Whirlpool buys 51 per cent stake in China home appliance maker August 13, 2013 HOME appliance maker Whirlpool said yesterday it will acquire a controlling stake in Hefei Rongshida Sanyo Electric for $552m (£357m) to expand in China’s fast-growing market for washing machines and fridges. Hefei Sanyo was set up in 1994 as a joint venture between Japan’s Sanyo Electric, now a unit of Panasonic, and Heifei State-Owned Assets [...]
DailyFX: Analyst picks August 12, 2013 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Closed short Aussie dollar-dollar Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few weeks The Reserve Bank of Australia meeting led to steeper declines, but a quicker than anticipated reversal knocked my short Aussie-dollar position for a solid (but admittedly poorly managed) [...]
Analyst Views: What is your outlook for Rio Tinto in light of yesterday’s results? August 8, 2013 JONATHAN JACKSON | KILLIK & CO “Results were in line with expectations and highlight that good progress is being made on a number of strategic priorities. Although profits will be impacted if the iron ore price falls as new production comes onstream, we believe the current rating already discounts this to some extent. PETER [...]
London Report: China trade data surprise breaks FTSE’s losing run August 8, 2013 THE FTSE 100 benchmark equity index broke a four-day losing streak yesterday as forecast-beating trade data from China, the world’s biggest metals consumer, lifted mining stocks. China’s exports and imports both rose more than expected in July, in a tentative sign of economic recovery. The basic materials sector added 12 points to Britain’s FTSE 100, [...]
China not headed for a “hard landing” says Rio Tinto boss as volatility pushes earnings down August 8, 2013 Mining giant Rio Tinto has reported pre-tax profits were more or less flat in the first half of the year and a 71 per cent fall in basic earnings per share (EPS). Its chief executive Sam Walsh warned against global economic volatility, but does not think China is headed for a hard landing. Pre-tax [...]
Before the open – 08/08 August 8, 2013 The Nikkei erased early gains late last night after the Japanese Cabinet Office’s Eco Watchers Survey revealed a bleaker-than-expected view of the economy and its outlook. The survey came in at 52.3 for the current view of the economy and 53.6 for the short-term outlook – below the respective 53.5 and 54.1 predictions. Markets were [...]
Inside Track: Lord Davies still in the running for both RBS and Lloyds August 7, 2013 LORD Davies, the former trade minister and one of the City’s most distinguished bankers, is not a man who gives up easily. So it must have been galling that the share price of Lloyds Banking Group has put on a gallop in recent weeks, faster than the famous black stallion that adorns its logo. Project [...]
China fines infant formula firms £71m over price-fixing charges August 7, 2013 CHINESE authorities yesterday issued fines totalling 670m yuan (£71m) on six global producers of infant formula following a probe into price fixing, according to state media. The six companies are Biostime, Mead Johnson, Dumex, Abbott, Friesland and Fonterra. The National Development and Reform Commission (NDRC) says that the firms set minimum resale prices for distributors [...]
Slowing China hits HSBC profit growth hopes August 5, 2013 PROFITS jumped 10 per cent at HSBC after a campaign to cut costs and close inefficient business units, the bank announced yesterday. But the first half results fell short of investors’ hopes as emerging markets growth missed expectations, leaving the lender’s shares down 4.37 per cent at the end of the day. Pre-tax profits came [...]
Best of the Brokers for 2 August 2013 August 1, 2013 ENTERPRISE INNS Deutsche Bank has raised the pub company’s target price by 40 per cent to 190p as it reaffirmed its “buy” rating. The bank’s analysts said that the recent good weather should see a return to profit in the chain’s third quarter results, due next week. KINGFISHER A recent meeting with Kingfisher’s management failed [...]