DOLLARS DOWN: WHO LOSES FROM FRANC RISE August 18, 2011 HOLCIM is just the latest in a long line of major corporates citing Switzerland’s record-high safe haven currency as a factor behind a dip in their fortunes. The strength of the currency has depreciated dollar and euro-denominated revenues and profits, while input costs and local production costs have rocketed, and output prices have to be [...]
Firms feel Swiss pain now but more is coming August 18, 2011 THE franc was steady yesterday thanks to a decision by the Swiss central bank to add massive liquidity to the market. But it has been a very different story for the year so far – as markets have worsened, investors have piled into francs with an appetite mirrored only in their buying of gold. Deemed [...]
Foster’s turns down new SABMiller bid August 18, 2011 AUSTRALIAN brewer Foster’s yesterday rejected a $10bn (£6.1bn) offer from rival SABMiller for the second time as shareholders hold out for a better offer from the global brewing giant. SABMiller announced on Wednesday it would go directly to shareholders to gain about half of Australia’s beer market, with a repeated offer of A$4.90 a share. [...]
Shorting hedgies outpace the S&P 500 during July August 18, 2011 GLOOMY sentiment among investors bolstered the return on hedge funds driven by short-selling strategies but hurt merger arbitrage managers last month, according to research released yesterday. The strongest average returns in July were Commodity Trading Advisors (CTAs) – with a 2.70 per cent return – and short-sellers at 2.21 per cent, the EDHEC-Risk Institute reported. [...]
Asahi toasts acquisition as private equity firms sell Independent Liquor August 18, 2011 PRIVATE equity firms Pacific Equity Partners and Unitas were yesterday toasting the sale of their drinks group Independent Liquor to Japanese brewer Asahi for $1.3bn (£787m). Asahi, the maker of Super Dry beer, will buy all the outstanding shares of Flavoured Beverages Group, the parent company of New Zealand-based Independent. PEP and Unitas, formerly known [...]
Shell pipeline still leaking August 18, 2011 ROYAL Dutch Shell said it was continuing to make “good progress” fixing a pipeline that is still leaking into the North Sea from its Gannet Alpha platform, as Britain’s biggest oil spill for a decade ran into its eighth day. Shell estimates that around 1,300 barrels have escaped into the water 180km off the Scottish [...]
London Capital bets on profit rise to come August 18, 2011 SPREAD better London Capital Group bucked yesterday’s downward stock market trend to close up 0.7 per cent after reporting a £3m first-half profit. LCG said profits fell 28 per cent compared with a year ago when business was boosted by extreme volatility around events such as the “flash crash” and Greek bailout. Revenues fell 12 [...]
Fernandes: I won’t be QPR Abramovich August 18, 2011 AirAsia boss vows to fund signings but insists club will be profit-making in long-term QPR’S new majority shareholder Tony Fernandes has vowed to breathe life into a club he calls a “raw diamond” but warned he will not adopt a Roman Abramovich approach and flood Rangers with cash. AirAsia chief Fernandes, who yesterday completed his [...]
Flintoff slams shabby India as rain hits August 18, 2011 ENGLAND great Andrew Flintoff admits he has been shocked by India’s lack of sharpness and professionalism in the current series, which was badly affected by rain yesterday at The Oval. Captain Andrew Strauss and fellow opener Alastair Cook guided England to 75-0 from 26 overs before downpours wiped out the rest of the first day’s [...]
Spurs break Hearts to whet Defoe appetite for top four August 18, 2011 HEARTS (0) vs TOTTENHAM (5) STRIKER Jermain Defoe insists Tottenham can get back into the top four after all but booking their place in the Europa League group stage. Defoe, Rafael van der Vaart, Jake Livermore, Gareth Bale and Aaron Lennon all struck as Spurs romped to victory in their first competitive match of the [...]
