Aviva FY profits fall, Clarkson names new chairman

London pre-open

The FTSE 100 was being called to open 19.8 points lower ahead of the bell on Wednesday after wrapping up the previous session 1.72% weaker at 7,330.20.

Stocks to watch

Insurer Aviva reported a 28% fall in annual profits on Wednesday, reflecting lower operating earnings from discontinued operations.

Full-year operating profits came in at £2.26bn, down from the £3.16bn reported in 2020. However, Aviva declared a total dividend of 22.05p per share, up from 21.0p a year earlier. Separately, Aviva also announced that it had acquired Succession Wealth for £385.0m.

Shipping company Clarkson tapped Laurence Hollingworth to take over as chairman on Wednesday.

Hollingworth, who will succeed outgoing chair Bill Thomas with immediate effect, joined the firm's board back in July 2020 and has "extensive experience" in capital markets. Prior to joining Clarkson, Hollingworth spent 37 years in stockbroking and investment banking with Cazenove and JP Morgan.

Newspaper round-up

The government's long-delayed register of offshore owners of UK property will fail to tackle corruption unless multiple loopholes in the draft legislation are closed, experts have warned. On Monday, the government announced it would introduce a "register of overseas entities" requiring anonymous foreign owners of UK property to publicly declare their true identities as part of its draft Economic Crime (Transparency and Enforcement) bill. - Guardian

Apple has said it will pause all product sales in Russia, heeding requests from Ukrainian officials to take action against the country in response to its invasion. "We are deeply concerned about the Russian invasion of Ukraine and stand with all of the people who are suffering as a result of the violence," Apple said in a statement on Tuesday. - Guardian

Vladimir Putin has signed a decree banning Russians from leaving the country with more than $10,000 (£7,500) in foreign currency as fears grow that the Russian financial system is on the brink of collapse. State media reported on Tuesday night that the export of foreign currency cash and foreign currency instruments over $10,000 will be banned starting on Wednesday and the Kremlin's press office said the move is an attempt to "ensure Russia's financial stability". - Telegraph

The taxpayer-backed broadband company OneWeb is preparing to launch satellites into space using Russian rockets days after Vladimir Putin's invasion of Ukraine. OneWeb, which was bailed out by the Government two years ago, has paid for 36 satellites to be sent into orbit from the Russian-owned Baikonur Cosmodrome in Kazakhstan. - Telegraph

The chief executive of the Financial Conduct Authority has moved to avert a potential strike by offering base pay rises of up to 20% to his lowest-paid employees plus a cash Easter sweetener of £1,000 or more to all staff. Nikhil Rathi, who runs the main City regulator and has been trying to ban cash bonuses, said most staff members would get a pay rise of at least 9% over two years, with the average pay packet going up by 12%. - The Times

US close

Wall Street stocks ended the session firmly in the red on Tuesday as market participants continued to monitor the ongoing conflict between Russia and Ukraine after satellite cameras allegedly captured images of a convoy of Russian military vehicles en route to the Ukrainian capital of Kyiv.

At the close, the Dow Jones Industrial Average was down 1.76%% at 33,294.95, while the S&P 500 was 1.55% weaker at 4,306.26 and the Nasdaq Composite saw out the session 1.59% firmer at 13,532.46.