In Short

A round-up of today's other stories in brief

Aviva reiterates plans to grow in Ireland and cuts costs elsewhere

Aviva reiterated its commitment to the Irish market yesterday as the insurance giant announced it is to commence a £200 million (€228 million) cost-cutting plan which will see the company exiting some markets, including Taiwan.

In its interim management statement for the nine months to September 2010, Aviva said it was planning on growing its “market leading position” in Ireland, Canada and the UK. Sales in Ireland during the third quarter decreased by 9 per cent to £352 million compared to £388 million in the same period in 2008. It blamed the recession and “aggressive competitor pricing” on pension products for the decline.

Pfizer profits top analyst estimates

Pfizer Inc, the world’s biggest drugmaker, reported third-quarter profit that topped analyst estimates after price increases and workforce reductions helped counter declining sales of the cholesterol pill Lipitor.

Profit excluding costs of its purchase of Wyeth last year and other items was 54 cents a share, beating the 51 cents average estimate.

Net income fell 70 per cent to $866 million (€617 million) on acquisition charges and costs for an asbestos lawsuit, Pfizer said. – (Bloomberg)

Manufacturers' output levels rise

Euro-zone manufacturers boosted their output in October at a faster pace than previously estimated, according to a survey.

Spain and Ireland both recovered last month, while Greece continued to struggle.

The Markit Eurozone Manufacturing Purchasing Managers Index (PMI) rose to 54.6 in October, revised up from the estimate of 54.1.

Germany once again led the upturn while France’s factory upswing moderated as output slowed to a 14-month low. – (Reuters)

Lloyds forecast good results for 2010

Lloyds, Britain's largest retail bank, said it was set for decent 2010 results as bad debts fall and margins continue to improve. The bank, which was partly nationalised during the credit crisis, said it expects to deliver a "good financial performance" for the full year. It said losses from problem loans were "expected to fall moderately" and that margins should show a modest improvement. - (Reuters)