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Magnum to harness NotCo AI for new ice cream products and reformulation

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Unilever’s Magnum ice cream business, which is preparing for a public listing in November, will use Chilean food-tech start-up NotCo’s artificial intelligence to develop new products and reformulate existing ones. The partnership aims to address calorie reduction, plant-based innovation, and rising commodity costs, according to Zbigniew Lewicki, Magnum’s chief of research, design and innovation.

Lewicki noted that consumers increasingly want indulgent treats that also come in smaller portions and use more sustainable ingredients. Magnum, which also oversees the Ben & Jerry’s and Cornetto brands, joins over a dozen consumer goods firms leveraging NotCo’s AI to keep up with shifting consumer demands.

NotCo CEO Matias Muchnick said global food makers are turning to AI to adapt quickly to trends driven by health-conscious consumers and inflationary pressures in key commodities like cocoa. NotCo’s technology is already helping companies:

  • Replace synthetic dyes

  • Reduce sugar content

  • Identify new viral flavors, such as “Dubai chocolate”

The start-up has previously partnered with Kraft Heinz on plant-based versions of macaroni and cheese, cheese singles, and mayonnaise.

By integrating NotCo’s AI, Magnum aims to balance indulgence with nutrition, cut costs, and accelerate the rollout of innovative ice cream options tailored to modern consumer expectations.

Wise Shifts Primary Listing to U.S., Delivering Fresh Blow to London’s Financial Market

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Money transfer company Wise announced Thursday that it plans to move its primary stock market listing from London to the United States, marking another significant setback for London’s efforts to maintain its position as a leading global financial center. The company’s shares surged more than 8% following the announcement, bringing its market capitalization to over £12 billion ($16.28 billion).

Wise, which first listed in London in 2021, had signaled in April that it was exploring its listing options, but the decision to move to the U.S. surprised many analysts. The shift underscores the growing appeal of American capital markets for global companies seeking higher valuations, deeper liquidity, and broader investor access.

CEO and co-founder Kristo Kaarmann cited the depth and liquidity of U.S. markets as the primary reasons for the move. “The U.S. has the world’s deepest and most liquid capital markets, which will make it easier for investors globally to buy shares in Wise,” Kaarmann said.

Despite the relocation, Wise plans to maintain a secondary listing in London, signaling continued ties to its home market where roughly 20% of its staff and most of its executive team remain based.

Another Blow to London’s IPO Ambitions

Wise’s departure is the latest in a string of high-profile companies abandoning or bypassing London in favor of other markets. In recent months:

  • Unilever selected Amsterdam over London or New York for its ice cream division’s primary listing.

  • Shein, the Singapore-based fast-fashion giant, is reportedly leaning towards a Hong Kong IPO after regulatory challenges for a London listing.

  • Cobalt Holdings, a metals investor backed by Glencore, scrapped its London IPO plans entirely this week.

These developments highlight the ongoing difficulties London faces in attracting and retaining major listings, despite recent reforms aimed at modernizing and liberalizing its capital markets to compete with global peers.

London Reforms Not Enough

Kaarmann emphasized that the U.K. government has made meaningful efforts to modernize its capital market regulations, aligning them more closely with U.S. standards. However, he acknowledged that companies ultimately need to follow the global flow of capital.

“The government has definitely made an effort… but we have to accept the reality of where the world’s capital is concentrated,” he said.

A Wise spokesperson declined to say whether other international listing venues were considered.

Solid Financial Performance

Alongside the listing news, Wise reported strong annual earnings. Underlying pretax profit rose 17% to £282.1 million for the year ending March 31, 2025. Shares of the company are up nearly 40% over the past year, though they remain below their 2021 IPO levels.

Wise’s British competitor, Revolut, which offers similar financial services, has also been expanding aggressively in the U.S., underlining the growing importance of American markets to European fintech companies.

Unilever Sells Its Russian Business to Arnest Group

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Unilever, the multinational consumer goods company known for brands like Dove and Hellmann’s, announced on Thursday that it has completed the sale of its Russian operations to Arnest Group, a local manufacturer of cosmetics, perfumes, and household products. The deal includes Unilever’s entire business in Russia, four production facilities, and its business interests in Belarus. The financial terms of the sale remain undisclosed.

The decision to sell follows significant criticism of Unilever’s continued presence in Russia after the country’s invasion of Ukraine in February 2022. Although Unilever had ceased imports and exports to Russia shortly after the invasion, its full withdrawal from the market was a complex process. This sale marks the culmination of over a year of preparation, involving the separation of supply chains, IT systems, and adapting brand names to the Cyrillic alphabet.

Unilever’s CEO, Hein Schumacher, in his first year leading the company, has made several major changes aimed at restructuring the business and boosting performance. In addition to the sale of the Russian operations, Schumacher is overseeing plans to spin off the company’s ice cream division, lay off up to 7,500 employees, and focus the company’s efforts on 30 key brands.

B4Ukraine, a coalition of civil society groups pushing for Western companies to cut ties with Russia, applauded Unilever’s decision, urging other global corporations to follow suit. The Russian government has required foreign companies from “unfriendly” nations—those that have imposed sanctions on Russia—to sell their assets at a discount of at least 50%.

Unilever joins other major corporations, like Danone, which earlier this year also divested from its Russian assets, taking a $1.3 billion financial loss. A Reuters analysis in March estimated that foreign companies have lost over $107 billion in writedowns and lost revenue due to their exits from the Russian market.