Lloyd's Insurer Beazley Gains New Bull to Bolster Unique Status
The only stock in the FTSE 100 with buy recommendations from every analyst that covers it just gained another bull.
Beazley Plc was named a 'top pick' by Berenberg, which gave the Lloyd's of London insurer a 1,150 pence price target, higher than that of any other bank tracked by Bloomberg. The shares gained as much as 2.8% to a record 957 pence.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Forbes
30 minutes ago
- Forbes
EU Employment Committee Draft Opinion Opposes Reductions In Sustainability Reporting
JUNE 26: People walk by an European flag (Photo by) The future of sustainability reporting in the European Union is in peril as legislators debate the Omnibus Simplification Package. The current proposal includes significant changes to the Corporate Sustainability Reporting Directive and the Corporate Sustainability Due Diligence Directives. As the legislative process unfolds in the Parliament, members are submitting proposed amendments through various committees. In the Committee on Employment and Social Affairs, a draft opinion expresses clear opposition to any reductions to the CSRD or the CSDDD. From 2020 - 2024, a trilogy of directives were passed by the EU to force businesses to address climate change and report greenhouse gas missions. The Taxonomy for Sustainable Activities created a classification system for business and investors to know what activities are considered green or climate friendly. The CSRD created requirements for businesses to report GHG emissions and other environmental, social, and governance actions. The CSDDD, also known as the CS3D, created legal liability for companies in relation to their supply chain. While the gains excited activists, the cost of these proposals on businesses and the broader impact on the EU economy became a theme during the 2024 European Parliament elections. The shift to the right in EU politics embolden opponents to the European Green Deal directives. As a result, the Commission proposed a package of new directives to 'reduce the burden' on businesses. The Omnibus Simplification Package was officially adopted by the Commission in February. The proposal is being debated in the Council and the Parliament. In the Parliament, the debate is public and working through multiple committees, giving interest parties and MEPs the opportunity to voice their opinions. The Committee on Legal Affairs, known as JURI, is the primary committee that will produce the legislation that will be sent to the full Parliament for a vote. However, related committees will draft opinions to be considered during the process. Each committee designates a rapporteur to lead the drafting. The Parliament states that a 'rapporteur is appointed in the responsible parliamentary committee to draft a report on proposals of a legislative or budgetary nature, or other issues. In drafting their report, rapporteurs may consult with relevant experts and stakeholders. They are also responsible for the drafting of compromise amendments and negotiations with shadow rapporteurs.' The amendments change the Commission's language in the Omnibus Simplification Package, not the original CSRD and CSDDD. Rather than offering sweeping amendments that encompass every change a MEP or Party wants to see, every change to every subparagraph is offered in a separate amendment. This results in a high volume of amendments. The Committee on Economic and Monetary Affairs, known as ECON, and the Committee on the Environment, Climate and Food Safety, known as ENVI, posted 987 amendments proposed by their respective members. In the Committee on Employment and Social Affairs, known as EMPL, the committee chose to post a draft opinion by the rapporteur before posting amendments by members. Committee members have until June 3 to offer amendments before the June 4 vote. European Parliament The draft opinion was submitted by MEP Li Andersson of The Left, rapporteur for the opinion. The draft included language that directly criticizes the Commission and objects to changes. While the opinion is may not be adopted as the final committee draft, and will likely have minimal impact on the final vote, the language will certainly excite activists and like minded MEPs. In the 'short justification' included in opinions to provide context for canges, Andersson made her opposition to the changes clear. "The current Commission proposal risks watering down the core elements of this newly established sustainability reporting and due diligence framework. Although the aim of simplification in terms of reporting duties for companies is laudable… simplification cannot mean broad sweeping deregulation that changes the entire purposes of the previous directives. Dismantling core parts of the legislation risks not only creating regulatory uncertainty for companies, barring proper access to justice for those harmed, but also hampers the availability of quality, comparable and granular sustainability data that is much called for by investors and business partners alike…" Of the MEP's 49 proposed amendments, 40 simply delete language proposed the Omnibus Simplification Package, leaving the existing language in original directives intact. This includes the employee thresholds for companies to fall under reporting requirements. Three proposed amendments include language that is worth highlighting. The first proposed amendment addresses the first paragraph of the Omnibus in which the Commission states their reason for the changes. The Commission references 'A simpler and faster Europe: Communication on implementation and simplification' sent on February 11 in which they outline their vision. Andersson, and many like minded individuals, took issue with the process used and the need for action. Original language as proposed by the Commission: '… the European Commission set out a vision for an implementation and simplification agenda that delivers fast and visible improvements for people and business on the ground. This requires more than an incremental approach and the Union must take bold action to achieve this goal…' Andersson's Proposed Amendment: "…the European Commission set out a vision for an implementation and simplification agenda, which is leading to unpredictability and legal uncertainty by rolling back on legal obligations recently adopted at Union level under the guise of reducing administrative burden. The consequences of such an agenda will have rippling effects, with increasing political risks particularly for first movers. In order to safeguard the ambition of the current legal acquis, it is important to oppose such measures." The second proposed amendment addresses the second paragraph in which the Commission states their goals. Andersson not only takes issue with, what some perceive as, an overbearing approach by the Commission, but also addresses concerns relating to the process used. Those concerns have resulted in an investigation by the European Ombudsman, although they are unlikely to impact the final result. Original language as proposed by the Commission: "In the context of the Commission's commitment to reduce reporting burdens and enhance competitiveness, it is necessary to amend Directives 2006/43/EC3 , 2013/34/EU4 , (EU) 2022/24645 and (EU) 2024/1760 of the European Parliament and of the Council, whilst maintaining the policy objectives of the European Green Deal, and the Sustainable Finance Action Plan." Andersson's Proposed Amendment: 'In the context of the Commission's commitment to reduce reporting burdens and enhance competitiveness, the Comission (sic) has declared that it is necessary to amend Directives 2006/43/EC3 , 2013/34/EU4 , (EU) 2022/24645 and (EU) 2024/1760 of the, without conducting any impact assessment and limiting public consultation to a closed-door stakeholder event.' A major theme in the push for simplification is the impact sustainability reporting could have on small and medium-sized enterprises. In addition to the high cost on businesses that are required to comply with sustainability reporting requirements, businesses interests also expressed concerns that the costs will adversely impact SMEs that are not required to report, but are indirectly forced to gather information in the course of doing business with large companies. The Commission has made it clear they want to prevent SMEs from being forced to pay to gather data beyond minimum requirements. Original language as proposed by the Commission: "Member States shall ensure that, for the mapping provided for in paragraph 2, point (a), companies do not seek to obtain information from direct business partners with fewer than 500 employees that exceeds the information specified in the standards for voluntary use referred to in Article 29a of Directive 2013/34/EU…" Andersson's Proposed Amendment: 'Where necessary in the light of resource and knowledge constraints of an SME that is a business partner of a company, Member States shall ensure that companies provide targeted and proportionate support. Support may include financial support, providing or enabling access to capacity building or training, or support in upgrading management systems or facilitating the upgrading of such systems in order to support the identification of adverse impacts.' The Committee on Employment and Social Affairs has placed the draft opinion on the June 4 meeting agenda. Committee members have until June 3 to offer their own amendments. Given the amendments proposed in other committees, expect conflicting opinions to be stated. The draft opinion will be sent to the Committee on Legal Affairs for consideration. The final vote in the Parliament is expected to take place on October 13. The Commission, Council, and Parliament will then meet to negotiate the final changes to the sustainability reporting requirements. They are expected to be approved in December.
The Drive
an hour ago
- The Drive
Vespa's 1950s Microcar Was Just As Cute as Its Scooters
Get The Drive's daily newsletter The latest car news, reviews, and features. Email address Sign Up Thank you! Terms of Service & Privacy Policy. Let's face it: cute is gonna cute. I mean, a mini Mini is a thing, so, of course, a cuter Vespa would exist. And this time, no chop shops are involved. In fact, this adorbs Vespa has four wheels and is French. According to Below the Radar, the manufacturer now known for scooters also built a teeny transporter from 1957 to 1961. With a 393cc two-stroke two-cylinder engine mounted in the rear, the Vespa 400 was smaller than its counterparts from Fiat and Mini. Measuring just 113 inches in length, the Vespa 400 was five inches shorter than the Fiat 500, which debuted the same year, and took up eight fewer inches than the incoming Mini Cooper that would launch in 1959. Other specs include 14 horsepower and a top speed of about 50 mph. Equipped with a three-speed manual, zero to 40 mph took a leisurely 23 seconds. Utilizing less than 9.5 feet of street space, understandably, there was only room for two occupants. Despite the rear engine, the Vespa 400 had no frunk. That space was actually where your feet would go. Vespa left no space to waste in its already tight-quartered 400. Ingress and egress were made easy via rear-hinged doors. Have luggage? There was a small area behind the two seats for that purpose. Have a kid? A small cushion could be fitted in between the seats to create a temporary bench. Have more than one kid? Hmm, how do I put this? You purchased the wrong vehicle. As the story goes, the Vespa 400 was manufactured out of a factory in Fourchambault, France, to take advantage of the market's growing affinity for microcars. Or perhaps because Fiat was going to have a fit and launch a competing cutesy scooter. Italian tit for tats aside, the Vespa 400 sold well during its first run out the gate with more than 12,000 sold, but sales slid in the following years. Mostly left-hand drive, the Vespa microcar was sold throughout Europe, with about 1,700 actually finding their way stateside. When the Vespa 400 was finally imported to the UK, a vehicle review at the time offered positive remarks. 'Helped by the well-sprung seats, ride comfort is unusually good for such a small car…There is little to distinguish the Vespa from a normal family car, apart from its size,' wrote The Motor, as shared by Below the Radar. That 1959 Vespa 400 cost 351,725 French francs or 255 British pounds. Bring a Trailer Unfortunately, not many have survived, but shiny side up examples can be found, like this one listed on Bring a Trailer which put the car back on our radar today. This little red number with a matching red and tan patterned interior has been an Arizona resident since the late 1960s and underwent a refurbishment in 2015. The speedometer has been replaced, so its true mileage is unknown, but it's a fact that the Vespa 400 is super cute with those 10-inch polished steelies. Offered at no reserve. The vehicle was purchased less than a year ago, selling for $21,023. However, with only a day to go, the current high bid is just $9,000. Are there any other tiny cars from scooter brands we should know about? Drop us a line at tips@
Bloomberg
an hour ago
- Bloomberg
Meyer Burger to Delay Results as Two Units File for Insolvency
Struggling solar-module manufacturer Meyer Burger Technology AG requested an extension of the deadline to present its 2024 financial results after its German units filed for insolvency proceedings. Efforts to keep the sites open during restructuring negotiations were unsuccessful, the Switzerland-listed company said in a statement on Saturday.
