Prudential to spin off unit amid drop in H1 operating profit

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On the back of a 3% drop in its H1 2020 adjusted operating profit, global insurer Prudential has revealed that it plans to spin off its US business Jackson to focus on Asia and Africa. According to the group, the full separation of Jackson will kick off with a minority IPO scheduled for the first half of 2021, followed by “full divestment” over time.

Prudential’s operations in the US have cast a shadow over the company’s results for the first half of the year, with adjusted operating profit in the region coming in 19% lower because of market-related effects on

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AXA earnings drop in latest interim results

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A reduced earnings target for 2020 and a decision not to make additional payouts to shareholders during the fourth quarter – those were the headline takeaways as Europe’s second largest insurer AXA released its interim financial results today.

The company saw underlying earnings drop by 48% and gross revenues slip by 10% leaving it with net income of 1.429 billion euros (around SG$2.32 billion) – a 39% fall from the same period last year when it recorded 2.333 billion euros (around SG$3.79 billion) in net income.

The revenue slip can largely be attributed to the impact of COVID-19, with revenues

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New quarter, Dow futures drop 200 points, reopening plays down premarket

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The front facade of the New York Stock Exchange (NYSE) is seen in New York City, New York, U.S., June 26, 2020.

Brendan McDermid | Reuters

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7:52 am: Senate passes extension for PPP

The Senate agreed to extend the Paycheck Protection Program through Aug. 8 just hours before the program was set to expire. About $660 billion has been approved for use in the program, with about $130 billion remaining. Sen. Marco Rubio, the Florida Republican who is chairman of the Small Business Committee, said on Twitter that “what we

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Stock futures drop as coronavirus cases continue to surge in the U.S.

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Traders wearing masks work inside posts, on the first day of in-person trading since the closure during the outbreak of the coronavirus disease (COVID-19) on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020.

Brendan McDermid | Reuters

U.S. stock futures fell on Sunday night as coronavirus cases keep surging in the U.S., stoking concerns about the economic reopening and recovery.

Dow Jones Industrial Average futures traded 178 points lower, or 0.7%. S&P 500 futures slid by 0.7% and Nasdaq-100 futures dipped 0.8%.

Data compiled by Johns Hopkins University showed more than 2.5

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