WPP acquires Corebiz, Direct Line revises its combined cost income ratio target
The FTSE 100 was set to open 38.4 points higher before the bell on Monday after closing the previous session up 1.69% at 7,159.01.
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Public relations and advertising giant WPP has acquired Latin American e-commerce agency Corebiz for an undisclosed amount as part of an effort to build its digital commerce capabilities in the region.
WPP said Monday the acquisition is aligned with its accelerated growth strategy, building on existing capabilities in commerce and technology.
Direct line insurance revised its combined operating ratio target range to 96-98% after a spike in auto claims inflation.
“We have already taken action, including increasing pricing and rolling out new pricing capacity to restore margins, which means we expect our 2023 combined operating ratio to improve to around 95% and we reiterate our medium-term target range of 93-95%,” the company said on Monday.
Loot boxes in video games will not be banned in the UK, despite a government consultation finding evidence of a “consistent” association between the features and problem gambling. Loot boxes have been compared to games of chance because they allow players to spend money to unlock in-game rewards, such as special characters, weapons, or outfits, without knowing what they will get. – Guardian
Amazonthe arm of the grocery store is to be taken care of Tesco with a new promise of price equalization as it becomes the latest retail giant to pledge to keep prices low for customers amid the cost of living crisis. Amazon Fresh will launch its Tesco Clubcard Price Match campaign on Monday, matching and freezing hundreds of prices based on discounts from the supermarket giant. – Guardian
A new £6.0bn business loan scheme is due to be given the green light by ministers within days, providing businesses with cheaper debt to survive the impending recession. Whitehall sources said a longer-term successor to stimulus loan program is expected to be approved by the Treasury and the Business Department this week after the unveiling of the new state-backed lifelines was hampered by delays. – Telegraph
More and more people are canceling their video subscriptions to save money in the face of cost-of-living pressures, with those under 24 most likely to walk away. In the second quarter of the year, almost 1.66 million services were abandoned, such as netflix, Now and disney in the UK and more than a third of these were directly attributable to people tightening their belts. Half a million households have canceled all their subscriptions, according to Kantar, the market investigator. – The temperature
The architect of a failed plan to sell one of Britain’s oldest mutual insurers to a US private equity firm is to leave the business. Mark Hartigan, Managing Director of LV=will leave in the fall in a departure orchestrated by his colleagues on the board of directors, Sky News reported for the first time. The announcement could come as soon as today, although it’s unclear if Hartigan will receive payment. – The temperature
Close in the United States
Shares on Wall Street closed higher on Friday as market participants digested more bank profits.
At the close, the Dow Jones Industrial Average was up 2.15% at 31,288.26, while the S&P 500 was 1.92% firmer at 3,863.16 and the Nasdaq Composite saw the session down. up 1.79% to 11,452.42.
Reporting by Iain Gilbert on Sharecast.com