Colgate takes pasting on devaluation
The devaluation of Venezuela’s currency forced Colgate-Palmolive to take a profit-sapping charge, but investors welcomed sales growth that was stronger than its biggest peer Procter & Gamble. The toothpaste and soap maker yesterday reported sales up 2.5 per cent from a year ago to $4.3bn (£2.8bn) in the quarter ended March, in line with market forecasts, but profits fell mainly because of a $111m charge from Venezuela’s currency devaluation in February. Colgate’s shares closed up 1.3 per cent.
PotashCorp abandons $16bn ICL bid
Potash Corporation of Saskatchewan, one of the world’s leading fertiliser producers, has abandoned its $16bn takeover bid for Israel Chemicals amid mounting opposition within Israel.
Mixed Volvo earnings reveal trends
Volvo has posted a bigger-than-expected fall in operating profits of 92 per cent to SKr482m (£48m) in the first quarter. Its sales of SKr58.3bn and truck deliveries of 38,416 were the lowest since the first quarter of 2010 when the group was still recovering from the battering of the financial crisis.
Harley-Davidson high on the hog
A restructuring of Harley-Davidson’s manufacturing processes appears to be paying off as the company reported profits up by 30 per cent despite falling motorcycle sales in the US and Europe.
Hilton to advise at No10 again
Steve Hilton, David Cameron’s closest aide since he was elected Tory leader, is making a tentative return to Downing Street. Hilton will occasionally return to meet with Cameron’s new advisory board.
The Daily Telegraph
Study: Google can predict stocks
Google Trends, a tool that looks at patterns of searches on the internet, is a potential money-spinner for investors as it provides hints of impending stock movements, a study has revealed.
Japan’s wall of money proves elusive
Japanese investors are repatriating funds from around the world at an accelerating pace, dashing hopes that stimulus from the Bank of Japan will flood global asset markets with newly-printed money.
THE WALL STREET JOURNAL
US suspects Syrian chemical weapons
US intelligence agencies believe with "varying degrees of confidence" that the regime of Syrian President Bashar al-Assad has used chemical weapons in its civil war, the White House told Congress in a letter on yesterday. The detailed written assessment marks the administration’s first acknowledgment that the bloodletting in Syria has reached a point that might require US military involvement. However, officials said that the assessment doesn’t point to imminent US action.