Latest news with #ABI
The Independent
14 hours ago
- Business
- The Independent
Storms and heavy rainfall driving up property insurance payouts
Some £1.6 billion worth of property claim payouts were made by insurers in the second quarter of this year, according to the Association of British Insurers (ABI), with adverse weather driving a significant portion of claims. The total, to help homeowners and businesses bounce back from incidents which also include fire and theft, marks a 7% rise compared with the first quarter of 2025. Between April and June, insurers paid out £322 million for damage caused by storms, heavy rainfall and frozen pipes. Of this, £198 million covered damage to people's homes and possessions, while weather-related business claims totalled £124 million. The average property claim was £6,200 for households and £17,400 for businesses. The annual average price of combined building and contents home insurance in the second quarter of 2025 was £391, £2 lower than the previous quarter, but £1 more compared with the same period in 2024, the ABI said. The average price of buildings-only insurance was down by £1 on the previous quarter, at £321. This was £4 higher compared with the same period in 2024. The typical price of contents-only insurance in the second quarter of 2025 dropped to £129 – £2 down on the previous quarter and £7 lower than the average price paid in the second quarter of 2024. Mark Shepherd, head of general insurance policy at the ABI, said: 'Our latest figures emphasise the vital protection insurance continues to offer people and businesses. 'They also underscore the growing impact of adverse weather on communities across the UK. 'With climate change making such events more severe and frequent, prevention must become a much greater part of the solution.' Louise Clark, manager of general insurance policy at the ABI, said: 'Flooding and storm damage can be deeply distressing and disruptive. 'While we can't control the weather, small preventative steps can go a long way in protecting our homes and reducing the fallout. 'Clearing gutters, securing roof tiles, fixing any leaks, repairing cracks in doors and windows, and fitting flood gates or airbrick covers where needed, all help limit physical damage when bad weather strikes. 'It's also important to stay on top of your insurance. 'Reviewing your policy regularly, checking with your provider if you're unsure what's covered, and keeping your home in good repair are essential to ensuring you're fully protected when the unexpected happens.'
New Straits Times
5 days ago
- Business
- New Straits Times
HLIB downgrades ViTrox to 'Sell' on tax burden, valuation concerns
KUALA LUMPUR: ViTrox Corp Bhd's earnings outlook is clouded by rising tax burdens and stretched valuations, prompting HLIB Research to downgrade the automated test equipment manufacturer. The firm cautioned that the expiry of ViTrox's pioneer tax incentive could materially erode net profits going forward, highlighting it as a key de-rating catalyst. "The higher taxation was a negative surprise, following the expiry of ViTrox's pioneer status tax incentive on June 16, 2025, which limited the core profit after tax growth to 40 per cent, settling at RM37 million," it said in a note. HLIB Research downgraded its call to "Sell" from "Hold" previously with an unchanged target price of RM2.65 based on price-to-earnings (PE) ratio of 34 times based on projected earnings for the financial year 2026 (FY26). ViTrox's book-to-bill ratio normalised to 1.1 times from 1.3 times in the first quarter, reflecting the tapering of frontloaded orders ahead of US tariff changes. All segments recorded growth, driven by a 16 per cent expansion in automated board inspection (ABI) and a robust 59 per cent surge in machine vision system and test (MVST). Meanwhile, earnings before interest, taxes, depreciation, and amortisation (Ebitda) margins improved to 20 per cent from 17.5 per cent. Although the key segments posted strong growth and expanded Ebitda, foreign exchange losses and demand risks from tariff uncertainties continue to pose headwinds. "ViTrox maintains a cautious stance to capture anticipated demand recovery. "Ongoing, disciplined research and development investment will help the company stay technologically relevant. "However, foreign exchange volatility, higher reciprocal tariffs from the US and component shortages could weigh on its near-term margins," HLIB Research added, Despite a 40 per cent share price rally since April, HLIB Research argues that ViTrox's current valuation of price-to-earnings (PE) ratio of 48.5 times based on projected earnings for FY26 is excessive.
The Star
6 days ago
- Business
- The Star
Vitrox's core businesses record double-digit revenue growth in 2Q
KUALA LUMPUR: Vitrox Corp Bhd 's bottom line remained flat in the second quarter ended June 30, 2025 (2QFY25), despite a 33.4% year-on-year (y-o-y) jump in revenue due to foreign exchange losses. During the quarter, the group posted net profit of RM28.13mil, eking out a slight gain over RM28.1mil in the year-ago quarter. Revenue climbed to RM183.04mil from RM137.2mil in the comparative quarter as its core businesses - automated board inspection (ABI) and machine vision system (MVS) - registered double-digit growth. ABI remained the largest contributor, while MVS benefited from stronger shipments of tray-handlers and vision systems, the group said in its filing with the stock exchange. Over the six-month period, however, the group's net profit rose to RM52.29mil from RM45.33mil in 1HFY24 while revenue rose to RM324.16mil from RM256.81mil in the previous comparative period. According to the group's outlook, the global semiconductor market is expected to regain strong momentum in the second half of 2025, supported by growing demand in AI infrastructure, 5G-enabled devices, electric vehicles, and advanced medical technologies. "The group remains cautiously positioned to benefit from the anticipated demand recovery. "Ongoing, disciplined R&D investment will help us stay technologically relevant, but exchange-rate volatility, higher reciprocal tariffs to the USA, and component shortages could weigh on near-term margins. We will therefore manage costs prudently and capture emerging opportunities," it said.
The Sun
22-07-2025
- Business
- The Sun
Insurance firms slammed for adding up to £51 a year to bills paid in monthly instalments
INSURANCE firms have been slammed for adding up to £51 a year to bills paid in monthly instalments. Customers may also pay more for the initial premium in a practice called 'double dipping'. The Financial Conduct Authority said monthly bill payers face APRs of 20-30 per cent, adding £19-£28 to home insurance and £35-£51 to car insurance costs. With about half of such policies paid monthly in 2023, many customers are hit with these extra costs simply because they can't afford annual payments. Consumer group Which? director Rocio Concha urged the FCA to crack down on 'bad practice'. She said too many customers are forced into higher costs out of financial necessity. Insurers claim the charges reflect the cost of the agreements. But the FCA's rules state that premiums must not be increased without a 'reasonable basis'. The Association Of British Insurers insists its members follow 'fair and transparent' principles. Earlier this year Which? revealed that some firms charge APRs comparable to credit card rates, with One Insurance Solution and The Insurance Factory imposing above 30 per cent. The FCA also found motor insurance claims were subject to delays, lack of oversight on outsourced services and high complaint levels. It is taking action against the companies involved. FOOD CRUNCH GROCERY bills are biting harder as food prices rise at their fastest rate in 18 months. Inflation hit 5.2 per cent this month, adding an average £275 to annual spending, Worldpanel data showed. Grocery spending rose 4.6 per cent in the 12 weeks to July 13, with online grocer Ocado leading growth at 11.7 per cent. Lidl grew 11.1 per cent while leader Tesco saw a 7.1 per cent sales increase. RANSOMS BAN PUBLIC sector organisations including the NHS, schools and councils will be banned from paying ransoms to cybercriminals. Security Minister Dan Jarvis pledged to 'smash the cybercriminal business model' and safeguard essential services. Businesses outside the ban must now tell authorities before paying ransoms. The new rules come after attacks on Marks & Spencer and the Co-Op. GOOD WORKS PAY OFF THE WORKS is celebrating success in its turnaround strategy as profits surged 20 per cent to £8.3million. The books and stationery retailer saw 6.4 per cent growth in like-for-like sales in its final quarter, driven by improved store standards and new products, despite a 2 per cent dip in annual revenues. Online sales struggled but store sales led the charge. Boss Gavin Peck highlighted strong trading in the new financial year, with sales up 5 per cent. Shares jumped 9.4 per cent yesterday
Cision Canada
17-07-2025
- Health
- Cision Canada
Ontario Brain Institute Announces $552K in Support of Community Organizations Français
TORONTO, July 17, 2025 /CNW/ - The Ontario Brain Institute (OBI) is pleased to announce $552,000 in funding to support four community organizations advancing brain health and wellness across the province. This commitment comes as part of the Growing Expertise in Evaluation and Knowledge Translation (GEEK) program. "Each of these organizations brings a deep understanding of the communities they serve," said Dr. Tom Mikkelsen, President and Scientific Director of OBI. "Through GEEK, we're proud to support programs that build capacity, align program delivery with care needs, and create long-term impact for people living with neurological conditions." Now in its seventh year, the GEEK program offers evaluation expertise, support, and funding to community-led programs and services focused on brain health or people managing brain disorders. GEEK is a unique model of funding in that it improves evidence-informed care close to home while centering the role of community in healthcare. The 2025 OBI 'GEEKs' are: Brain Injury Association of Peel and Halton (BIAPH): BIAPH is a community-led charity dedicated to enhancing quality of life for individuals with acquired brain injuries (ABI) and their caregivers in the Peel and Halton regions. The ABI Support Group program serves over 200 participants annually through structured meetings, both in-person and virtual, for survivors and caregivers. The program provides peer-to-peer support, resource sharing, workshops, and expert guidance to reduce isolation and build coping skills for managing the long-term challenges of brain injury. Alongside its community programs, BIAPH also engages in research to improve services and amplify the voices of those affected by brain injury. The Grove Youth Wellness Hubs Ontario – Wellington Guelph: The Grove is a network providing integrated mental health, substance use and community services. The program serves youth ages 12–26 across Wellington County and Guelph through seven interconnected sites offering both clinical and non-clinical services. Their non-clinical service pathways include Skills & Wellbeing Activities and Community & Social Support Services including drop-in services, outreach, family support, education, employment, and housing. These non-clinical services often serve as youth's first entry point to more intensive support, emphasizing early intervention and primary prevention in a safe, accessible environment. Keep Your Head Up Foundation: Keep Your Head Up is a registered Canadian charity in Region of Waterloo focused on supporting youth with traumatic brain injuries through education, empowerment, and social connection. The Community Education program takes an upstream prevention approach by teaching youth about the holistic impacts of concussion on wellbeing, including invisible symptoms like social pressures, mental health impacts, learning difficulties, and recovery challenges. The program aims to reduce the long-term challenges to wellbeing by reducing stigma, improve recognition of concussion effects, and increase awareness of available supports like academic accommodations and mental wellness resources. LOFT Community Services: LOFT is a non-profit organization providing holistic multi-service supports to transitional-aged youth, adults, and seniors and older adults facing complex health challenges that may involve a combination of mental health, addiction, poverty, and homelessness concerns. The Culture and Calm program is a culturally-responsive Dialectical Behaviour Therapy initiative specifically designed for BIPOC youth ages 16–29 in the Greater Toronto Area. This 10-week virtual program teaches emotion regulation skills through a cultural lens, examining how systems of oppression influence mental health while providing a safer therapeutic space for marginalized youth. "Ontario is home to exceptional researchers that drive groundbreaking innovation all across the province," said the Honourable Nolan Quinn, Minister of Colleges, Universities, Research Excellence and Security. "Our government is proud to support the Ontario Brain Institute and commend their Growing Expertise in Evaluation and Knowledge Translation (GEEK) funding recipients that are advancing brain health and wellness in their communities." Since launching GEEK in 2018, OBI has committed approximately three million dollars to support 24 community-led programs in evaluating and generating evidence for their programming. Collectively, GEEK teams have trained and supported over 3,600 individuals, shared or presented knowledge gained from their programs more than 122 times in various formats, and leveraged close to $6.5M in additional funding. ABOUT: The Ontario Brain Institute is a provincially funded, not-for-profit organization that accelerates neuroscience discovery and innovation, benefiting both patients and the economy. Our collaborative 'team science' approach promotes brain research, commercialization and care by connecting researchers, clinicians, industry, patients, and their advocates to improve the lives of those living with brain disorders. Visit for more information.
