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Drägerwerk Q3 Profit Declines

Gender pay gap grew wider over past year due to pandemic

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While most workers had an increase in earnings in 2021, the gender pay gap also grew, the Office for National Statistics said.

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Latest figures showed the gap between male and female earners was 7.9 percent for the month of April.

The ONS pointed to the fact this was greater than the seven percent gap seen in April 2020, and stressed it had been driven by the pandemic.

It said the figures were caused by men’s pay rebounding after being hit worst in 2020.

Unions warned that the gender pay gap remained a serious injustice in the UK.

TUC general secretary Frances O’Grady said: “Women are still getting a raw deal at work when it comes to pay.

“At this rate, it will take decades to close the gender pay gap.”

Gold Edges Lower Ahead Of Central Bank Meetings

Gold edged lower on Wednesday as a firmer dollar and higher U.S. Treasury yields increased the opportunity cost of holding the non-interest bearing metal.

Spot gold dipped 0.3 percent to $1,786.51 an ounce while U.S. gold futures were down 0.3 percent at $1,787.95.

Benchmark 10-year US Treasury yields firmed above 1.6 percent and the dollar steadied close to a one-week high hit on Tuesday as investors key central bank meetings this week for policy cues.

The U.K. is likely to introduce a new spending plan at the annual budget later today, while the Bank of Canada holds a policy-setting meeting.

The European Central Bank is expected to keep interest rate unchanged and push back on market inflation forecasts, when it meets on Thursday.

The Bank of Japan is unlikely to alter its policy settings on Thursday when it concludes its two-day monetary policy review meeting. The central bank is seen cutting growth and price outlook ahead of the Oct 31 election.

The U.S. Federal Reserve holds a policy meeting next week and is expected to announce plans to phase out its $120 billion in monthly asset purchases by the middle of 2022.

Elsewhere, Australia’s core inflation accelerated to a six-year high in the third quarter, fueling hopes that the Reserve Bank of Australia may tighten monetary policy earlier than projected.

CORRECTED-Britain's Lloyds reports Q3 profit beats expectations

(Corrects pretax profit to 2 bln pounds, not 1.6 bln)

LONDON, Oct 28 (Reuters) – Lloyds Banking Group posted a better than expected profit for the third quarter as Britain’s economy rebounded from pandemic lockdowns, in Chief Executive Charlie Nunn’s first set of earnings at the bellwether bank.

Britain’s biggest mortgage lender posted pretax profits of 2 billion pounds ($2.20 billion) for the July-September period, compared to 1.3 billion pounds in an average of analyst forecasts. The lender reported a 1 billion pound profit in the same period last year.

Late Night Supports Democrats’ Plan to Tax the Richest of the Rich

“So that includes Elon Musk, Jeff Bezos and Flo, the Progressive Insurance lady,” Jimmy Fallon joked of the billionaires’ tax.

By Trish Bendix

Russia's Sberbank Q3 net profit rises to 348.3 bln roubles

MOSCOW, Oct 28 (Reuters) – Sberbank made a third-quarter net profit of 348.3 billion roubles ($4.93 billion), up from 271.4 billion a year earlier, Russia’s largest lender said on Thursday.

Net interest income rose 14.2% to 469.6 billion roubles in the July-September quarter.

DS Smith Says Overall Financial Performance Remains In Line With Expectations

DS Smith Plc (SMDS.L), on Thursday, issued a pre-close trading update for the half year ending 31 October 2021, and stated that its overall financial performance remains in line with its expectations with very positive box volume growth, good cost recovery through increasing pricing and an enhanced performance from the company’s US business all combining to more than offset significant input cost increases.

Cash generation remains strong, driven by enhanced profitability and good working capital management. The company expects net debt/EBITDA ratio to be in line with its medium-term target of about 2.0x at 31 October 2021.

DS Smith further noted that it has recently completed the €50 million sale of its non-core De Hoop paper mill; the proceeds would contribute towards the investment in the company’s previously announced additional packaging manufacturing sites in Italy and Poland.

Progress in construction remains on track with the company’s original plans with operations due to start in Q4 of this financial year. Customer reaction to these new state of the art facilities has been excellent with more than 50% of their capacity already pre-sold.

Drägerwerk Q3 Profit Declines

Drägerwerk AG & Co. KGaA (DRWKF.PK) reported that its third quarter net sales and earnings declined year-on-year. However, Orders in the third quarter were on par with the prior year (net of currency effects).

For fiscal 2021, Dräger continues to expect a decline in net sales (net of currency effects) of between 2.0 and 6.0 percent, and an EBIT margin of between 8.0 and 11.0 percent. For 2022, the company believes net sales and earnings will not be able to match the levels seen in 2021.

Third quarter earnings after income taxes declined to 30.8 million euros from 81.5 million euros, prior year. Earnings per share was 1.43 euros compared to 3.32 euros. EBIT was 47.9 million euros compared to 126.7 million euros, with an EBIT margin of 6.2 percent compared to 14.7 percent.

Net sales were 769.6 million euros, down 11.8 percent year-on-year (net of currency effects).