plan, which would close stores, cut rents and make changes to the funding of the group's pension schemes, was adjourned until June 12 after several landlords declined to support it.
When it comes to trampling on legacies, Maurice Tulloch is up there with the best of ’em. Just weeks since replacing the ousted Mark Wilson, the pugilistic Canadian today ripped up one of his biggest innovations.
The UK’s biggest insurer Aviva on Thursday unveiled plans to break up UK management and cut hundreds of jobs under a radical plan to revive growth at the misfiring firm. New chief executive Maurice Tulloch will slash 1800 roles, around 6% of Aviva’s 30,000 workforce, via redundancies, axing contractors and freezing some new hires over the next three years. Tulloch, who replaced former chief executive Mark Wilson in March, has been under pressure to improve Aviva, which has seen its shares stumble 20% over the past five years.
Aviva plc (LON: AV) has announced big changes to its business that could spark a sizeable rally in the share price, says this Fool.
The UK's largest insurer Aviva says 1,800 jobs will go over the next three years as part of a drive to save up to £300m a year. The news was announced just three months after the appointment of a new chief executive in Maurice Tulloch who told investors that finding savings was "essential to remain competitive". Aviva said the cuts would fall across its worldwide operations.
UK’s biggest insurance firm announces staff losses as part of global cost-cutting drive. Aviva, the UK’s biggest insurance firm, is cutting 1,800 jobs over the next three years in an effort to cut costs. The firm’s new chief executive, Maurice Tulloch, who replaced Mark Wilson in March, wants to lower annual costs by £300m by 2022, and his plans include cuts to its 30,000 global workforce. Savings will also come from lower spending at its headquarters and on contractors and consultants, and reduced project spending, taking aim at Wilson’s “digital garage” in east London. Aviva said it had not decided exactly where the job cuts would fall, and that businesses around the world would be asked to reduce costs. Aviva has 33 million customers and is the UK’s biggest general insurer, serving one in four UK households. Its international operations, which Tulloch ran before being promoted to the top job, include France, Italy, Poland, Turkey, Canada, India and China. More than half the insurer’s total workforce – 16,500 people – work in the UK. Norwich is its biggest site, with 5,200 staff. Other locations include London, York, Sheffield and sites across Scotland. The firm has started consulting the Unite union in the UK and and its own staff representative body. Aviva said it would try to keep compulsory redundancies to a minimum by not filling vacancies and seeking voluntary redundancies. Andy Case at Unite said Aviva staff in the UK would be shocked. “The scale of this role reduction will be met with disbelief across the company,” he said. “Unite have arranged urgent discussions with Aviva management in order to ascertain the rationale for cutting an already extremely stretched workforce. Unite has made it clear to management that the union will strongly challenge any attempt to make compulsory redundancies. Instead, any staff reductions must be found through volunteers, natural attrition, reducing reliance on contractors and redeployment.” Tulloch has also split the management of Aviva’s UK life and general insurance units, and reiterated a target to cut the company’s £8.9bn debts by at least £1.5bn over three years. Tulloch said the changes were the first step in his plan to make Aviva “simpler, more competitive and more commercial”. “Reducing Aviva’s costs is essential to remain competitive and this means tough decisions and job losses which I do not take lightly. We will do all we can to minimise redundancies and support our people through this.” The new Aviva boss is trying to revive the business after years of stagnation and poor share price performance, following the £5.6bn acquisition of Friends Life in 2015. Aviva’s domestic rivals – Prudential and Legal & General – have fared better in recent years by focusing on life cover and pensions rather than general insurance. In another change at the top of the company, Aviva’s finance chief, Tom Stoddard, stepped down on Wednesday. Tulloch’s predecessor Wilson quit last October after Aviva decided it was time for new leadership. The company was run by its non-executive chairman, Sir Adrian Montague, until Tulloch took the helm in March.
Aviva Plc’s new chief executive officer, Maurice Tulloch, kicked off his overhaul of the company with a plan to cut costs and jobs and streamline its U.K. business. Tulloch, who took over in March, said he would reduce Aviva’s expenses by 300 million pounds ($380 million) a year and shed 1,800 jobs by 2022, according to a statement on Thursday. Aviva’s shares were up 1.7% at 8:22 a.m. in London.
British insurer Aviva will cut 1,800 jobs globally as its new chief executive seeks to make the group more competitive by restructuring its British business and reducing costs across the business. Insider Maurice Tulloch took over as CEO in March, amid investor concern that the insurer, which provides pensions as well as car and home insurance, was failing to cross-sell its products successfully. Aviva is also facing increased competition from German insurance giant Allianz, which last week did two deals potentially valued at over 800 million pounds ($1 billion) to cement its position as Britain's second-biggest general insurer.
* European shares up 0.3% * EU expected to start infringement procedure against Italy * Italy's FTSE MIB lags, down 0.3%, as banks fall * Asian shares rise on signs of Fed interest rate cut * Norsk Hydro beats, NSF backs out of Provident bid June 5 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Helen Reid. "The key question is whether that is a short-term blip or a more sustained switch from 'momentum' investing back to a more fundamental approach of 'intrinsic value'," write Mirabaud Securities strategists.
Aviva's chief financial officer Tom Stoddard will step down at the end of the month, the British insurer said on Wednesday, the second senior executive to leave following the appointment of Maurice Tulloch as chief executive this year. Jason Windsor, currently chief financial officer of Aviva UK Insurance, will become interim group CFO, Aviva said in a statement, a day before the firm's first investor day under Tulloch.
Philip Green's Arcadia fashion group adjourned Wednesday's creditor meetings to vote on the struggling British retailer's restructuring plan until June 12, seeking more time to win over disgruntled landlords and avoid a collapse into administration. Green needs his restructuring proposals for each of Arcadia's brands - Topshop, Topman, Burton Menswear, Dorothy Perkins, Evans, Miss Selfridge and Wallis - to be approved by creditors, including landlords, or the group, which employs 18,000, will likely be placed into administration.
AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of the rated insurance subsidiaries of Aviva plc (United Kingdom). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” of Aviva plc (Aviva), the group’s non-operating holding company. At the same time, AM Best has affirmed all Long-Term Issue Credit Ratings (Long-Term IRs) on debt instruments issued or guaranteed by Aviva.
The Bank of England said it was carefully monitoring falling capital levels at insurers that use their own computer models for calculating capital requirements. David Rule, executive director of insurance supervision at the Bank of England's Prudential Regulation Authority, also warned insurers that ending use of the tarnished Libor interest rate benchmark was a top priority.
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