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Yahoo
13 hours ago
- Business
- Yahoo
European Dividend Stocks Offering Yields Up To 5.6%
As the European markets experience a lift, with the pan-European STOXX Europe 600 Index rising by 0.90% amid easing inflation and supportive monetary policy from the European Central Bank, investors are increasingly looking towards dividend stocks for stable income opportunities. In this context, identifying strong dividend stocks involves assessing companies with robust financial health and consistent payout histories that align well with current economic conditions. Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.39% ★★★★★★ St. Galler Kantonalbank (SWX:SGKN) 3.93% ★★★★★★ Rubis (ENXTPA:RUI) 7.00% ★★★★★★ Julius Bär Gruppe (SWX:BAER) 4.93% ★★★★★★ HEXPOL (OM:HPOL B) 4.68% ★★★★★★ Deutsche Post (XTRA:DHL) 4.54% ★★★★★★ Cembra Money Bank (SWX:CMBN) 4.21% ★★★★★★ Bredband2 i Skandinavien (OM:BRE2) 4.20% ★★★★★★ Banque Cantonale Vaudoise (SWX:BCVN) 4.70% ★★★★★★ Allianz (XTRA:ALV) 4.33% ★★★★★★ Click here to see the full list of 228 stocks from our Top European Dividend Stocks screener. Let's review some notable picks from our screened stocks. Simply Wall St Dividend Rating: ★★★★★☆ Overview: Manitou BF SA, with a market cap of €847.59 million, develops, manufactures, and distributes equipment and services across various regions including France, Southern Europe, Northern Europe, the Americas, Asia, the Pacific, Africa, and the Middle East. Operations: Manitou BF SA generates its revenue primarily from two segments: the Products Division, which accounts for €2.25 billion, and the Services & Solutions (S&S) Division, contributing €409.12 million. Dividend Yield: 5.6% Manitou BF offers a compelling dividend yield of 5.64%, placing it in the top 25% of French dividend payers. Despite its attractive yield, the company's dividend history has been volatile, with significant annual drops over the past decade. However, dividends are well-covered by earnings and cash flows, with payout ratios at 39.2% and 34.9%, respectively. Trading at a price-to-earnings ratio of 7x, it presents good value compared to the broader French market average of 15.6x. Delve into the full analysis dividend report here for a deeper understanding of Manitou BF. Our valuation report here indicates Manitou BF may be undervalued. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: INDUS Holding AG is a private equity firm focused on mergers, acquisitions, and corporate spin-offs, with a market cap of €550.19 million. Operations: INDUS Holding AG generates revenue through its segments of Engineering (€591.88 million), Infrastructure (€563.96 million), and Materials Solutions (€559.08 million). Dividend Yield: 5.4% INDUS Holding's dividend yield of 5.9% is among the top 25% in Germany, though its dividend history has been volatile over the past decade. The €1.20 per share dividend remains unchanged from last year, with a total payout of €29.9 million approved recently by shareholders. Dividends are well-covered by earnings and cash flows, with payout ratios at 51.6% and 48.8%, respectively, despite recent lowered sales guidance due to external factors affecting its Materials Solutions segment. Navigate through the intricacies of INDUS Holding with our comprehensive dividend report here. The valuation report we've compiled suggests that INDUS Holding's current price could be quite moderate. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: MLP SE, with a market cap of €951.48 million, offers financial services to private, corporate, and institutional clients in Germany through its subsidiaries. Operations: MLP SE generates revenue through several segments, including Financial Consulting (€450.39 million), FERI (€265.89 million), Banking (€226.45 million), DOMCURA (€133.72 million), (€49.61 million), and Industrial Broker (€39.27 million). Dividend Yield: 4.1% MLP SE's recent dividend increase to €0.36 per share reflects a growing trend, despite its historically volatile payout history. The dividend is well-covered by earnings and cash flows, with payout ratios of 56.7% and 48.7%, respectively, indicating sustainability. Although the yield is slightly below top-tier German dividend payers, MLP trades at a good value compared to peers and analysts foresee potential stock price appreciation of 29.1%. Earnings growth supports continued dividend stability. Unlock comprehensive insights into our analysis of MLP stock in this dividend report. Insights from our recent valuation report point to the potential undervaluation of MLP shares in the market. Click here to access our complete index of 228 Top European Dividend Stocks. Are you invested in these stocks already? Keep abreast of every twist and turn by setting up a portfolio with Simply Wall St, where we make it simple for investors like you to stay informed and proactive. Join a community of smart investors by using Simply Wall St. It's free and delivers expert-level analysis on worldwide markets. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ENXTPA:MTU XTRA:INH and XTRA:MLP. This article was originally published by Simply Wall St. Have feedback on this article? 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Yahoo
4 days ago
- Business
- Yahoo
European Dividend Stocks To Consider With Up To 3.6% Yield
As European markets experience a modest upswing, with the STOXX Europe 600 Index rising 0.65% amid easing inflation and potential interest rate cuts by the ECB, investors are increasingly looking towards dividend stocks as a reliable income source in this uncertain economic climate. In such an environment, well-established companies offering consistent dividends can provide stability and potential yield benefits for those considering their investment options. Name Dividend Yield Dividend Rating Zurich Insurance Group (SWX:ZURN) 4.38% ★★★★★★ St. Galler Kantonalbank (SWX:SGKN) 3.95% ★★★★★★ Rubis (ENXTPA:RUI) 7.05% ★★★★★★ Julius Bär Gruppe (SWX:BAER) 4.96% ★★★★★★ HEXPOL (OM:HPOL B) 4.68% ★★★★★★ Deutsche Post (XTRA:DHL) 4.59% ★★★★★★ Cembra Money Bank (SWX:CMBN) 4.23% ★★★★★★ Bredband2 i Skandinavien (OM:BRE2) 4.20% ★★★★★★ Banque Cantonale Vaudoise (SWX:BCVN) 4.70% ★★★★★★ Allianz (XTRA:ALV) 4.35% ★★★★★★ Click here to see the full list of 229 stocks from our Top European Dividend Stocks screener. We'll examine a selection from our screener results. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: Corbion N.V. specializes in producing lactic acid and its derivatives, food preservation solutions, functional blends, and algae ingredients across various regions including the Netherlands, the United States, Asia, and more; it has a market cap of €1.14 billion. Operations: Corbion N.V.'s revenue is primarily derived from its Health & Nutrition segment, which accounts for €290.20 million, and its Functional Ingredients & Solutions segment, contributing €997.90 million. Dividend Yield: 3.3% Corbion's dividend profile shows mixed attributes for investors. The company recently increased its annual dividend to €0.64 per share, payable in May 2025. While dividends are well-covered by cash flows (37.2% cash payout ratio) and earnings (81.4% payout ratio), the yield of 3.25% is below the Dutch market's top tier of 5.69%. Despite a history of volatility and an unstable track record, dividends have grown over the past decade, though financial leverage remains high. Dive into the specifics of Corbion here with our thorough dividend report. Our expertly prepared valuation report Corbion implies its share price may be lower than expected. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: Jungfraubahn Holding AG, with a market cap of CHF1.17 billion, operates cogwheel railway and winter sports facilities in the Jungfrau region of Switzerland. Operations: Jungfraubahn Holding AG's revenue is primarily derived from its Jungfraujoch - TOP of Europe segment, generating CHF191.97 million, along with contributions from Experience Mountains at CHF56.13 million and Winter Sports at CHF42.04 million. Dividend Yield: 3.6% Jungfraubahn Holding's dividend yield of 3.65% is below the Swiss market's top tier. Despite a volatile and unreliable dividend history, recent increases to CHF 7.50 per share highlight growth over the past decade. Dividends are well-covered by earnings (56% payout ratio) and cash flows (51.7% cash payout ratio), suggesting sustainability despite fluctuating past payments. Recent financials show steady revenue growth to CHF 294.75 million, though net income slightly decreased to CHF 75.69 million for 2024. Take a closer look at Jungfraubahn Holding's potential here in our dividend report. The analysis detailed in our Jungfraubahn Holding valuation report hints at an inflated share price compared to its estimated value. Simply Wall St Dividend Rating: ★★★★★☆ Overview: EVN AG is an energy and environmental services company operating in Austria, Bulgaria, North Macedonia, Croatia, Germany, and Albania with a market cap of €4.47 billion. Operations: EVN AG's revenue is primarily derived from its Energy (€717.60 million), Networks (€691.20 million), Generation (€370.70 million), Environment (€423.10 million), and South East Europe (€1.48 billion) segments. Dividend Yield: 3.6% EVN's dividend yield of 3.59% falls short of Austria's top 25% payers. However, dividends have been stable and growing over the past decade, supported by a low payout ratio of 30.8%, indicating strong earnings coverage. Despite earnings forecasted to decline by an average of 4.2% annually for three years, recent financials show significant profit growth with net income rising to €135.1 million in Q2 2025 from €55.5 million a year prior, reinforcing dividend reliability amidst market fluctuations. Get an in-depth perspective on EVN's performance by reading our dividend report here. Our comprehensive valuation report raises the possibility that EVN is priced lower than what may be justified by its financials. Navigate through the entire inventory of 229 Top European Dividend Stocks here. Got skin in the game with these stocks? Elevate how you manage them by using Simply Wall St's portfolio, where intuitive tools await to help optimize your investment outcomes. Streamline your investment strategy with Simply Wall St's app for free and benefit from extensive research on stocks across all corners of the world. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ENXTAM:CRBN SWX:JFN and WBAG:EVN. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 days ago
- Business
- Yahoo
European Dividend Stocks To Watch In June 2025
As European markets navigate a landscape marked by easing inflation and the potential for interest rate cuts, investors are closely monitoring opportunities in dividend stocks. In such an environment, stocks that offer consistent dividend payouts can provide a measure of stability and income, making them appealing to those looking to balance growth with reliable returns. Name Dividend Yield Dividend Rating Bredband2 i Skandinavien (OM:BRE2) 4.29% ★★★★★★ Julius Bär Gruppe (SWX:BAER) 4.82% ★★★★★★ Allianz (XTRA:ALV) 4.39% ★★★★★★ Zurich Insurance Group (SWX:ZURN) 4.37% ★★★★★★ Rubis (ENXTPA:RUI) 6.98% ★★★★★★ Cembra Money Bank (SWX:CMBN) 4.18% ★★★★★★ St. Galler Kantonalbank (SWX:SGKN) 3.91% ★★★★★★ HEXPOL (OM:HPOL B) 4.79% ★★★★★★ OVB Holding (XTRA:O4B) 4.35% ★★★★★★ Banque Cantonale Vaudoise (SWX:BCVN) 4.61% ★★★★★★ Click here to see the full list of 238 stocks from our Top European Dividend Stocks screener. Let's review some notable picks from our screened stocks. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: Tenaris S.A. is a global manufacturer and supplier of steel pipe products and related services for the energy industry and other industrial applications, with a market cap of €16.62 billion. Operations: Tenaris generates its revenue primarily from its Tubes segment, which accounted for $11.38 billion. Dividend Yield: 4.7% Tenaris offers a mixed dividend profile with payments well covered by earnings and cash flows, evidenced by payout ratios of 50.9% and 42.5%, respectively. Despite a recent dividend increase to US$0.83 per share, its yield is lower than the top tier in Italy, and its track record remains volatile over the past decade. Recent financials show declining earnings, but strategic buybacks totaling US$1.89 billion may support shareholder value amidst capital restructuring efforts. Click here and access our complete dividend analysis report to understand the dynamics of Tenaris. In light of our recent valuation report, it seems possible that Tenaris is trading behind its estimated value. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: Fleury Michon SA produces and sells food products in France and internationally, with a market cap of €109.87 million. Operations: Fleury Michon's revenue is primarily derived from its Division GMS France segment at €677.94 million and its International Division at €100.62 million. Dividend Yield: 5.1% Fleury Michon's dividend profile shows potential, with a recent increase to €1.33 per share and strong coverage by earnings (41.6% payout ratio) and cash flows (23.6% cash payout ratio). However, its dividends have been volatile over the past decade, lacking reliability despite a low price-to-earnings ratio of 8.2x compared to the French market average of 15.5x. Recent financials highlight improved net income (€47.8 million), yet sales declined slightly to €807 million from €836.2 million last year. Navigate through the intricacies of Fleury Michon with our comprehensive dividend report here. The analysis detailed in our Fleury Michon valuation report hints at an deflated share price compared to its estimated value. Simply Wall St Dividend Rating: ★★★★☆☆ Overview: Sparebanken Møre, with a market cap of NOK5.30 billion, offers banking services to both retail and corporate customers in Norway through its subsidiaries. Operations: Sparebanken Møre generates its revenue primarily from retail banking (NOK1.06 billion), corporate banking (NOK877 million), and real estate brokerage (NOK51 million) segments in Norway. Dividend Yield: 5.9% Sparebanken Møre's dividend profile is mixed, with recent earnings showing a decline in net income to NOK 232 million. Despite trading 37.5% below estimated fair value and having a sustainable payout ratio of 63.3%, its dividends have been volatile over the past decade, lacking reliability. Future dividends are expected to remain covered by earnings, though its low allowance for bad loans (64%) and lower-than-top-tier yield (5.85%) may concern investors seeking stability. Delve into the full analysis dividend report here for a deeper understanding of Sparebanken Møre. Our expertly prepared valuation report Sparebanken Møre implies its share price may be lower than expected. Click here to access our complete index of 238 Top European Dividend Stocks. Already own these companies? Bring clarity to your investment decisions by linking up your portfolio with Simply Wall St, where you can monitor all the vital signs of your stocks effortlessly. Take control of your financial future using Simply Wall St, offering free, in-depth knowledge of international markets to every investor. Explore high-performing small cap companies that haven't yet garnered significant analyst attention. Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management. Find companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include BIT:TEN ENXTPA:ALFLE and OB:MORG. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-05-2025
- Business
- Yahoo
Zurich Insurance Group AG's (VTX:ZURN) Recent Stock Performance Looks Decent- Can Strong Fundamentals Be the Reason?
Zurich Insurance Group's (VTX:ZURN) stock up by 1.8% over the past month. Given its impressive performance, we decided to study the company's key financial indicators as a company's long-term fundamentals usually dictate market outcomes. Particularly, we will be paying attention to Zurich Insurance Group's ROE today. ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. Put another way, it reveals the company's success at turning shareholder investments into profits. We check all companies for important risks. See what we found for Zurich Insurance Group in our free report. The formula for ROE is: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Zurich Insurance Group is: 23% = US$6.2b ÷ US$27b (Based on the trailing twelve months to December 2024). The 'return' is the income the business earned over the last year. That means that for every CHF1 worth of shareholders' equity, the company generated CHF0.23 in profit. View our latest analysis for Zurich Insurance Group Thus far, we have learned that ROE measures how efficiently a company is generating its profits. Depending on how much of these profits the company reinvests or "retains", and how effectively it does so, we are then able to assess a company's earnings growth potential. Assuming all else is equal, companies that have both a higher return on equity and higher profit retention are usually the ones that have a higher growth rate when compared to companies that don't have the same features. To begin with, Zurich Insurance Group has a pretty high ROE which is interesting. Second, a comparison with the average ROE reported by the industry of 13% also doesn't go unnoticed by us. This probably laid the groundwork for Zurich Insurance Group's moderate 5.2% net income growth seen over the past five years. We then compared Zurich Insurance Group's net income growth with the industry and we're pleased to see that the company's growth figure is higher when compared with the industry which has a growth rate of 1.6% in the same 5-year period. Earnings growth is a huge factor in stock valuation. What investors need to determine next is if the expected earnings growth, or the lack of it, is already built into the share price. This then helps them determine if the stock is placed for a bright or bleak future. If you're wondering about Zurich Insurance Group's's valuation, check out this gauge of its price-to-earnings ratio, as compared to its industry. The high three-year median payout ratio of 90% (or a retention ratio of 10%) for Zurich Insurance Group suggests that the company's growth wasn't really hampered despite it returning most of its income to its shareholders. Moreover, Zurich Insurance Group is determined to keep sharing its profits with shareholders which we infer from its long history of paying a dividend for at least ten years. Upon studying the latest analysts' consensus data, we found that the company is expected to keep paying out approximately 77% of its profits over the next three years. Therefore, the company's future ROE is also not expected to change by much with analysts predicting an ROE of 24%. In total, we are pretty happy with Zurich Insurance Group's performance. We are particularly impressed by the considerable earnings growth posted by the company, which was likely backed by its high ROE. While the company is paying out most of its earnings as dividends, it has been able to grow its earnings in spite of it, so that's probably a good sign. We also studied the latest analyst forecasts and found that the company's earnings growth is expected be similar to its current growth rate. To know more about the company's future earnings growth forecasts take a look at this free report on analyst forecasts for the company to find out more. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Zawya
23-05-2025
- Business
- Zawya
Global bond markets signal governments must pay more to borrow long-term
SINGAPORE/LONDON - From ho-hum debt auctions to plunging long-term bond prices, investors are sending a clear message to governments that in the current climate of uncertainty they need to pay more to borrow for decades ahead. Yields of government bonds with the longest maturities have risen sharply not just in the United States, where the chaotic first months of Donald Trump's second term in the White House are causing investors to demand better returns on their bond holdings, but also in Japan and Britain. Multi-billion dollar government bond sales, which used to be a seamless process for big economies, are becoming the arena for bond vigilantes questioning government profligacy and inflation outlooks. In Japan and the United States, bond markets do not seem to like the tax cuts the ruling parties are seeking. This week's poor 20-year U.S. bond sale and Japan's worst auction result since 2012 served as a wake-up-call for the market, coming right after Moody's became the last of three major rating agencies to strip the United States of its top triple-A credit rating because of its growing debt. "Investors are thinking that if we are in a world where debt continues to deteriorate, and the growth dynamic is more fragile, the risk premia we demand to hold these bonds should rise, and that's what's happening now," said Zurich Insurance Group chief markets strategist Guy Miller. In the coming weeks, Japan, Germany, the U.S. and the UK will be offering 10-year and 30-year bonds. "Investors are challenging issuance here," said Miller. In theory, governments could spend less or tax more to reassure investors, but belt-tightening is hardly an option given concerns about the impact of Trump's trade war on the global economy. TERM PREMIUM Most of the selling of Treasuries, UK gilts and Japanese government bonds (JGBs) has been at the long end of the curve, driven by concerns that Trump's trade war and tax cuts will stoke inflation and force governments to spend more. UK 30-year gilt yields have hit their highest since the late 1990s this year. U.S. 30-year yields are at 5.09%, up 70 basis points since March. U.S. public debt is around 100% of gross domestic product and projected to rise to 134% over the next decade, according to Moody's. The root reason for the selling is what investors call the "term premium", or the extra yield bondholders expect for locking in their money for a long time. The term premium on 10-year U.S. Treasuries, the extra returns investors demand for holding longer-term bonds rather than rolling over short-term debt, is estimated at 0.79%. That seems too low in this environment - below levels in 2011, when U.S. debt was at similar levels, and a fraction of the 5% during the stagflation of the 1970s. "People are repricing term premia. It's the sort of concern that stews in the back of your mind but doesn't become a problem until it is," said Rong Ren Goh, a portfolio manager in the fixed income team at Eastspring Investments. Goh said he had planned to buy longer U.S. Treasuries to add duration to his portfolio should 10-year yields cross 4.5% and 30-year hit 5%, but changed his mind after this week's developments on the U.S. budget bill and Moody's downgrade. "The process of price discovery, given we are in uncharted territory, may take a while so I would not rush into duration plays at current levels," he said. TRIAL AND ERROR Total outstanding U.S. federal government debt was $36.2 trillion at the end of 2024. A little more than $9 trillion is held by foreigners as of March, with Japan accounting for $1.1 trillion of that sum and China $965 billion. Foreign participation, which includes central banks, in the most recent 30-year Treasury auction was the lowest since 2019, at just 58.88% and it has been tailing off since October. Japanese investors have been dumping longer-end Treasuries and JGBs, whose yields spiked to record highs this week. They too have demanded better yields at recent auctions. "The bigger picture is that deficits do matter, and fiscal policy matters, and fiscal space is finite," said Robin Brooks, a senior fellow at the Brookings Institution. "And it's not just the United States that has a fiscal policy problem." In Japan, bond market concerns stem from the fiscal stimulus lawmakers have planned ahead of an upper house election slated for July, which could mean more government borrowing at a time the Bank of Japan is also reducing its purchases of bonds. That has stirred the same questions around term premium. Ten-year yields at 1.55% are up 44 bps since early April, moving further away from the BOJ's 0.5% policy rate. "People expect the BOJ will continue to raise rates and reduce holdings of JGBs", said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui DS Asset Management, Tokyo. "Many investors are probably thinking, especially for super-long bonds, what yield level is consistent with a policy rate at, for example, 1.25% and no support from BOJ buying. We are in a process of finding that equilibrium. It's a process of trial and error." Germany could emerge as a winner of that process. While its yields have also spiked this year following massive stimulus that signals more borrowing, it remains the only Group of Seven economy with a debt-to-GDP ratio below 100%. In fact, during a global bond selloff seen in April, investors flocked to German Bunds. "Despite the (German) spending commitments, debt levels will remain relatively low and growth is likely to be boosted over the longer term," said Zurich's Miller. (Reporting by Dhara Ranasinghe, Vidya Ranganathan, Kevin Buckland, Alun John, Suzanne McGee, Jamie McGeever; Editing by Tomasz Janowski)
