ROUNDUP 2: European storms eat into Allianz profits - shares in top DAX group

MUNICH - The severe storms in Germany, Italy and Austria have cost Allianz dearly this summer. In total, the consequences of natural disasters cost the insurer almost 1.3 billion euros in the third quarter, almost four times as much as a year earlier, as it announced in Munich on Friday. As a result, the operating profit fell by 15 percent to 3.5 billion euros. However, CFO Giulio Terzariol expressed confidence that Allianz will achieve a record operating profit this year.

ROUNDUP: Varta sees light again after growth in the quarter - forecast stands

ELLWANGEN - The crisis-ridden battery group Varta sees itself on track for its annual targets after a decent third quarter. On Friday, the SDax group from Ellwangen surprisingly reported preliminary quarterly figures which, according to the company, exceeded market expectations. The share price reaction was correspondingly positive, and investors, who had been battered for a long time, allowed the shares to rise significantly from a low level.

ROUNDUP: Diageo cuts medium-term profit target - share price falls to 2020 level

LONDON - The spirits group Diageo is expecting weaker growth due to a significant slowdown in business in Latin America and the Caribbean. CEO Debra Crew, who has been in office since June, is also setting smaller targets for the medium term. Following the news on Friday, the shares of the drinks manufacturer fell sharply. In the early afternoon, they were trading around 15 percent lower, their lowest level since November 2020. The shares had risen significantly during the coronavirus pandemic at the time. Since the turn of the year, however, their price has fallen by almost a quarter.

ROUNDUP: Richemont's growth rate slumps due to sluggish consumer spending

GENEVA - The jewelry and watchmaking group Richemont has felt the effects of a significant slowdown in consumer spending in the first half of the financial year (to the end of September). Although sales increased slightly, the luxury goods group was no longer able to maintain the double-digit growth rates of recent months. The competitor of LVMH and Hermes also earned significantly less than expected.

Apple faces new lawsuit over billions in back taxes in Ireland

LUXEMBOURG - Apple is facing a setback in its long-running dispute with the EU Commission over a 13 billion euro back tax payment in Ireland. In the appeal proceedings at the European Court of Justice (ECJ), Advocate General Giovanni Pitruzzella came to the conclusion in his opinion that an earlier decision in Apple's favor should be overturned. The Advocate General's opinions are not binding, but the court often follows them. A ruling by the ECJ is expected next year.

ROUNDUP: United Internet senses more profit due to Ionos subsidiary

MONTABAUR/KARLSRUHE - After the first nine months, the United Internet Group sees an opportunity for slightly higher operating profits. The impetus will not come from the better-known mobile communications subsidiary 1&1, which continues to focus on building its own network. The additional amount is likely to come from the much more dynamic Internet service provider Ionos. As announced on Friday in Karlsruhe, Ionos CEO Achim Weiß wants to become even more profitable than he already is - even though he wants to spend more money on advertising at the same time. While Ionos shares rose by around two percent at the start of trading, the shares of its parent company and sister were slightly lower.

ROUNDUP: High costs depress Jungheinrich earnings - growth slows down

HAMBURG - After a strong first half-year, business at forklift truck manufacturer Jungheinrich weakened in the third quarter. Incoming orders and sales increased, as the company announced in Hamburg on Friday. In the first six months, however, growth rates had been significantly higher. The share lost value after the presentation of the figures.

ROUNDUP: Bechtle continues to feel reluctance from customers - share falls

NECKARSULM - The IT service provider Bechtle continued to feel the caution of medium-sized customers in the third quarter. Business was particularly slow in online trading. In the software and service business, however, as well as with public and large customers, things went more smoothly, as CEO Thomas Olemotz said on Friday. The Neckarsulm-based company also recorded a high margin and a significant increase in incoming orders. As expected, the management confirmed the annual forecasts. However, the MDax-listed share fell sharply after the start of trading.

Novo Nordisk expands capacity in Denmark - also for booming appetite suppressant

BAGSVAERD - The Danish pharmaceutical group Novo Nordisk is once again significantly increasing its capacities in its home country. The manufacturer is investing more than 42 billion Danish kroner (around 5.6 billion euros) to expand its Kalundborg plant, as Novo Nordisk announced on Friday on the occasion of its 100th anniversary. With the investments, the insulin manufacturer is reportedly creating additional capacity across the entire global value chain, with a focus on the production of active pharmaceutical ingredients (API). The Group expects the buildings in Kalundborg to be completed in stages between 2025 and 2029.

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Further news

-ROUNDUP: Photo service provider Cewe with sales growth ahead of important Christmas business

-ROUNDUP: Stabilus confident for 2024 - Borse criticizes pace of growth

-Bitkom: Fewer and fewer use 'X' since Musk takeover

-Metro brings in CFO Riegger from Aldi USA

-Missing electric motors - VW also cuts production in Emden

-ROUNDUP: Start-up shows smartphone replacement without display

-Bank Metzler to cut ten percent of its jobs by 2028

-Bayer receives EU approval recommendation for higher dosage of eye drug Eylea

-Study: Wastewater sometimes heavily contaminated during antibiotics production

-BMW starts production of the Mini Countryman in Leipzig

-Network agency: Importance of online communication continues to grow

-SNB Vice Chairman: Supports legal anchoring of liquidity protection

-ROUNDUP: Edeka wants compensation from cornflakes manufacturer Kellogg

-ROUNDUP: Deutsche Bahn will clearly miss punctuality target for 2023

-ROUNDUP: Wage negotiations in retail stuck - renewed warning strikes

-Publishers escalate dispute with ARD to Brussels

-ROUNDUP: Lowest figure since 2001: Fewer young people with alcohol poisoning

-ROUNDUP: Booze tourism spoils good vacation season at Ballermann

-TV deal: US women's soccer league to receive 240 million dollars

-Higher Regional Court rejects climate lawsuit against Mercedes-Benz

-US division of Chinese bank ICBC victim of hacker attack

-Overnight stays in Germany higher in September than before Corona

-BVB coach Terzic on reserve player Haller: 'Will still be important for us'°

Customer tip:

ROUNDUP: You can read a summary in the company overview. There are several reports on this topic on the dpa-AFX news service.

/jha