Asian shares take a hit as Fed stays the course on tapering January 31, 2014 Asian shares fell on Friday, in wake of fears about the impact of the Federal Reserve's tapering of its stimulus programme on emerging markets. Trading volumes were down due to the Chinese New Year. Japan's Nikkei share average declined 0.6 per cent after a resurgent yen hit exporter shares. Investors were initially optimistic after Japan's [...]
Diageo sales hit after emerging markets slow January 30, 2014 DIAGEO shares slid nearly five per cent yesterday after China’s crackdown on gifting and weak beer sales in Nigeria led to lower than expected sales. The Chinese government’s anti-extravagance measures caused sales of its white spirits brand Shui Jing Fang to drop by 66 per cent as a squeeze on the baiju market prompted rival [...]
Bottom Line: Stick to spirits and ditch the beer hangover January 30, 2014 BARELY a year into Chinese President Xi Jinping’s push to crack down on bribery and corruption, and the effects are already being felt round the world. Earlier this month the country’s government hailed a 13.3 per cent increase in the number of people punished under the new regime last year, but Diageo’s Chinese woes imply [...]
Diageo shares dive on cost cutting January 30, 2014 British spirit maker Diageo is the FTSE 100’s biggest faller this morning, down over five per cent. Recent emerging market turmoil hit the drinks firm, which has reported net sales growth of just 1.8 per cent in the first half, having seen growth of 2.2 per cent in the first quarter. In a bid to [...]
Google sells off Motorola unit to Lenovo for $3bn January 29, 2014 LENOVO Group said last night it agreed to buy Google’s Motorola handset division for $2.91bn, less than two years after Google paid $12.5bn to buy the firm. The deal ends Google’s short-lived foray into making consumer mobile devices and marks a pullback from its largest-ever acquisition. However, Google will keep several lucrative patents, including the [...]
London Report: Volatility hurts FTSE as it drops to six-week low January 29, 2014 THE UK’S top share index fell to six-week lows yesterday, on investor concern about the effect a further reduction of US monetary stimulus would have on emerging markets. Investors have been on edge in the past days as unease about Chinese growth and the withdrawal of US monetary stimulus spread from emerging-market currencies to the [...]
Mayer confident despite dip in advertising revenues at Yahoo January 28, 2014 SHARES in internet company Yahoo fell by six per cent in after-hours trading last night, despite a fall in revenue that beat many analysts’ forecasts. The company reported fourth-quarter revenue of $1.266bn (£763.2m), compared to $1.346bn in the same quarter a year before. Yahoo said that revenue from display advertising was down six per cent [...]
The grave crises facing Putin’s Russia lay bare its fundamental weaknesses January 28, 2014 CHAOS in Kiev must feel uncomfortably close to Russian President Vladimir Putin. The Ukrainian parliament yesterday annulled laws that sought to clear the streets of protesters against Ukraine’s increasingly authoritarian pro-Russian President Viktor Yanukovych. Ukraine’s prime minister and government have quit, and the country stands perilously on the edge of deeper conflict – prompted initially [...]
Sharp emerging market sell-off creates pockets of value for discerning investors January 28, 2014 The recent chaos in emerging markets has brought back uneasy memories of last summer’s sell-off. The MSCI emerging markets index fell from around 1,003 at the beginning of January to less than 932 on Monday, before stabilising in anticipation of the Federal Reserve meeting taking place today and tomorrow. But should investors be put off [...]
Ruffled Remy Cointreau names new cognac chief January 27, 2014 More shakeup for unsettled Remy Cointraeu. The French alcohol company has today announced a top executive from luxury conglomerate LVMH, Eric Vallat, as the new head of its cognac division, Remy Martin. Remy is facing uncertainties when it comes the future, as it struggling with falling sales, due to waning demand in China. Vallat, who [...]